Mr Cooper Group Inc (COOP): Ref: To many eyes, could NOT get it all....

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Re: goodietime post# 488395

Wednesday, 09/20/2017 4:42:15 PM

Wednesday, September 20, 2017 4:42:15 PM

Ref: To many eyes, could NOT get it all.(Holding Co.)imo

100 % spot on!

FDIC has to honor and NOT violate the "Safe Harbor" rule. As such, WMI was not required to capitalize WMB. WMI was a Financial Holding Company and as such was outside the reach of FDIC.

All assets / ongoing income within these SPE / Trust that are classified as True Sales are untouchable by the FDIC.

In Secruitizations:

Involves sequential transfer of title. Originator / Sponsor -> Intermediary SPE / Depositor -> SPE / Trust.

Just imagine the volume of loans that may have been signed off by WMB (originator / sponsor) to a WMI wholly owned subsidiary that were never in turn signed off on to the SPE / Trusts. This broken chain of transferring ownership was not uncommon. Legal title could be claimed by WMI as it's wholly owned SPE would be last in stop of legal title.

Clearly a mess that the FDIC does not want to further muddy the waters.

So yes, too many eyes.