Mr Cooper Group Inc (COOP)

[drrugby]

Biz,

Its funny how the cookie crumbles.

https://ecf.dcd.uscourts.gov/cgi-bin/show_public_doc?2009cv1656-181

THJRMC Rules that:

Therefore, for the reasons set forth above, the Court will grant in part and deny in part JPMC’s Motion for Summary Judgment [Dkts. 142, 143, 170], finding that JPMC is entitled to judgment that it assumed liability for the disputed mortgage repurchase liabilities only to the extent that WaMu reflected such liabilities at a stated Book Value on its financial accounting records as of September 25, 2008.

40 The Court will also grant in part and deny in part FDIC’s Motion for Summary Judgment [Dkt. 144, 173], finding that FDIC is entitled to judgment that it did not assume or retain mortgage repurchase liabilities of WMMSC, the stock of which was acquired by JPMC in its entirety.

The Court leaves to another day and another argument whether Plaintiff Deutsche Bank can recover from FDIC. A memorializing Order accompanies this Amended Opinion.

In other words, the Court finds that any liability exceeding the Book Value reflected on WaMu’s financial accounting records as of September 25, 2008 remained with the Federal Deposit Insurance Corporation as Receiver for WaMu.

Thus based upon this ruling:

The FDIC has the off book assets that it must sell as well as the because it is now on the hook (until the judge rules) for the liabilities.

Pre-July 2015 the FDIC was not able to sell the WMB assets and now it has the rules in place to so..

Things that make you go Hum.. This opinion will now be the basis for all the other lawsuits between JPM and the FDIC..

Again, IMO we might see a FDIC and JPM settlement relating to WMB later this year near November when JPM is cleaning up its year end financials.

Lets hope some of the off book assets bring value back to the FDIC-R WMB estate. Which may (stress may) bring us good fortune.

GO WMIH Go.. and

Go WMILT Go..

DrR..