Mr Cooper Group Inc (COOP)

[bkshadow]

AZ, WMI's 10Q ~ the "Company"...

...when a parent files a consolidated financial statement, all of it's subsidiaries are blended in the consolidation; in this case, it doesn't show WMB, or WMB subsidiaries, or even other WMI subsidiaries, in separate columns. Therefore, it globally refers to all activities as the "Company."

In such reporting, the financial statements are consolidated; a whole of WMI, with segregated reporting for each tier below.

That being a given, the Notes to Financial Statements, and other narratives in the 10Q, are the same. The "Company" is WMI, consolidated; it generally doesn't disclose each and every subsidiary in separate columns or in the footnotes.

The "Company," including WMB and it's subsidiaries, did issue loans, did securitize loans, and did have off balance sheet disclosures. The "Company" includes ALL OF THE SUBSIDIARIES (including WMB).

It does not say WMI, the parent holding company, did any of this.

WHY?

It wasn't chartered as a bank. It cannot undertake these transactions.

WMB was a bank, and it used its subsidiaries to perform the above-referenced activities.

WMI was a bank holding company.

The banks it held (as subsidiaries, direct and indirect) were seized, along with all of the subsidiaries.

Take care.