Mr Cooper Group Inc fka COOP

[Large Green]

As Posited Years Ago-No Third Party Suits-Never Will Be IMHO!

I do not include Director and Officer's suits when discussing third party suits as these were in play years ago. With that said, I said over three years ago there would never be any third party suits. To me, this was common sense then just as it is now. How could the Planners allow third party suits to take place? The Planners had everything totally blacked-out worldwide in print and media for six years and this would be exposed to the world when third party suits tried to defend themselves? They worked way to hard to let Pandora's Box open now and that WILL NEVER happen! When thinking about this-just use common sense!

All WMILT was/is, is a conduit for a settlement that could have never happened during the on-going active bankruptcy case or in the eyes of the public at large. How could they have explained a solvent corporation with huge settlement monies which would have proved what a scam the entire case is/was? I still believe multi billions will transfer to escrow share account owners with the 75/25 split for every dollar. I will still say the original and former Piers Planners were going to receive far more than a handful of billions in very challenging tax attributes and now equity will receive what they planned on receiving after their failed plan to zero out equity did NOT happen.

Since equity was sold out by many players here before, I will say the decision is known by a few, but the majority of escrow share owners will have to wait and see if we were sold out again or Susman/Willingham lives up to their reputation with a rightful return for escrow share account owners. IMHO, the only thing you have to worry about is if you have enough escrow shares to make a difference and did not fall for the unforgivable Piers trap. This is where many have had their money tied up for so long while WMIH traded between fifty and seventy pennies for about a year and a half.

IMHO, there was a bankruptcy procedure worked out such as when the case reaches tranche five/six and/or official closure of the P&A. At this point, there will be claims prosecuted and some the monies will be recovered at this point or when the P&A is officially closed around the third week of September 2014 as required by the FDIC unless the FDIC moves this out into another year. There are over-funded claims and claims listed as assets in the final POR which will come into play when tranche five/six are worked.

So,I have never expected third party suits from the beginning and do not expect any now-how could I when I expected a recovery for escrow share account owners? One cannot double dip such as filing third party claims when one is expecting a HUGE recovery via escrow shares. Only time will tell, but it looks like everything is coming together for P&A official closure inSept/2014.
_____________________________________________________
[Tanj has another excellent post with post number 401094. Thank you Tanj for your excellent due diligence.

JPM IS NOT THE SUCCESSOR IN INTEREST OF WAMU

http://foreclosuredefensenationwide.com/?p=469

OUT OF THE MOUTH OF JPMORGAN CHASE: SCHEDULE OF LOANS PURCHASED FROM WAMU DOES NOT EXIST; NO ASSIGNMENTS OF MORTGAGE, NO ALLONGES OR ANY EVIDENCE OF TRANSFERRING OWNERSHIP OF LOANS FROM WAMU TO CHASE
AUGUST 21, 2012
August 21, 2012

Confirming, under oath and in print what we already suspected: there is no schedule of mortgage loans evidencing what JPM allegedly “purchased” from the FDIC in connection with the failure of WaMu. This is from the sworn deposition testimony of Lawrence Nardi, the operations unit manager and a mortgage officer for JPM, who was previously with WaMu and was picked up by JPM after WaMu’s failure. The 330 page deposition was taken by counsel for the homeowner on May 9, 2012 in the matter of JPMorgan Chase Bank, N.A. as successor in interest to Washington Mutual Bank v. Waisome, Florida 5th Judicial Circuit Case No. 2009-CA-005717.

Here is the question and the answer:

Q: (page 57, beginning at line 19): Okay. The — are you aware of any type of schedule of loans that would have been created to represent the — either the loans that were asset loans or the loans that were serviced by WAMU? Are you — was the — do you know if there is a schedule or database of loans like that?

A: (page 58, beginning at line 1): I know that there was a schedule contemplated in certain documents related to the purchase. That schedule has never materialized in any form. We’ve looked for it in countless other cases. We’ve never been able to produce it in any previous cases. It would certainly be a wonderful thing to have, but it’s — as far as I know, it doesn’t exist, although it was — it was contemplated in the documents.

As we all know, JPM has also stated, in a Federal Court filing, that it is NOT the “successor in interest to WaMu.” However, the deposition testimony gets even better as the day went on:

Q: (beginning at page 260, line 18): Have you ever in your duties of being a loan analyst — a loan operations specialist, have you ever seen an FDIC bill of sale or a receiver’s deed or an assignment of mortgage or an allonge?

A: (page 260, beginning at line 23): For loans, I’m assuming you’re taling about the WaMu loan that was subject to the purchase here.

Q: (page 261, line 1): Right.

A: (page 261, beginning at line 2): No there is no assignments of mortgage. There’s no allonges. There’s no — in the thousands of loans that I have come into contact with that were a part of this purchase, I’ve never once seen an assignment of mortgage. There is simply not — they don’t exist. Or allonges or anything transferring ownership from WAMU to Chase, in other words. Specifically, endorsements and things like that.

So, JPM allegedly “purchased” mortgage loans from the FDIC out of the WaMu failure, but there is no schedule of what loans were purchased, no assignments, no allonges, no endorsements, nothing that transferred ownership of the loans from WaMu to Chase. However, as we all know, JPM goes around the country touting that it is the “successor in interest to WaMu” (which it has admitted in Federal Court that it is not) and relies on the amorphous “FDIC Affidavit” which, as far as what the “Affidavit” is proffered for, is directly contradicted by the sworn deposition testimony of JPM’s authorized representative WHO WAS FORMERLY WITH WAMU AND WAS PICKED UP BY JPM
_____________________________________________________
WaMu CANNOT POSSIBLY BE COMPARED to the NORMAL CASE!

WaMu bankruptcy case is unlike any and most cases ever followed and witnessed to the extent for former WaMu was and is.This may be due to the longevity of the former WaMu organization which was in existence well over 100 hundred years and would be to this day had crimes not been committed in this tragedy of an American Corporation.

Obviously, when a company had multi billions over liabilities and the bankruptcy is actually allowed to continue, well then it is impossible to compare any case like this with a normal bankruptcy case. So to think, there should NOT be a HUGE amounts of money coming for escrow shares just does NOT understand the facts and procedures of this case. I will say this, with the hand that Susman/Willingham had and if all they were able to achieve was a handful of billions in tax attributes in a fifty cent shell company (at the time) which had virtually no future, then I will say we were sold out to an unfortunate and very high extent. And to think all the original and former Piers Planners had in mind was a handful of billions in very challenging tax attributes after their failed attempt at zeroing out equity again, just does NOT understand the facts and bankruptcy procedure of this case!

Remember, the only thing the Planners were afraid of was going to prison and with the court's blessing (insider trading saved Walrath too) Susman/Willingham had this huge violation in hand to use in bankruptcy court or another court outside of bankruptcy if they were to bring the case on their own which could have easily happened. We all know Walrath would have protected them in bankruptcy court regardless of crimes or not. Yes, some fiduciary we have here.

So we received WMIH shares that within days worth far less than issued and ANYBODY could buy them so this did NOT leave pre/post equity investors with any value of the original 350 billion dollar WaMu organization. So to think escrow shares should not receive anything is well, uneducated in this case. Also, to say this is the same as any other bankruptcy case or to compare this against cases that were actually bankrupt is just not having the facts. The following are some facts that may show the investor that this case may be indeed different and once tranches 5/6 are worked (or before the final P&A is closed) may also reveal that escrow share owners may indeed receive value. This may happen at or before the official closure of the P&A which the FDIC wants to happen before the end of September 2014.

According to Bankruptcy Procedure, on a National Level, Bankruptcy Courts, generally and quite easily accomplish any final distributions to creditors using, Federal Bankruptcy Rule 510(a); which is the normal Federal Rule and Bankruptcy Guideline (when, under a normal circumstance, liabilities actually exceed assets) even if a new organization is planned upon reorganization.

The Tranche system which is currently being used by WaMu is an additional tool available to the court system. The court, at its option, may use this available and alternative distribution mechanism, when there are undetermined valuations and a potential for unknown future financial distribution at the time of reorganization. Think of this as the following. Bankruptcy Rule 510 and all of its subsets is the Federal Law and/or guideline. The Tranche system is available as a "variable" to accomplish an eventual end result also within the guideline of the Law.