Mr Cooper Group Inc fka COOP

[CBA09]

boarddork - Certificate Income


Yes - FDIC has no right to keep assets from a true asset sale from a securitzation transaction. That is why, I believe the 42.2B was removed from the Real Estate Mortgage Line item.

To further reflect insulation / protection of assets both WMIIC and WMI filed to distance their assets from creditors of each other and likewise WMB. It is not uncommon for a court to try to reclassify sale transactions as merely financing agreements. Thus the double protection with both WMIIC and WMI filing.

As for Certificate Income, I believe all SPE's that meet true sales criteria hold a bundle of cash not belonging to WMB but ultimately due to WMI. And because status of these transactions are bankruptcy remote FDIC holds no repudiation powers over them.