Mr Cooper Group Inc (COOP)

[AZCowboy]

... Well, Probably More Than That' 100B ...

I guess we just have to keep going over the same things, over and over, however, I do get told that there are many people that read the posted information ... so ~

... Yes, 100B worth of Loans ? and probably more than that, ... The extensive WMI Loan File was not allowed to be reviewed by the Examiner' ... (footnote 39' of the examiners report, has been posted here numerous times) due the fact that the WMI Loan File which was to be "serviced" by Chase was still within the confines of the initiated, Purchase & Assumption Agreement between the FDIC & JPMorgan ... and was NOT a party to, or able to be a consideration of' the WMI' Bankruptcy Proceeding while that contract was activated' upon seizure ...

(WMI's BK settlement was achieved, simply, utilizing WMI's own cash on hand, plus some tax refunds) (upon the FDIC's seizure, the assets within the Assets plus the extensive loan file were not able to be a WMI financial consideration, due to Dodd Frank which was the law of the land in Sept 2008)

... All' which was seized' by the FDIC' ~ back in Sept 2008, was legally "hands off" while the PA&A contract remained an active and liquid contract' ...

... Anyone can complain away to the SEC, and request as many audits as one would want ~ However ~ Upon the FDIC's seizure of WMB and their initialized contract (PA&A) with JPMorgan ? ... the Loan File along with the ( a's ) within the ( A's) was off limits until the contract finally terminated ~ 9/25/2014 ...

The 1934 Act explains the procedures utilized within an action of this sort, in very great detail

... JPMorgan received the servicing rights to the extensive WMI Loan File ... JPMorgan paid an "initial" payment to the FDIC' ... The "assets within the Assets" did NOT transfer to JPMorgan ...

reference; the GSA' ~ The Disclosure Statement' ~ The Purchase & Assumption Agreement' ~ the Examiners Report' ~ The Plan of Confirmation' ~ The Goulding Document (in support of) ... etc ...

One merely has to review the literal standing of WMB (only) at the time of seizure and be in a position to separate the issues to understand the legal process that was utilized and adhered to'

... Follow the time line and the documents ...

AZ

So, they kept $100B loans off books?

First, how would they have received clean audit opinions and not complaints to the SEC.

Second, but really the most important ~

With the FDIC/OTS/Treasury "looming" over WMB, with a liquidity concern first hand, why (if such $100B of loans off the book are real) wouldn't they simply "put them on the books?"

Further, why, prior to the seizure threat, with such $100B of off book loans, would they entertain selling to JPM, or even then need a capital raise with TPS/Chinese consortium if such really existed?