Mr Cooper Group Inc (COOP)

[boarddork]

In a very simplified nutshell (sorry I'm rushed tonight), I think there are 2 facets. 1) WMI/WMIIC BK and 2) WMB receiver


separate but intertwined. The FDIC receiver is on the hook for our unreleased claim for a Fifth Amendment Taking, etc.

For the FDIC to do its job, which they say "cost them nothing", they not only need to marshal the safe harbor assets, but they also need to reconcile the bank receivership.

FDIC cant reconcile the receivership, if any claims against WMI/WMIIC still exist in BK, that could, through one simple state judge's ruling, possibly revert back to the FDIC, and cost them something. If a judge pierces the corporate veil over WAMU ABS/MBS/RMBS, then the WMI estate could be on the hook, or the FDIC could be. To clarify, I think DB is the only claim left which could affect WMIs estate or the receiver - we are nearly done.

The WMI/WMIIC BK cant post to close, till DB claims against WaMu are finalized, and its known that JMW's court won't be needed to play referee to throw out the trash if it returns.

I think, imo, we're waiting for the May 2017 DB Probate case to close as a key turning point. Then both WMI and WMIIC BKs can close. The LT as a real ghost of WaMu, like a hubcap spinning off a wheel, will continue on without WMI and WMIIC post BK termination, using its Reserved Claims money to litigate and drag out the employee claims and PIERS compensation.

DB Probate resolves May 2017, both BKs close (WMI & WMIIC), the receiver has final number to terminate the resolution and reconciliation of the WMBank receivership, and 2) above, the WMB residuals flow to legacy who released.


As for 1) above, WMI/WMIIC........ since 2008, WMI/WMIIC MBS strip cert income has been collected, from WMI's investment in its own product. Plus any mortgage assets that JPM decides to buy at BOOK VALUE. But again I still fear these would also be dependent on BK and Receivership terminations.

I think end of May 2017 is where things start the process of moving in our direction.

AIMO