Mr Cooper Group Inc (COOP)

[boarddork]

Disregard for a moment the mortgage backed securities, that insiders are claiming are the only mortgage portfolios. Nice slight of hand......

Once more to clear the smoke bombs - In 2007 when WMI pretty much halted buying/selling mortgage backed securities, if you read WMI's SEC filings, WMI additionally still held legacy MORTGAGES in PORTFOLIO valued at $244 Billion, which is SEPARATE from the mortgage securities for sale on their books valued at $27 Billion. These are two line items of SEPARATE value ABOVE AND BEYOND any mortgage backed securities value.

http://faculty.washington.edu/rbowen/cases/WaMu_case_10_08.pdf

What is a portfolio lender and why are mortgages held in portfolio important? Portfolio lenders originate and FUND their own loans with their own COLD HARD CASH, which they hold and service for the life of the loan.

Prior to receivership, WMI made a ton of cash income in monthly interest off their personal cash mortgage investment portfolio, from the homeowner. In the same SEC filing, WMI was making nearly $16 Billion per year, ON TOP of the value of the mortgages held in portfolio of $244 Billion owned free and clear. The OTS said we were a $350 Billion dollar organization in assets.....mortgages in portfolio are a large portion of that.

Again this is ABOVE AND BEYOND any income from mortgage backed securities, whatever it may be.
This did not go to JPM, who only bought servicing rights to WMI's loans per the 2014 DOJ/JPM $13 Billion lawsuit (see line item 13.)

The FDIC Receiver is holding our MORTGAGES IN PORTFOLIO. WMILT has not released FDIC Receiver, yet.....fits like a glove.

Close this P&A for all 'real' escrow holders!


Certain bankruptcy insiders on this board are purposely mixing up the details because their butts are on the line for fraud ........so, keep your eye on the ball - again. IMO