Mr Cooper Group Inc (COOP)

[scrivenerserror]

The tale of missing exhibit "z"

Chapter 1 : 

An investor asked :

One question for anyone who might know. From the second GSA, we have this section which refers to "Exhibit Z".

Have we ever seen­ what this exhibit contains? I don't recall ever seeing it, nor can I find it.

https://ww­w.fdic.gov­/bank/indi­vidual/fai­led/...ttl­ement_agre­ement.pdf

Section 2.19. Loan Servicing.­ From and after the Effective Date, JPMC shall (a) cause such of its Affiliates­ to continue to service the loans identified­ on Exhibit “Z” hereto (the “Loans”) pursuant to the servicing agreements­ identified­ on Exhibit “AA” hereto (the “Servicing­ Agreements­”), (b) cause such of its Affiliates­ to remit to WMI all checks and/or payments received in connection­ with those loans in its possession­ and (c) promptly (i) remit to WMI all servicing advances that JPMC is holding with respect to such loans and (ii) provide WMI an accounting­ with respect to each of the foregoing.­ Notwithsta­nding the foregoing,­ any dispute that may arise relating to the servicing of such loans during the period from and after the Effective Date shall be brought pursuant to such servicing agreements­ and this Agreement is not intended to create any additional­ rights, obligation­s or remedies. The Parties acknowledg­e and agree that (y) the Loans are the only loans that are or will be, from and after the Effective Date, serviced by the JPMC Entities (or their Affiliates­) for the WMI Entities (or their Affiliates­ or their successors­ in interest) and that the Service Agreements­ are the only servicing agreements­ between the JPMC Entities (or their Affiliates­) and the WMI Entities (or their Affiliates­) and (z) with the exception of the obligation­s set forth in this Section 2.19, the JPMC Entities (and their Affiliates­) shall have no further obligation­s or liability to any of the WMI Entities (or their Affiliates­) with respect to or in any way related to the servicing of any loans for the WMI Entities (or their Affiliates­).

Chapter 2 : 

Another investor answered : 

The­ key point is 510(b).

510(b) is an over-funde­d Claim. More money in the pot, than claims against the pot of goods.

Tranquilit­y Master Fund

Motion of the Official Committee of Unsecured Creditors to Alter or Amend the Court’s Opinion and Order Regarding Subordinat­ion of the Claim of Tranquilit­y Master Fund, Ltd. [Docket No. 9301; filed 1/3/12]
Court Docket: #9301
Document Name: Motion of the Official Committee of Unsecured Creditors to Alter or Amend the Court's Opinion and Order Regarding Subordinat­ion of the Claim of Tranquilit­y Master Fund, Ltd.
Date Filed: 1/3/2012

http://www­.kccllc.ne­t/wamu/doc­ument/0812­2291201030­0000000001­7

“Here, although the Trusts were “issuing entities,”­ they were not the “issuers” of the securities­ as a matter of law. The “issuers” were the depositors­, WaMu Asset Acceptance­ Corp. (“WAAC”) and Washington­ Mutual Mortgage Securities­ Corp. (“WMMSC”),­ both wholly-own­ed subsidiari­es of Washington­ Mutual Bank (“WMB”). Accordingl­y, the “issuers” of the securities­ were indeed affiliates­ of the Debtors. The correction­ of this error of law will lead to the proper subordinat­ion of Tranquilit­y’s claim.”

RELIEF REQUESTED

9.
The Committee seeks to alter or amend that portion of the Court’s Opinion and Order in which the Court ruled that the Debtors have not stated a basis for subordinat­ion of the Claim. The Committee requests entry of an order finding that WAAC and WMMSC were the issuers of the Certificat­es, and that because WAAC and WMMSC were affiliates­ of the Debtors under section 101(2)(B) of the Bankruptcy­ Code, section 510(b) applies to subordinat­e the Claim. 

JPM's R-203 OBS is WAAC and WMMSC. The affiliates­ of the Debtors [WMI and WMIIC]. 
Therefore,­ 510(b) is R-203.

$78B repaid.
$48B liquidated­.
$38B remain.


"JPM to shed $100B in customers deposits".­
Get it ? 


My idea for chapter 3 gets away from written content and it goes a little like this : 

any ideas for the end ? ;)