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Proposed Trust Amendments
41. As described below, pursuant to this Application, WMILT seeks, among other
relief, authority to wind-up and dissolve the Trust following the contemplated final distribution
and, in connection therewith, (a) to reserve such funds as are necessary for such wind-up and
dissolution, and (b) consistent with the provisions of the Plan and the Confirmation Order, to
donate any remaining Liquidating Trust Assets to one or more qualified charitable organizations.
Prior to doing so, however, WMILT intends to make certain modifications to the Liquidating
Trust Agreement in accordance with its terms. Specifically, pursuant to Section 9.9 of the
Liquidating Trust Agreement, any provision of the Liquidating Trust Agreement may be
amended or waived by the Liquidating Trustee with the consent of all voting members of the
Trust Advisory Board provided that any such amendment or waiver is not inconsistent with the
purpose and intention to liquidate in an expeditious but orderly manner the Liquidating Trust
Assets in accordance with applicable Treasury Regulations.
https://www.kccllc.net/documents/8817600/8817600191119000000000001.pdf
"expeditious but orderly manner "
Xoom, yes one of the two new guys but how does he know that he has Trust accounts and/or timely signed releases by 3/2012 as he posited other than assuming?
The reason I would like confirmation is because if accurate this is as close as we have been all these years to confirmation of distributions to those who signed a timely release by 3/3012!
…
LG, could he be referring to Wells Fargo and that is the one that holds trust accounts ?
I know over the years we always referred to the Wells Fargo accounts.
MadBadger, second request as you posted the following.
———————————————
2 New Executives!,
Good morning Board, The Infamous Kevin Barker from Piper Sandler always first in line to ask questions during Company conference calls and Ranjit from Wells Fargo! https://ih.advfn.com/p.php?pid=nmona&article=93699409
Two Major Shareholders and one of them holds Trust accounts of the Estate. Wow! This is Huge!
———————————————-
Please show or explain where you found or came by the information you posted regarding two major shareholders and one of them hold Trust accounts of the Estate. This his not in the filing you posted
…
Yep we got slammed! Lol
JHD
Well I was wrong thinking it would hold $80...
Close 78.76 pps-2.96.(-3.62%)live feed -Vol 641,384 -for COOP-OTIS
Have a great evening people
GLTA-Ts😉
being steadfast and loyal to your beliefs are good qualities, however being in Denial of facts as stated by those that you expect money from is quite another thing...
WMI has made these official statements years ago..... (1) common and preferred equity are cancelled and all rights to former prospectus are null, and void.... (2) classes 19 and 22 are "impaired from future distributions".... (3) Title to all assets belong to WMI, JPM, and FDIC...(4) on pages 95, and 96 of the amended POR 7, WMI states that in all circumstances , pre, or post chapter 11 reorganization that "the estate belongs to WMI" (paraphrased, but you can read the text for yourself}.... WMI makes it quite clear that by signing a release that you received stock in the new company for your claims, and all dividends associated with the preferred stock was supended when they filed chapter 11, and that in no way any assets of WMI, pre , or post chapter 11 closing reverts to shareholders as "owners of the estate"!!!!!!!!!!.....Now, read the POR 7 again, not with your expectations, but what the document says......Lodas
FORMER TRUST BENEFICIARIES
https://www.courtlistener.com/docket/4215192/12735/1/washington-mutual-inc/
Page 7
Provider further, however that,
(a)in the event that former Trust Beneficiaries receive a distribution and,
(b)Griffin is a former beneficiary of the Trust, Griffin shall be entitled to receive her allocated portion of any such distribution.
@ AZ Cowboy...... what is your opinion about what WMI said in the amended POR 7 , pages 95, and 96 regarding what was given in exchange for those that signed releases?....do you still believe that the "estate belongs to common equity holders"?..... your opinion is highly valued by many members on the board that read your posts... TIA.....Lodas
Zoom he sold his interest in coop and claimed coop no longer matters and now since the pps is above his sell at 50.00 wishes he was back in the game..
That’s because you sold at 50.00 and now you claim what everyone else claimed coop was and is still the Tell in it own stock…coop and old escrows has and will always be two different entities…which with old escrows you have not been right on….however your soon is decades away….
~ Ol' Cactus, "WMIH / COOP" Thoughts ? ... Not Allowed ~
just sayin'
AZ
AZ, thoughts on yesterday’s earnings call ?
Transcript below :
https://www.fool.com/earnings/call-transcripts/2024/04/24/mr-cooper-group-coop-q1-2024-earnings-call-transcr/
TIA
Thanks .. yes I agree. Nice to see all those 90 range and even the hundred forecast!
JHD
Yes. You are correct as I think back.
JHD
Ok, I get it! It all makes sense now.
Up AND down. Interest rates!
Thanks for the insight!
They are sCOOPing up shares from weak hands before the next run IMO
That's how MMs making money...
I also added for the 47th time today (since WMI, WMIH, COOP), but no investment advice...
I’m surprised they are throttling it this hard today.
JHD
Yes ofcourse, let the administration of WMILT and receivership of WMB close, you will know. Stocks go up and down, COOP is no different, its all about interest rates.
This pattern has been evident for years.
Yeah. You guys are going to win. Deleted escrows, that were deemed worthless with no further distribution, will soon get distribution.
You guys are surely excited!
Enjoy your new found riches!
Hopefully $COOP will do half as good as escrows!
Go $COOP!
I'm not.
It was expected, sadly.
I’m surprised they are throttling it this hard today.
JHD
LOL, stop crying on former equity, they will WIN eventually.
And also Deutsche Bank RAISED COOP to $90 (from $88)
https://www.streetinsider.com/Analyst+Comments/Mr.+Cooper+Group+Inc.+%28COOP%29+PT+Raised+to+%2490+at+Deutsche+Bank/23113209.html
Thanks T I suspect the new billion dollar bond is going mainly to prop up share price, especially with 36m shares(or more) about to hit the market! Although I’m tired of COOP using my money for more new bonds, I’ll take the 7%+ return but I am concerned COOP is borrowing money for continuing operations. Hopefully there is a lot of assets coming with the completion of Project Eclipse!
Semper Fi
78.94 pps as of this post ,live feed —
GLTA-Ts
Good morning people, Today should be an interesting day to watch COOP-OTIS imho. Let’s see which way/ what floor does this elevator stops at 😉
Looks like a tuff day in the markets as of this post, better hold on 🥴
GogoooCOOP
GLTA-Ts
Xoom I'm curious as to how long before Piper Sandler comes out with a new Target price since the New Analyst worked under Kevin Barker.How much did they talk about COOP before Kevin Joined COOP. No matter what a few people say ,buddies share information and the Questions asked by the new analyst seemed quite rehearsed to me as well as the quick replies. Here are the two analysts I paid attention too.
Operator: Thank you. [Operator Instructions] And our first question is going to come from the
line of Crispin Love with Piper Sandler. Your line is open. Please go ahead.
Crispin Love: Thanks, and good morning. I appreciate taking my questions. Just first -- can you
discuss a little bit what you're seeing competition-wise in the origination segment, as you've seen
a solid improvement in margins and then also a pick-up in volumes in the quarter? And do you
think that you can hold margins steady or they might pull back a bit from the elevated levels you
had in the first quarter?
Mike Weinbach: Yeah, hi, it's Mike. As we look across the originations market, obviously with
rates up, it continues to be a challenging market. But at the same time as our portfolio grows, we
have more opportunities to help customers take advantage of the equity they have in their homes,
find ways to have a lower rate or if they're looking to move, help them with a purchase in a new
home.
So we don't give specific guidance on margins, but we feel good about the opportunities we've
had to be consistently profitable in this space and to continue to take great care of our customers.
So, we expect it to continue to be a competitive market if rates are higher. Obviously, that'll
change if rates come down, but we mostly focus on being there to serve our customers regardless
of the rate environment.
Crispin Love: I appreciate the color there. And then you also -- you mentioned that the MSR
bulk purchase market remains attractive and you put some numbers around that as well. But let's
dig a little bit deeper there and discuss, one the competition you're seeing, and then, two what
types of portfolios you're most interested in, and -- is it higher coupon, lower coupon, more
agency, or just any other color? Thank you, and I appreciate you taking my questions.
Jay Bray: Sure. Hey, this is Jay. Look, we think the bulk market is extremely attractive. I think
as Mike pointed out, we looked at over 50 opportunities in the quarter and it's a mix. It's a blend
of legacy portfolios, as well as at-the-money, kind of newly originated portfolios. And our
approach is just to maintain our discipline. We look at all these portfolios. We run them. We have
more data and more information probably than anybody in the industry around how certain
sellers are going to perform, how the collateral is going to perform from a prepayment
standpoint, default standpoint, et cetera. And we just exercise our consistent discipline in hitting
our targeted returns.
So I won't say we're indifferent with respect to what the portfolios look -- come out or what's in
the market, but we'll just continue to exercise our discipline and hit our targeted returns. But
we're very, very bullish on the opportunity, and we just actually bought some additional
portfolios this week. So we think the market is there and it's going to continue to be there.
Operator: Thank you. [Operator Instructions] And our next question is going to come from the
line of Bose George with KBW. Your line is open. Please go ahead.
Bose George: Hey, everyone. Good morning. Can you talk about the potential longer-term
growth in the servicing portfolio? I mean, could we see, you know, $2 trillion at some point and
would regulators see that as a concern or as a plus as servicing moves towards larger, well-
capitalized servicers like you?
Mike Weinbach: Yeah, hey Bose, it's Mike. Happy to start with that one and Jay and Kurt can
chime in as well. In the past, we had a target of reaching $1 trillion in servicing. I think as we
move forward, you're going to hear us talking a lot more about targeted returns. So we are not
targeting a certain size. We look at what the market offers. And as Jay just talked about, we're
disciplined in terms of the way we price opportunities and so the market really dictate what our
future growth is. We feel good about the ability to continue to earn good returns for our
shareholders.
The only thing I'd add though is, if you look at the market overall, there's about $14 trillion in
mortgages outstanding and actually over $30 trillion of equity in the homeowner's homes. And
that's grown probably from $10 trillion a decade ago. So there's been some slow and steady
growth in the market. You'd expect that to continue. In addition, it's a challenging business. It
requires -- making sure you're making the investments to stay compliant with Federal, State &
Local Laws and rolling out new programs that investors ask for four years.
So we're continually investing back in the business, and I think part of the reason you're seeing
us grow is because there's a lot of other people in the mortgage ecosystem who are focused on
something other than servicing, helping homeowners get into new homes, leading investment
and management platforms. And people have been able to partner with us either through us
offering subservicing where they could focus on what they do best or focusing on originations
and selling what they originate to be able to fund their business, which has allowed us to grow.
So a long way of saying, even with our growth in servicing, it's still a single digit share of an
overall market. And we think there's a lot of reasons for the market to continue consolidating. So
the rest of the ecosystem can focus on what they do best.
Jay Bray: Yeah, the only thing I would add Bose, is that if you look at our performance,
scorecard standpoint, I mean we're consistently number one, number two from all of our
stakeholders. And so I think there's a lot of confidence in Mr. Cooper as a servicer. And it's just
natural, to Mike's point, it's a large scale matters, technology matters, investment matters. You
know, if you look at other financial services, you know, types of companies, market share can
grow considerably. And so we don't see any impediment to growth from here.
The last comment I would make is about half of our portfolio is subservicing, right? And so we
don't really have the capital risk or -- it's completely capitalized business. So long answer to your
question, but that's how we think about it.
Bose George: That's great, that's very helpful, thanks. And then actually just a question on the
corporate segment outlook there. Actually, this quarter's number a reasonable run rate going
forward? I mean, there are a couple of little blips, but is this kind of a reasonable level?
Jay Bray: No, I think we've actually made some investments in the corporate segment to look
to reduce it going forward. We think there's an opportunity in the coming quarters to actually
reduce expenses in the corporate segment. So you shouldn't think -- you should really look at that
as an investment that we made to actually identify some future savings.
Bose George: So, just specifically, some of the expenses in the first quarter were the
investments, so you see it kind of trending down from here.
Jay Bray: Exactly.
Kurt Johnson: Although, Bose it's Kurt, I just wanted to comment that the debt expense had
only two out of three months on the new billion dollar issuance. So that will take up slightly, but
it's pretty close to our run rate. And we do call that out separately.
Bose George: Okay, perfect. Thanks a lot.
"Looking ahead to the second quarter, the momentum should continue with approximately another $100 billion in UPB scheduled to board, again, split between MSRs and subservicing. "
>>>>>TRANSCRIPT for Q1'24 earnings call here<<<<<
Transcript: https://www.fool.com/earnings/call-transcripts/2024/04/24/mr-cooper-group-coop-q1-2024-earnings-call-transcr/
>>>>>TRANSCRIPT for Q1'24 earnings call here<<<<<
Transcript: https://www.fool.com/earnings/call-transcripts/2024/04/24/mr-cooper-group-coop-q1-2024-earnings-call-transcr/
👉👉👉Mr. Cooper EPS of $2.73 BEATS BY $0.64, revenue of $564M BEATS BY $60.09M
From: https://seekingalpha.com/news/4093017-mr-cooper-gaap-eps-of-273-beats-by-064-revenue-of-564m-beats-by-6009m
Great observation Split! But what I can say for sure is it has nothing to do with former WMI escrow holders!
I think we could see $100 in the coming weeks, and $120 to $150 by year end IMO...
Jay Bray: . You know we boarded [$130 billion] (ph) in the first quarter and our actual little compensation expense went down and we think we could board a [$100 billion] (ph) portfolio today and add less than 50 people. .
Jay Bray: But we're very, very bullish on the opportunity, and we just actually bought some additional portfolios this week."
1% in (new notes) might be close to buying $100 Billion in MSR's. Compass Point's, Giuliano Bologna just raised his Target to $95.00, it very conceivable that he learned of COOP's new Billion Dollar Notes and perhaps knew of an offering on new MSR in the $199 Billion range. The auction information and the winners Name is easily obtained. So who was the Buyers of the new 1 Billion in COOP notes?
My research leads me to believe this transaction was postpone until after the end of the First Quarter and has now possibly taken place, hence Compass Points new target of $95 and me raising my estimate of today's Price fro $82 to $84 + , we did hit the $82 Dollars today and the May Options at this hour indicate a range of $86-$87. I do believe Giuliano Bologna is onto something that wasn't observed by the other analysts and they will be raising their targets in the next few days to 2 weeks.
Wow, who could be the lucky Beneficial Owners of the new 1 Billion Notes that are getting such a handsome return for the next 8 years? Any Guesses?
No, it is you that doesn't understand. Your nonstop conjecture, that you desperately spin into delusional proof, of something that doesn't exist, has led, and will always lead, to failure. You have proven that now, for a decade and a half.
You see the truth being told to you, as being "fingered"... Which is what denial does to you. It's an unfortunate deviation from reality, a rejection of reality, caused by the sickness of denial. You get angry at the truth, and will most likely continue to, forever.
This statement is from the amended POR 7, page 95, and 96..... your expected recovery depends on how you read the contents as a legal document, and not what you want it to say.....
41.2 Discharge and Release of Claims and Termination of Equity Interests:
(a) Except as expressly provided in Section 41.6 of the Plan or the Confirmation Order, all distributions and rights afforded under the Plan and the treatment of Claims and Equity Interests under the Plan shall be, and shall be deemed to be, in exchange for, and in complete satisfaction, settlement, discharge and release of, all Claims and any other obligations, suits, judgments, damages, debts, rights, remedies, causes of action or liabilities of any nature whatsoever, and of all Equity Interests, or other rights of a holder of an Equity Interest, relating to any of the Debtors or the Reorganized Debtors or any of their respective assets, property and estates, or interests of any nature whatsoever, including any interest accrued on such Claims from and after the Petition Date, and regardless of whether any property will have been distributed or retained pursuant to the Plan on account of such Claims or other obligations, suits, judgments, damages, debts, rights, remedies, causes of action or liabilities, or Equity Interests or other rights of a holder of an equity security or other ownership interest. Upon the Effective Date, the Debtors and the Reorganized Debtors shall (i) be deemed discharged under section 1141(d)(1)(A) of the Bankruptcy Code and released from any and all Claims and any other obligations, suits, judgments, damages, debts, rights, remedies, causes of action or liabilities, and any Equity Interests or other rights of a holder of an equity security or other ownership interest, of any nature whatsoever, including, without limitation, liabilities that arose before the Effective Date (including prior to the Petition Date), and all debts of the kind specified in sections 502(g), 502(h) or 502(i) of the Bankruptcy Code, whether or not (a) a proof of Claim based upon such debt is filed or deemed filed under section 501 of the Bankruptcy Code, (b) a Claim based upon such debt is allowed under section 502 of the Bankruptcy Code (or is otherwise resolved), or (c) the holder of a Claim based upon such debt voted to accept the Plan and (ii) terminate and cancel all rights of any equity security holder in any of the Debtors and all Equity Interests.
(b) Except as provided in Sections 41.6 and 41.12 of the Plan or the Confirmation Order, all Entities shall be precluded from asserting against any and each of the Debtors and the Reorganized Debtors, and any and each of their respective assets, property and estates, any other or further Claims, or any other obligations, suits, judgments, damages, debts, rights, remedies, causes of action or liabilities of any nature whatsoever, and of all Equity Interests, or other rights of a holder of an Equity Interest, relating to any of the Debtors or the Reorganized Debtors or any of their respective assets, property and estates, including any interest accrued on such Claims from and after the Petition Date, and regardless of whether any property will have been distributed or retained pursuant to the Plan on account of such Claims or other obligations, suits, judgments, damages, debts, rights, remedies, causes of action or liabilities, or Equity Interests or other rights of a holder of an equity security or other ownership interest. In accordance with the foregoing, except as expressly provided in the Plan or the Confirmation Order, the Confirmation Order shall constitute a judicial determination, as of the Effective Date, of the discharge and release of all such Claims or other obligations, suits, judgments, damages, debts, rights, remedies, causes of action or liabilities, and any Equity Interests, or other rights of a holder of an equity interest and termination of all rights of any such holder in any of the Debtors, pursuant to sections 524 and 1141 of the Bankruptcy Code, and such discharge shall
96
void and extinguish any judgment obtained against any of the Debtors or the Reorganized Debtors, and their respective assets, property and estates at any time, to the extent such judgment is related to a discharged Claim, debt or liability or terminated right of any holder of any Equity Interest in any of the Debtors. As of the Effective Date, and in consideration for the value provided under the Global Settlement Agreement to effectuate the Plan, each holder of a Claim or Equity Interest in any Class under this Plan shall be and hereby is deemed to release and forever waive and discharge as against each and any of the Debtors and the Reorganized Debtors, and their respective assets, property and estates, all such Claims and Equity Interests.
The contents of this document was extant at the time releases were asked to be signed years ago, but some on this message board refused to read it, and vilified those who were pleading others to read it!!!!!......There is, and never will be additional payouts to any common and preferred equity holders according to the above document signed by all those that negotiated the POR 7 amended document... Lodas
Uptick...do you have any idea why WMI asked for W-9s from released shareholders?. Escrows are gone, i second that, Do you know why WMILT mentioned Alice Griffin was a former trust beneficiary and incase of further distribution to former Trust beneficiaries, she would get her allocated part?.They mentioned this in year 2021 after they initiated winding-down.Thats reality and you have no clue. If you have coop and happy, be happy.Why do you finger with former equity holders?.
Good for you. We all hold to what works..
JHD
Yeah...that's why he made that short message and disappeared.
Yet Cactus status soon which could be decades or longer….so far no action to distributing anything to old escrows….
It’s amazing that Bologna knows more about this stock than the rest of the analysts and shareholders, combined.
Oh Rah T
Semper Fi
And I can say with a great deal of confidence that My staff and I along with several other long time holders of Escrow Shares have seen several Court and Government Documents obtained through FOIA.gov filings that prove you and your buddies are wrong, but you can believe what you want as it's no skin off my nose. Carry On!
NDT, I do not see it either unless he said it during the CC this morning but surely other people would have heard it as well.
No other comments regarding this potentially huge revelation.
..,
MadBadger, in link you posted, where does it say that there are two new "shareholders" and one of them holds Trust accounts of the Estate? Am I just missing it? I don't see it..
thanks,
ND9
You hold tight to your one percent, that doesn't exist. I'll stick to what I know.
It's served me extremely well in life.
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Mr. Cooper Group Inc. (NASDAQ: COOP) provides quality servicing, origination and transaction-based services related principally to single-family residences throughout the United States with operations under its primary brands: Mr. Cooper® and Xome®. Mr. Cooper is one of the largest home loan servicers in the country focused on delivering a variety of servicing and lending products, services and technologies. Xome provides technology and data enhanced solutions to homebuyers, home sellers, real estate agents and mortgage companies.
Upon completion of the merger between WMIH Corp. and Nationstar Mortgage Holdings Inc. on July 31, 2018, WMIH became the parent company of the Nationstar Mortgage Holdings Inc. family including Mr. Cooper (Nationstar Mortgage LLC, d/b/a Mr. Cooper), Xome and Champion Mortgage (Nationstar Mortgage LLC d/b/a Champion).
As of October 10, 2018, Mr. Cooper Group Inc. is the new name of WMIH Corp. On July 31, 2018, WMIH, now Mr. Cooper Group, became the parent company of the Nationstar Mortgage Holdings Inc. family including Mr. Cooper (Nationstar Mortgage LLC, d/b/a Mr. Cooper) and Xome.
As early as late 2006, WaMu would begin to become a victim of what would eventually become the worst recession in US history since the Great Depression of 1929. WaMu's aggressive business strategy would begin to unfold throughout the end of 2006 and become increasingly disastrous through 2007. As housing rates were at all time highs before the recession began, WaMu would use its considerable leverage and assets to make large amounts of loans in both subprime mortgages and subprime credit cards. The banking division of WaMu at one point before the end of 2007 had nearly 336 stand-alone branch buildings where various types of home loans were processed and approved. WaMu would eventually over leverage themselves due to the high number of Adjustable Rate Mortgages (ARMs). As the US economy slowed down, the number of home loan defaults began to rise in quick succession. This coupled with the falling home prices throughout most of the US meant that even with foreclosures and the properties back in the hands of the company, they were unable to sell them back into the market, or were not able to derive enough revenue from the sale to cover the loan that was made on them. In the mean time, the credit card division was also seeing a surge in the number of late and non payments being made.
By September of 2008, WaMu's stock price had fallen to $2 from its previous highs of around $50 just two years earlier. Amid strong voices from the shareholders, then company CEO Kerry Killinger was dismissed by the company board. In the meantime, the company went looking for a buyer for part of its banking division. WaMu had been unsuccessful in finding an appropriate buy until its seizure by the FDIC. Overnight the companies banking division was bought by JP Morgan Chase in a secret deal brokered by the FDIC for 1.9 billion dollars. Washington Mutual Inc. has reorganized to Washington Mutual Holding Inc. WITH SHAREHOLDERS INTACT
WMI Equity Escrow Calculator
WMIH: Here's how old shares relate in value to the new shares.
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