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Rosen has no credibility.., Rosen said in court, there was no money for equity and that was already proven to be a false statement..
This is what Boris wrote on 4/18.
401804/17/2024PROTECTIVE ORDER AND STIPULATION.regarding procedures to be followed that shall govern the handling of confidential material. So Ordered. (Signed by Judge Naomi Reice Buchwald on 4/17/2024)
We are getting close. The judge has a fiduciary duty to follow the proper disbursement of settlement funds.
Enterprise value of 210 million....this corroborates the statement of Rosen, who said WMI held no Safe Harbor assets, and that they were all sold off to GSE... the document you posted was viewed by all parties to the agreement, discussed by lawyers and accountants, signed by the judge, and met the requirements of the U.S. Trustee bankruptcy court review... yet, you question the authenticity of the dissolution of the monies given for these trusts, and suspect fraud... where does your skepticism end Newflow?...Lodas
NON BANK SUBS WERE TO RECEIVE NOTE RECEIVABLE FROM JPMC AS PER DISCLOSURE STATEMENT
Of WMI’s seven remaining Non-Banking Subsidiaries, WMMRC, which is currently operating on a run-off basis, WMMRC is the only Non-Banking Subsidiary with ongoing operations. Refer to Articles IV.A.6, VII, and VIII of this Disclosure Statement for additional information regarding WMMRC. After the Effective Date, WMMRC will be Reorganized WMI’s sole operating entity. Pursuant to the September Opinion, the Bankruptcy Court determined, based upon the evidence presented at the July Confirmation Hearing, that the enterprise value of Reorganized WMI is $210 million. For each of the Non-Banking Subsidiaries other than WMMRC, the market value stated is a sum of, where applicable, (i) cash, (ii) notes receivable being paid by JPMC, carried at current market value, and (iii) in some cases, certain other de minimis assets and liabilities, less certain disbursements for expenses related to mergers with other Non-Banking Subsidiaries or dissolution, as applicable. The principal difference between the book value and the stated market value results from the fact that intercompany balances do not represent additional value to the Debtors’ estates.
THEY CONSOLIDATED ALL FIVE SUBS INTO WAMU 1031 EXCHANGE IN CA AND MOVED THOSE TO WAMU 1031 EXCHANGE IN DE.THEY PROBABLY RECEIVED ENOUGH FUNDING FROM JPM AND MOST OPERATING FOR A LONG TIME.IMO.
PAGE 59
No problem Split T, we could see the light one day with a new ticker with steady dividends IMO.
I believe that was one of the defendants' settlement portion in the case. When I saw it, I was quite disappointed until I realized it was just one of the defendants.
Any news about the 'LIBOR Settlement'.I saw some dockets going around about one of those 'Settlements' but it was really peanuts, something like $345000.
Apparently Newflow refuses to accept that the WMI Liquidating Trust (WMILT) was dissolved over 2 years ago.
Newflow, some just refuse to accept they screwed up by not releasing. Carry On my friend.
FIDUCIARY DUTY TO WORK IN THE BEST INTERESTS OF "Liquidating Trust
Beneficiaries on a WHOLE"
(b) The Litigation Subcommittee initially shall be comprised of (A) two (2) members,
to be selected by the Creditors’ Committee (together with any successors, the “CC Subcommittee Members”),
with Joel Klein and Marc. S. Kirschner to be the initial CC Subcommittee Members; (B) two (2) members, to
be selected from the EC Members (excluding the TPS Member) (together with any successors, the “EC
Subcommittee Members”), with Hon Douglas Southard and Michael Willingham to be the initial EC
Subcommittee Members; and (C) one (1) member, who shall be the TPS Member. The initial members of the
Litigation Subcommittee are set forth on Annex A hereto. Each member of the Litigation Subcommittee shall
(i) continue to act as a member of the Litigation Subcommittee until he or she is no longer a member of the
Trust Advisory Board, and (ii) have a fiduciary duty to act in the best interests of the Liquidating Trust
Beneficiaries as a whole.
WHY DID WMILT COLLECT TAX IDs FROM COMMON EQUITY?
. In order to
receive distributions under the Plan, all holders of Liquidating Trust Interests (including, without limitation,
holders of Allowed Senior Notes Claims, Allowed Senior Subordinated Notes Claims, Allowed CCB-1
Guarantees Claims, Allowed CCB-2 Guarantees Claims, Allowed General Unsecured Claims, Allowed LateFiled Claims, Allowed PIERS Claims, Allowed WMB Senior Notes Claims, Allowed Preferred Equity
Interests, Allowed Common Equity Interests, holders of Dime Warrants, and Accepting Non-Filing WMB
Senior Note Holders, who in each case, deliver a release in accordance with the provisions of Section 41.6 of
the Plan) shall be required to identify themselves to the Liquidating Trustee and provide tax information and
the specifics of their holdings, to the extent the Liquidating Trustee deems appropriate in the manner and in
accordance with the procedures from time to time established by the Liquidating Trustee for these
purposes
It could be that he was referring to Piper Sandler and Wells Fargo, the two companies, not the two “guys” who work for them.
JWW, I wholeheartedly agree, COOP is on the march, however I wouldn't be at all surprised to learn the new notes exceed $1 Billion next Quarter as Chris is doing a great job, but on the other hand there may be others looking to buy MSR's since the Market took such a hit today. Very few Companies now have something positive to look forward to like COOP for the foreseeable future. It is easy for me to personally envision a $2 Trillion+ Servicing Business in the next few years.
It may be some time before ZOME comes back to life, but it is no fault of their own as the Government is led by a bunch of incompetent people that make bad decisions, day in and day out, to further their agenda and manipulate the markets to their advantage. We ride a two edged sword, one flip of the wrist and the game can change very fast, always remain vigilant to their new polices and the possible repercussions to your bottom line.
The Big Question remains, what entities actually funded the $1B in new notes and will be the recipient of the returning principal and accrued interest over the next eight years? Time tell all.
Thanks for posting a clean transcript of COOP's 1st Quarter Earnings report 2024 , mine was corrupted thru my copying a Word Document that was perfect and I didn't notice it until hours after I post it.
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...
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/
👉👉👉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
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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
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