Mr Cooper Group Inc fka COOP

[Large Green]

***WMI Investment*** Showed (11/2008) 500 to One Billion Assets/Zero Debts!

Pay attention to the VERY last line in this copy/paste

http://bankrupt.com/TCR_Public/090117.mbx
WASHINGTON MUTUAL: Files Monthly Operating for November 2008
------------------------------------------------------------
Washington Mutual, Inc., and WMI Investment Corp. delivered to
the Court on January 6, 2009, their monthly operating report for
the period from November 1 to November 30, 2008.

John Maciel, WaMu's chief financial officer, informed investors
and potential investors "not to place undue reliance" upon the
information contained in the Monthly Operating Report, which was
not prepared for the purpose of providing the basis for an
investment decision relating to any of the securities of the
Company.

Mr. Maciel added that the Operating Report "was not audited or
reviewed by independent accountants, was not prepared in
accordance with Generally Accepted Accounting Principles in the
United States, is in a format prescribed by applicable bankruptcy
laws, and is subject to future adjustment and reconciliation."

Moreover, the results set forth in the Operating Report should
not be viewed as indicative of future results. The Debtors
reserve all rights to amend the results represented in the
Operating Report, he said.

WASHINGTON MUTUAL, INC.
Unaudited Balance Sheet
As of November 30, 2008

ASSETS
Unrestricted cash and cash equivalents $4,262,555,609
Restricted cash and cash equivalents 140,220,577
Investment Securities 61,783,189
Accrued interest receivable 1,576,655
Accounts receivable 0
Income tax receivable 496,038,922
Prepaid expenses 13,440,185
Cash surrender value of BOLI/COLI 85,991,128
Funded Pension 39,173,922
Other investments 24,406,285
Investment in subsidiaries 1,901,236,010
Notes receivable, intercompany 58,208,412
Other assets 23,965,565
---------------
Total Assets $7,108,596,459
===============

LIABILITIES NOT SUBJECT TO COMPROMISE
Accounts payable $0
Taxes payable 0
Wages payable 0
Other accrued liabilities 12,534,792
Rent and equipment lease payable 125,132
Other liabilities - intercompany 0
Other postpetition liabilities 0
Minority interest 2,000,000
---------------
Total Postpetition Liabilities 14,659,924

LIABILITIES NOT SUBJECT TO COMPROMISE
Senior debt 4,108,911,139
Subordinated debt 2,356,467,965
Accrued interest payable 75,907,764
Notes payable - intercompany 684,092,246
Accrued interest payable - intercompany 3,012
Accounts payable 0
Accounts payable - intercompany 0
Taxes payable 550,131,932
Payroll and benefit accruals 407,200,176
Other accrued liabilities 92,618,152
Other prepetition liabilities 223
---------------
Total Prepetition Liabilities 8,275,332,609
---------------
Total Liabilities 8,289,992,533

SHAREHOLDERS' EQUITY
Preferred stock 3,392,341,954
Common stock 12,988,753,556
Other comprehensive income (2,173,037,452)
Retained earnings - prepetition (15,366,800,538)
Retained earnings - postpetition (22,653,594)
---------------
Total Shareholders' Equity (1,181,396,074)
---------------
Total Liabilities and Shareholders' Equity $7,108,596,459
===============

WASHINGTON MUTUAL, INC.
Unaudited Statement of Operations
For the period Nov. 1 to Nov. 30, 2008

REVENUES
Interest income:
Cash equivalents $1,550,260
Securities 262,185
Notes receivable - intercompany 99,354
Other 0
---------------
Total Interest Income 1,911,799

Earnings from subsidiaries and other
equity investments (20,918,411)
Gains (losses) from securities 999
Other income (569)
---------------
Total Revenues (19,006,182)

OPERATING EXPENSES
Compensation and benefits 110,733
Occupancy and equipment 59,690
Professional fees 469,283
Postage, express mail and courier 0
Other outside services 0
Loss (Income) from BOLI/COLI policies (975,695)
Management fees/transition services 1,000,000
Insurance 1,684,475
Other 1,661
---------------
Total Operating Expenses 2,350,147

Net profit (loss) before other income
and expenses (21,356,329)

OTHER INCOME AND EXPENSES
Interest expense:
Notes payable - intercompany 0
Borrowings 0
---------------
Total Interest Expense 0

Other expense (income) 0
---------------
Net profit (loss) before
reorganization items (21,356,329)

REORGANIZATION ITEMS
Professional fees 5,452,936
U.S. Trustee quarterly fees 12,675
Gains (losses) from sale of assets 0
Other reorganization expenses 0
---------------
Total Reorganization Items 5,465,611
---------------
Net profit (loss) before income taxes (26,821,940)

Income taxes 0
---------------
NET PROFIT (LOSS) ($26,821,940)

WASHINGTON MUTUAL, INC.
Unaudited Schedule of Cash Receipts and Disbursements
For the period Nov. 1 to Nov. 30, 2008

Opening Balance 10/31/08 $3,945,749,192

RECEIPTS
Interest & investment returns 1,185
Tax refunds 782,553
Reimbursements from WMB 0
Reimbursements from subs 0
Sales of assets/securities 297,421
Covered bond deposit 1,450,000
Miscellaneous Receipts 40,000
---------------
Total Receipts 2,571,159

TRANSFERS
General to Disbursement 0
Sweep to Money Market account 0
General to Payroll 0
To new Bank Account 0
---------------
Total Transfers 0

DISBURSEMENTS
Insurance 5,000,000
Retainer 250,000
Professional fees 1,184,062
Bank Fees 0
U.S. trustee quarterly fees 325
Miscellaneous adjustments 10,924
---------------
Total Disbursements 6,445,311

Net Cash Flow (3,874,152)
---------------
Cash - End of Month 3,941,675,039

GL Balance 3,941,675,039

Net value -- short-term securities 320,680,570
---------------
Total Cash & Cash Equivalents $4,262,555,609
===============

WMI INVESTMENT CORP.
Unaudited Balance Sheet
As of November 30, 2008

ASSETS
Unrestricted cash and cash equivalents $111,081,350
Restricted cash and cash equivalents 0
Investment Securities 189,211,280
Accrued interest receivable 1,759,555
Accounts receivable 0
Income tax receivable 17,897,736
Prepaid expenses 0
Cash surrender value of BOLI/COLI 0
Funded Pension 0
Other investments 65,433,305
Investment in subsidiaries 0
Notes receivable, intercompany 565,844,197
Other assets 32,911,837
---------------
Total Assets $984,139,260
===============

LIABILITIES NOT SUBJECT TO COMPROMISE
Accounts payable $0
Taxes payable 0
Wages payable 0
Other accrued liabilities 143,528
Rent and equipment lease payable 0
Other liabilities - intercompany 0
Other postpetition liabilities 0
Minority interest 0
---------------
Total Postpetition Liabilities 143,528

LIABILITIES NOT SUBJECT TO COMPROMISE
Senior debt 0
Subordinated debt 0
Accrued interest payable 0
Notes payable - intercompany 0
Accrued interest payable - intercompany 0
Accounts payable 0
Accounts payable - intercompany 0
Taxes payable 0
Payroll and benefit accruals 0
Other accrued liabilities 0
Other prepetition liabilities 0
---------------
Total Prepetition Liabilities 0
---------------
Total Liabilities 143,528

SHAREHOLDERS' EQUITY
Preferred stock 0
Common stock 1,000,000,000
Other comprehensive income (7,909,774)
Retained earnings - prepetition 14,133,260
Retained earnings - postpetition (22,227,753)
---------------
Total Shareholders' Equity 983,995,733
---------------
Total Liabilities and Shareholders' Equity $984,139,261
===============

WMI INVESTMENT CORP.
Unaudited Statement of Operations
For the period Nov. 1 to Nov. 30, 2008

REVENUES
Interest income:
Cash equivalents $0
Securities 2,861,417
Notes receivable - intercompany 1
Other 0
---------------
Total Interest Income 2,861,418

Earnings from subsidiaries and other
equity investments 0
Gains (losses) from securities (24,945,318)
Other income 0
---------------
Total Revenues (22,083,900)

OPERATING EXPENSES
Compensation and benefits 0
Occupancy and equipment 0
Professional fees 0
Postage, express mail and courier 0
Other outside services 0
Loss (Income) from BOLI/COLI policies 0
Management fees/transition services 0
Insurance 0
Other 143,853
---------------
Total Operating Expenses 143,853

Net profit (loss) before other income
and expenses (22,227,753)

OTHER INCOME AND EXPENSES
Interest expense:
Notes payable - intercompany 0
Borrowings 0
---------------
Total Interest Expense 0

Other expense (income) 0
---------------
Net profit (loss) before
reorganization items (22,227,753)

REORGANIZATION ITEMS
Professional fees 0
U.S. Trustee quarterly fees 0
Gains (losses) from sale of assets 0
Other reorganization expenses 0
---------------
Total Reorganization Items 0
---------------
Net profit (loss) before income taxes (22,227,753)

Income taxes 0
---------------
NET PROFIT (LOSS) ($22,227,753)

WMI INVESTMENT CORP.
Unaudited Schedule of Cash Receipts and Disbursements
For the period Nov. 1 to Nov. 30, 2008

Opening Balance 10/31/08 $4,002,091,486

RECEIPTS
Interest & investment returns 2,252,523
Tax refunds 782,553
Reimbursements from WMB 0
Reimbursements from subs 0
Sales of assets/securities 52,785,267
Covered bond deposit 1,450,000
Miscellaneous Receipts 40,000
---------------
Total Receipts 57,310,343

TRANSFERS
General to Disbursement 0
Sweep to Money Market account (51,385,663)
General to Payroll 0
To new Bank Account 0
---------------
Total Transfers (51,385,663)

DISBURSEMENTS
Insurance 5,000,000
Retainer 250,000
Professional fees 1,184,062
Bank Fees 2
U.S. trustee quarterly fees 650
Miscellaneous adjustments 10,724
---------------
Total Disbursements 6,445,438

Net Cash Flow (520,759)
---------------
Cash - End of Month 4,001,570,727

GL Balance 4,001,570,727

Net value -- short-term securities 372,066,233
----------------
Total Cash & Cash Equivalents $1,373,636,959
===============

The Debtors' cash receipts and disbursements are with respect to
their deposit accounts and general accounts at Washington Mutual
Bank/JPMorgan Chase Bank, Bank of New York Mellon, U.S. Bank and
Bank of America.

A detailed schedule of WaMu's cash receipts and disbursements is
available for free at:

http://bankrupt.com/misc/WaMu_CashDisbursementNov2008.pdf

WaMu's Preferred Funding

Mr. Maciel reported that as of the Petition Date, the Office of
Thrift Supervision concluded that a conditional exchange of
certain securities occurred as of the Petition Date:

Depositary Shares
Securities Exchanged Into
---------- --------------
Washington Mutual Preferred Series J Perpetual
(Cayman) I Ltd. 7.25% Perpetual Non-Cumulative
Non-cumulative Preferred Securities Fixed Rate Preferred
Series A-1 Stock of WaMu

Washington Mutual Preferred Series J Perpetual
(Cayman) I Ltd. 7.25% Perpetual Non-Cumulative
Non-cumulative Preferred Securities Fixed Rate Preferred
Series A-2 Stock of WaMu

Washington Mutual Preferred Funding Series I Perpetual
Trust I Fixed-to-Floating Rate Non-Cumulative
Perpetual Non-Cumulative Trust Fixed-to-Floating
Securities Rate Preferred Stock
of WaMu

Washington Mutual Preferred Funding Series L Perpetual
Trust II Fixed-to-Floating Rate Non-Cumulative
Perpetual Non-Cumulative Trust Fixed-to-Floating
Securities Rate Preferred Stock
of WaMu

Washington Mutual Preferred Funding Series M Perpetual
Trust III Fixed-to-Floating Rate Non-Cumulative
Perpetual Non-Cumulative Trust Fixed-to-Floating
Securities Rate Preferred Stock
of WaMu

Washington Mutual Preferred Funding Series N Perpetual
Trust IV Fixed-to-Floating Rate Non-Cumulative
Perpetual Non-Cumulative Trust Fixed-to-Floating
Securities Rate Preferred Stock
of WaMu

WaMu has not yet reflected the Conditional Exchange and the
related attendant transactions on its financial statements.

Assuming that the Conditional Exchange has been completed, a pro
forma basis of WaMu's financial statements as of November 30,
2008, would reflect (i) a credit-to-shareholders' equity of
approximately $3.9 billion upon issuance of the New Classes of
Preferred Stock, and (ii) a corresponding loss of approximately
$3.9 billion upon conversion of the Securities, Mr. Maciel said.

In addition, Mr. Maciel disclosed that WaMu's accrued
postpetition liabilities with respect to vendors aggregate, on
account of the Vendors' services through, and as of, November 30,
2008. These include:

Accrual Through
Vendor Accruals 11/30/2008
--------------- ---------------
Akin Gump $1,677,103
Alvarez & Marsal 1,320,854
Davis Wright Tremaine 380,619
FTI Consulting 730,000
Gibson Dunn 164,058
Grant Thornton 69,138
Joele Frank 52,084
John Wolfe 53,185
McKee Nelson 147,000
Miller & Chevalier 48,613
Milliman 20,188
Pepper Hamilton 158,481
Perkins Coie 260,289
Richards Layton 93,585
Shearman Sterling 241,620
Simpson Thacher 187,448
Towers, Perrin, Forster & Crosby, Inc. 67,658
Weil Gotshal & Manges, LLP 3,645,136
KCC 365,483
U.S. Trustee 13,000
Miscellaneous Accruals 2,839,243

As of November 24, 2008, WaMu paid Alvarez & Marsal's
professional fees for $1,125,521, and reimbursed the firm's
accrued expenses totaling $58,540.

Mr. Maciel certified that no property tax returns were filed
during the period from November 1 to November 30, 2008.

Mr. Maciel added that WaMu's payroll -- including the remission
of all withholding taxes, benefits and employer taxes -- is being
processed through the payroll services of JPMorgan Chase Bank, as
the acquirer of WaMu's banking operations. WaMu reimburses
JPMorgan for all payroll expenses, he noted.

According to Mr. Maciel, these new bank accounts were opened
during the Reporting Period:

Company Bank Account No.
------- ---- -----------
Washington Mutual, Inc. U.S. Bank (Money Market) xxxxx7001
Washington Mutual, Inc. U.S. Bank (Custodial) xxxxx0000
WMI Investment Corp. U.S. Bank (Money Market) xxxxx6001
Washington Mutual, Inc. U.S. Bank (Custodial) xxxxx6000

A full-text copy of WaMu's November 2008 Operating Report is
available for free at the U.S. Securities and Exchange Commission
at http://ResearchArchives.com/t/s?37f2

About Washington Mutual

Based in Seattle, Washington, Washington Mutual Inc. --
http://www.wamu.com/-- is a holding company for Washington Mutual
Bank as well as numerous non-bank subsidiaries. The company
operates in four segments: the Retail Banking Group, which
operates a retail bank network of 2,257 stores in California,
Florida, Texas, New York, Washington, Illinois, Oregon, New
Jersey, Georgia, Arizona, Colorado, Nevada, Utah, Idaho and
Connecticut; the Card Services Group, which operates a nationwide
credit card lending business; the Commercial Group, which conducts
a multi-family and commercial real estate lending business in
selected markets, and the Home Loans Group, which engages in
nationwide single-family residential real estate lending,
servicing and capital markets activities.

Washington Mutual Bank was taken over Sept. 25 by U.S. government
regulators. The next day, WaMu and its debtor-affiliate, WMI
Investment Corp., filed separate petitions for Chapter 11 relief
(Bankr. D. Del. 08-12229 and 08-12228, respectively). Wamu owns
100% of the equity in WMI Investment. Weil Gotshal & Manges
represents the Debtors as counsel. When WaMu filed for protection
from its creditors, it listed assets of $32,896,605,516 and debts
of $8,167,022,695. WMI Investment listed assets of $500,000,000
to $1,000,000,000 with zero debts.

(Washington Mutual Inc. Bankruptcy News; Bankruptcy Creditors'
Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000)

HAVE I TOLD YOU LATELY HOW MUCH MORE and MORE I LOVE MY ESCROW SHARES?