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2018 10k
Under certain circumstances, transfers of LTIs have been permitted upon the winding up or dissolution of vehicles that previously held LTIs on behalf of such vehicles or the beneficiaries thereof. There can be no assurance that the Trust will consent to any such transfers in the future.
https://www.sec.gov/Archives/edgar/data/1545078/000119312519092649/d658548d10k.htm
We have never been here for retaliation. Only for the Fair and reasonable distribution.
8-K SUBMITTED TO SEC
Stakeholders were issued beneficial interests in the WMI Liquidating Trust in EXCHANGE for their unpaid claims against or equity interests in the Debtors (“Liquidating Trust Interests” or “LTI’s”).
https://www.sec.gov/Archives/edgar/data/933136/000090951812000138/mm03-2712_8ke991.htm
FORM 8937 FILED BY MR. COOPER GROUP INC. TO IRS- LTIs WERE ISSUED INEXCHANGE FOR CANCELLED EQUITY
PAGE 4/5
https://s1.q4cdn.com/275823140/files/doc_downloads/irw/IRS_forms_8937/Mr.-Cooper-Group-WMI-Liquidating-Trust-Disputed-Equity-Escrow-distributions.pdf
Dude numbers too big to fit in cactus napkin .he need the whole roll of Charmin ultra strong
The only criteria, and accuracy of anyones post these last 16 years concerning the production of monetary returns from the WAMU/WMI event horizon is ..... (1) where is the money, and (2), is there legal language that guarantees that it will be forthcoming?....so far, nothing has resulted from over 700K posts on the subject... most of the postings were spurious speculations without foundations in fact, dot connecting, common sense, and so forth and so on...not once did anyone expecting returns consult the original filings to examine the stated facts, and if they did, they conflated them to fit their own agenda...the simple fact is that the chapter 11 closed 12 years ago by parties to the agreements, and signed by the judge into law, and filed to the SEC and responsible agencies overseeing these matters...no one on this message board partook in the settling of these inter agreements, yet they write on message boards the endless trivia of speculation that WAS NEVER SIGNED INTO LAW, as if their posts are the gospel truth that money is forthcoming,when all filings say otherwise..... so, the final arbiter of truth is, and remains, 'WHERE IS THE MONEY AFTER 16 YEARS??????....the naysayers are correct in the assessment of non monetary returns, and absent of any verification by WMIH that they will make additional recovery to equity shareholders, the naysayers are correct....now, prove them wrong with documentation .....
~ Thank You ND9, ... I was hoping that YOU would take a look at this as I posted ~
... ol' cactus is hanging on to the following FACT' ... WE' (the original plan 7' releasing' wamuq common share' old timers) ... are good' ! ! as we wait for COOP to correct the share amount' using the ... "Share Buy Back Program" ... back' ... "COOP Goes First"
the subsidiary loan servicing group, ... nationstar / the mr cooper group / COOP' / ... was the result of a WMIH Acquisition' in 2018 ... per the CEO ... as documented'
The 2018 (nationstar) Acquisition Process Stated, Direct from the CEO, ...
https://www.sec.gov/Archives/edgar/data/933136/000119312518180676/d574669d424b3.htm
"Nationstar will merge with and into Wand Merger Corporation with Nationstar surviving the merger as a wholly owned subsidiary of WMIH."
just sayin'
AZ
AZCowboy, I checked and this Rosen, is Leonard Rosen, who was a founding partner, and passed away. I didn't think he was related to Brian Rosen but still looking..
ND9
*******************************
Leonard Rosen, bankruptcy lawyer, dies at 83
Newsday
https://www.newsday.com › Long Island › Obituaries
Leonard and Brian Rosen from www.newsday.com
Rosen, a founding partner of the prestigious Manhattan law firm Wachtell, Lipton, Rosen & Katz, died Wednesday. He was 83. "He was a very gentle man who had
~ Dated yet Interesting', ... "Wachtell, Lipton, Rosen & Katz acted as legal advisor to Mr. Cooper Group" ... "Rosen" ... ? ... hhhmmmmmm ~
=================
Mr. Cooper Completes Agreement with Sagent to Create the Mortgage Industry’s First Cloud-Native Servicing Platform
Company Release - 3/31/2022 5:07 PM ET
DALLAS--(BUSINESS WIRE)-- Mr. Cooper Group Inc. (“Mr. Cooper”) announced today that it has completed its previously-announced agreement with Sagent M&C, LLC, d/b/a Sagent Lending Technologies (“Sagent”). Under the terms of this transaction, Sagent purchased certain intellectual property rights related to Mr. Cooper’s proprietary, cloud-based technology platform for mortgage servicing, and Mr. Cooper has received an equity stake in Sagent and appointed two directors to Sagent’s board. This agreement will leverage Mr. Cooper’s mortgage servicing depth and Sagent’s software innovation speed to create the industry’s first cloud-native, homeowner-first servicing platform. Mr. Cooper will also become a multi-year customer of Sagent.
Wachtell, Lipton, Rosen & Katz acted as legal advisor to Mr. Cooper Group. Kirkland & Ellis LLP acted as legal advisor to Sagent.
About Mr. Cooper Group
Mr. Cooper Group Inc. (NASDAQ: COOP) provides customer-centric 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. For more information, visit www.mrcoopergroup.com.
About Sagent
Sagent powers America’s top bank and nonbank lenders to engage, care for, retain, and modernize the homeownership experience for millions of borrowers. Servicers use our flexible, scalable, and configurable solutions to engage borrowers and earn customer loyalty, lower servicing costs, ensure compliance, and increase the value of servicing rights throughout full market cycles. Sagent is backed by Warburg Pincus, one of the world’s leading private equity investors, and powers trillions in outstanding mortgage servicing for its customers. Visit www.sagent.com to learn more.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220331005795/en/
Mr. Cooper Group
Investor Contact:
Kenneth Posner, SVP Strategic Planning and Investor Relations
(469) 426-3633
Shareholders@mrcooper.com
https://investors.mrcoopergroup.com/events-and-presentations/press-releases/press-release-details/2022/Mr.-Cooper-Completes-Agreement-with-Sagent-to-Create-the-Mortgage-Industrys-First-Cloud-Native-Servicing-Platform/default.aspx
=================
the subsidiary loan servicing, nationstar / the mr cooper group / COOP' / was the result of a WMIH Acquisition' in 2018 ... per the CEO ... documented'
just sayin'
AZ
EARNED MORE RIGHT TO POST THAN YOU POOF GHONDI YOU ARE and were but I had to read what ya posted and another poster responded to
Wow that's GREAT! INTERESTING TIMES ahead IMO!
Well, well, what have we here? COOP's long lost CFO shows up at Sagent. Is a Merger or IPO in the air?
Sagent hires former Mr. Cooper executive Jaime Gow as CFO
Gow’s arrival coincides with CTO Uday Devalla departing the Warburg Pincus-backed fintech
July 18, 2024, 5:00 pm By Flávia Furlan Nunes
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Fintech Sagent hired Jaime Gow, a former executive at Mr. Cooper and First Horizon Bank, as its new chief financial officer. The hiring coincided with the departure of the company’s chief technology officer, Uday Devalla.
Warburg Pincus-backed Sagent highlighted Gow’s background in servicing as a reason for hiring him. That’s the exact space in the mortgage industry that the company wants to target with its software platform, Dara, which was launched in February.
Gow will oversee financial operations, lead strategic planning and dealmaking with customers, and ensure long-term investment in Sagent’s platforms, including Dara, the company said.
Jaime-Gow-1Jaime Gow
Sagent CEO Geno Paluso, a retired U.S. Navy captain who served at BAE Systems until joining the company in February, noted that Gow has led different lending businesses, including de novo banks, regional banks and industry leaders like Mr. Cooper.
Gow also “knows every detail that mortgage servicers need to win, and he’ll make Sagent a stronger-than-ever strategic partner to our customers and prospects,” Paluso added.
Gow comes to Sagent after serving as executive vice president and strategic adviser at Mr. Cooper, which has a close relationship with Sagent as exemplified by a multiyear agreement signed in February 2022. Mr. Cooper sold certain intellectual property rights for its cloud-based technology platform to Sagent and received a minority equity stake in the fintech company.
Chris Marshall was another executive who transitioned between the two companies this year. The former vice chairman and president of Mr. Cooper became executive chairman of Sagent in January.
Mr. Cooper is also the first client on the Dara platform, which is expected to be fully implemented in early 2025.
“Sagent’s new Dara platform can lower servicer operational costs across all mortgage servicing areas, like boarding, cash processing, escrows, call center, loss mitigation, and claims,” Gow said in a statement. “A big part of my job is to help our customers and prospects find and maximize these efficiencies in their own operations.”
In another executive move at Sagent, CTO Uday Devalla departed four months after launching Dara. In a social media post, he said that July 12 was his last day at the company.
“Over the past 4+ years, I’ve had an incredible experience working at Sagent, leading the technology and production teams driving much-needed innovation in the $14 trillion mortgage servicing sector,” Devalla wrote.
A spokesperson at Sagent told HousingWire that Devalla left “to pursue new opportunities.”
“He’s been an integral teammate who helped create our multi-year execution strategy to modernize our industry. Key to this execution was assembling a world-class mortgage servicing fintech team — including senior leaders — to build our Dara vision and innovate today’s platforms for customers. This global team runs day-to-day operations, and we’re vetting candidates to replace Uday’s role,” the spokesperson wrote.
Related
Bank of America mortgage origination volume jumps 66% in Q2
July 16, 2024
In "LendingLife"
Q2 mortgage volumes improve at Wells Fargo, JPMorgan and Citi
July 12, 2024
In "LendingLife"
Canada’s leading reverse mortgage lender has a new CEO
July 3, 2024
You are just making up b/s. This SEC filing relates to a new JPM bond being sold to investors, it has obviously nothing to do with Escrows.
After 7/22 comes and goes this “theory” will join the hundreds of similarly failed ones.
Stormy Can you read the sec filing. I say nothing but the Quotes of these filings.
https://www.sec.gov/Archives/edgar/data/19617/000119312524180064/d871263d424b2.htm
https://www.sec.gov/Archives/edgar/data/19617/000119312524098663/d759819d424b2.htm
These are the new combined (QURS) old to our new P's of Legacy for U's, P,s. Naysayers read and weep. If these do not come trough the DTCC, JPM continues to steal from us. The proof is in the Filing.
Says NEW GUY with 16 posts :)
WOWalters
""The only thing relevant is that releasing shareholders are owed $86B plus interest"""
OR MOREEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE.
After Monday you have October 22, 2024 to fall back on…
Are you canoodling with cactus about interest distributions……really…..did you use his napkin math
RD only posts possibilities. The only thing relevant is that releasing shareholders are owed $86B plus interest...
So this Monday July 22nd is our day according to RD.. The last time he gave us a date certain he told us that if he was wrong he’d leave the board, that lasted 2 weeks and 3 days..
Hey RD when July 22nd oh even your Oct 22 come and goes can you promise not to post again? LIKE EVER
Okay thanks! I didn’t bother to look at that!! Have a great weekend!!
Bill
Not much. Only 6 shares above 89
It would be much better if Lodas focused on just his centenary (100th) birthday celebration vs fighting with posters on Ihub about how they will lose money.
Whoa ! What happened after hours with coop??89.96 price
Well, well, what have we here? COOP's long lost CFO shows up at Sagent. Is a Merger or IPO in the air?
Sagent hires former Mr. Cooper executive Jaime Gow as CFO
Gow’s arrival coincides with CTO Uday Devalla departing the Warburg Pincus-backed fintech
July 18, 2024, 5:00 pm By Flávia Furlan Nunes
Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to email a link to a friend (Opens in new window)Click to copy link (Opens in new window)
Fintech Sagent hired Jaime Gow, a former executive at Mr. Cooper and First Horizon Bank, as its new chief financial officer. The hiring coincided with the departure of the company’s chief technology officer, Uday Devalla.
Warburg Pincus-backed Sagent highlighted Gow’s background in servicing as a reason for hiring him. That’s the exact space in the mortgage industry that the company wants to target with its software platform, Dara, which was launched in February.
Gow will oversee financial operations, lead strategic planning and dealmaking with customers, and ensure long-term investment in Sagent’s platforms, including Dara, the company said.
Jaime-Gow-1Jaime Gow
Sagent CEO Geno Paluso, a retired U.S. Navy captain who served at BAE Systems until joining the company in February, noted that Gow has led different lending businesses, including de novo banks, regional banks and industry leaders like Mr. Cooper.
Gow also “knows every detail that mortgage servicers need to win, and he’ll make Sagent a stronger-than-ever strategic partner to our customers and prospects,” Paluso added.
Gow comes to Sagent after serving as executive vice president and strategic adviser at Mr. Cooper, which has a close relationship with Sagent as exemplified by a multiyear agreement signed in February 2022. Mr. Cooper sold certain intellectual property rights for its cloud-based technology platform to Sagent and received a minority equity stake in the fintech company.
Chris Marshall was another executive who transitioned between the two companies this year. The former vice chairman and president of Mr. Cooper became executive chairman of Sagent in January.
Mr. Cooper is also the first client on the Dara platform, which is expected to be fully implemented in early 2025.
“Sagent’s new Dara platform can lower servicer operational costs across all mortgage servicing areas, like boarding, cash processing, escrows, call center, loss mitigation, and claims,” Gow said in a statement. “A big part of my job is to help our customers and prospects find and maximize these efficiencies in their own operations.”
In another executive move at Sagent, CTO Uday Devalla departed four months after launching Dara. In a social media post, he said that July 12 was his last day at the company.
“Over the past 4+ years, I’ve had an incredible experience working at Sagent, leading the technology and production teams driving much-needed innovation in the $14 trillion mortgage servicing sector,” Devalla wrote.
A spokesperson at Sagent told HousingWire that Devalla left “to pursue new opportunities.”
“He’s been an integral teammate who helped create our multi-year execution strategy to modernize our industry. Key to this execution was assembling a world-class mortgage servicing fintech team — including senior leaders — to build our Dara vision and innovate today’s platforms for customers. This global team runs day-to-day operations, and we’re vetting candidates to replace Uday’s role,” the spokesperson wrote.
Related
Bank of America mortgage origination volume jumps 66% in Q2
July 16, 2024
In "LendingLife"
Q2 mortgage volumes improve at Wells Fargo, JPMorgan and Citi
July 12, 2024
In "LendingLife"
Canada’s leading reverse mortgage lender has a new CEO
July 3, 2024
Could be, ? depends on how much accrued interest there is but remember all of this was reconstructed this past summer(U,Q,R,S) from the old to the new shares. Value may have been included in the new package. GLTA
Wmi old equity share calculator $1000 for p 2.2 per common for every 10 billion! We wait and see!! Gltu
WASNT IT .199 CENTS PER $10 BILLION DOLLARS ???
.199 x 29.9 =$5.68 PER SHARE ???
I wouldn't get too worked up. Lodas just gets salty when people don't accept his "interpretation", which very often includes words that just aren't in the document in question.
More like $65.78 per share for commons!! 299 billion from FDIC !! 👍
GIVE ME A $1.50 PER ESCROWS ON 7/22 I'll BE HAPPIER THAN A pig IN sh## !!!!!!!!!!!!!!
And yet , here we are way below value….. we’re getting close to rocket time lol all, imo
"....shall I go on, and on, and on, and on..."
Why should anything be different today?
Focus on one instrument to the offering of payment for both Preferred and Common (75%/25%) Por 7 as constructed in the filing and offering the mergers of several issues (U,Q,R,S) this summer to new shares in NN offering with a Face of $10,000 pps. This is not our total return but let this filing be understood first.
Whether it be On July 22nd or October22 for our first cash distribution, TBD
https://www.sec.gov/.../000119312524180064/d871263d424b2.htm
The floating rate notes due 2028, which we refer to as the floating rate notes, will mature on July 22, 2028. The floating rate notes will bear interest at a floating annual rate equal to a benchmark rate, which will initially be Compounded SOFR, plus a spread of 0.930% per annum. Interest on the floating rate notes will accrue from July 22, 2024. We will pay interest on the floating rate notes quarterly in arrears on January 22, April 22, July 22 and October 22 of each year, beginning on October 22, 2024.
We expect to deliver the notes to investors through the book-entry delivery system of The Depository Trust Company and its direct participants, including Euroclear Bank SA/NV and Clearstream Banking, S.A., on or about July 22, 2024.
https://www.sec.gov/.../000119312524098663/d759819d424b2.htm
We will pay interest on the floating rate notes quarterly in arrears on January 22, April 22, July 22 and October 22 of each year, beginning on July 22, 2024.
We refer to the 2028 fixed-to-floating rate notes, the 2030 fixed-to-floating rate notes and the 2035 fixed-to-floating rate notes together as the fixed-to-floating rate notes. We refer to the fixed-to-floating rate notes and the floating rate notes collectively as the notes. The notes are redeemable on the applicable dates and at the applicable redemption prices described in this prospectus supplement. There is no sinking fund for the notes.
We expect to deliver the notes to investors through the book-entry delivery system of The Depository Trust Company and its direct participants, including Euroclear Bank SA/NV and Clearstream Banking, S.A., on or about April 22, 2024.
You know my math skills. Please feel free to criticize.
Possible Formulars for Coop Conversion
P's:
(# Ps) x 19 = x times (Price of COOP) $80. = $$$$$$
U's:
(# of U's)divided by 19 = # of Coop shares x $80=$$$$
From FDIC:: $299bil of MBS Payments made by JPM to the DTCC using:
U's Series A's Non interest bearing no more then 300 Billion
P's JPM $10,000 per share for 5 years 6.75 Int % (3,000,000 x $10,000) = 30 Billion
AIMO
....shall I go on, and on, and on, and on, with official filings that you will not accept?
lode kb3,... you can pull as you wish
Absolutely in those that have stock will do very well and have done wonderful!
That's one bloated dangerous stock. The fact it was a self inflicted failure, is just embarrassing...
Musk deleted crowdstrike from their systems over this.. I don't blame him.
Meanwhile, $COOP is a lean, mean, profit machine!!
Crowdstrike (responsible for the outages today) PE ratio is over 500
The chapter 11 is closed.... accept it, and move on.... I will not entertain your insipid aspirations of returning assets THAT HAVE NOT BEEN ADJUDICATED BY THE BANKRUPTCY COURT, AND LEGALLY FILED FOR ALL PARTIES IN AGREEMENT TO READ, AND UNDERSTAND!!!!!!..... your release signature, if you gave one, entitled you to receive a pro rated new share in the newly emerged company called WMIH.... WMI does not exist anymore as a corporate entity... all creditor claims were satisfied with 100 face value , plus interest... class 18 received impaired claims.... classes 19, and 22 claims were satisfied by issuance on new stock, 75 million in cash, and a 125 million dollar credit facility... classes 19, and 22 are impaired from future recovery, as "all common, preferred equity interests have been cancelled, extinguished, and all rights to dividends under the previous prospectuses are deemed null and void....".....Title to the estate belongs to the reorganized Debtor...there are no further ongoing court actions to retrieve former WMI assets ( WMIH 2013 10-K).... (20.7 billion in Shareholders Retained earnings removed from the Feb 2012 MOR submitted to the BK court)....shall I go on, and on, and on, and on, with official filings that you will not accept?....Lodas
lode kb3 you read this and stop bs. Liquidating Trust Interests were issued to former equity holders in satisfaction of cancelled equity due to obligations related to assets. "Filed with IRS"
https://s1.q4cdn.com/275823140/files/doc_downloads/irw/IRS_forms_8937/Mr.-Cooper-Group-WMI-Liquidating-Trust-Disputed-Equity-Escrow-distributions.pdf
WMILT filed for closing bk cases in Dec 2019, but removed escrow positions in Jan 2022,why?.What happened in between?. Why WMI LT RA LT agreement was not public?
Why is Mr. Smith boasting his profile still he works for WMILT?
https://www.linkedin.com/in/charles-smith-b4179129?original_referer=https%3A%2F%2Fwww.google.com%2F
Stakeholders were issued beneficial interests in the WMI Liquidating Trust in exchange for their unpaid claims against or equity interests in the Debtors (“Liquidating Trust Interests” or “LTI’s”). The LTI’s are not transferable except by will, intestate succession, or operation of law. The WMI Liquidating Trust will be responsible for liquidating, converting to cash, and distributing the Liquidating Trust Assets to the Liquidating Trust Beneficiaries and will not take any action to encourage or promote a trading market in the LTIs.
https://www.sec.gov/Archives/edgar/data/933136/000090951812000138/mm03-2712_8ke991.htm
"Filed with SEC".
re read the amended POR 7 again..... "all other documents representing such equity interests shall be deemed cancelled and OF NO FORCE AND EFFECT"!!!!!!!!!!!!!...for years you have been quick to dismiss my posts as being bogus even though
I posted the official contents of documents that YOU NEVER READ , or you conflated the contents to suit your own beliefs.... there are other documents that state that the preferred dividends have been cancelled and all previous Prospectuses have been deemed NULL AND VOID... I will not supply, nor do your DD anymore... it is up to you to find it, read it in the official context, and finally UNDERSTAND AND ACCEPT WHAT THE FILING SAYS.... and by the way ... I AM LODAS, not some derogatory name you use to address me...
lode kb3 "AND ALL RIGHTS TO PREVIOUS DIVIDENDS ARE NULL AND VOID" where did you pull it from?.
25.2 Cancellation of Common Equity Interests: Notwithstanding the provisions of Section 25.1 hereof, on the Effective Date, all Common Equity Interests shall be deemed extinguished and the certificates and all other documents representing such Equity Interests shall be deemed cancelled and of no force and effect.
Where does it talk about "RIGHTS"?.
Yep a disparity…. Going into next year with possibility of better interest rate climate could see significant and further COOP gains.
👉COOP's @ $88, but FAIR VALUE is $200 to $250
Check COOP's current P/E ratio: https://finance.yahoo.com/quote/COOP/key-statistics?p=COOP
COOP's trailing P/E is only: 9.26
COOP's forward P/E is only: 8.35
The P/E ratios in this list (data is as of January 2024)
Financial Svcs. (Non-bank & Insurance) covering 172 companies is the correct row:
http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/pedata.html
Financial Svcs. (Non-bank & Insurance)
The average P/Es are:
Current: 34.63
Trailing: 25.59
Forward: 25.54
You are probably thinking I should have bought when it was under 140.00…..it may fall but you never know….
Soon IMO, maybe next week $95 before the earnings, maybe $100+ after the earnings. Just IMO
Can we hit 95.00….
Anything’s possible but the way they are jacking around the share price is laughable.
JHD
A simple question for CrowdStrike management : How could you push a faulty channel file to millions of users across the world, without adequate testing ? Oversight needs introspection.
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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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