Mr Cooper Group Inc (COOP): Ref: What do you believe was WMIIC's rol...

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Re: hotmeat post# 498724

Tuesday, 12/05/2017 4:36:28 PM

Tuesday, December 05, 2017 4:36:28 PM

Ref: What do you believe was WMIIC's role, IF ANY, with respect to the SPE's/Trusts.

Comments:

WMIIC's role was two fold:

1) Provide / Solidify assets "MBS" as bankruptcy remote. By way of "WMB" (Originator) to WMIIC (Depositor) to Trust. In effect a TWO TIER protection. Totally taking WMB out of any risk of substantive consolidation.

2) WMIIC being the depositor would also be the provider of credit enhancement. Having what is referred to as residual interest. Holders of subordinate certificates & overcollaterized loans.

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