Mr Cooper Group Inc (COOP)

[AZCowboy]

~ So, As the 3rd Qtr 2017 Ends' Some Thoughts As WaMu Is Moving Forward ~

I know this presentation is a bit long, however I thought it relevant, so I wanted to share this with everyone' ...

Now ? With BOTH' of the WaMu / WMIIC / WMI, 03-2012 &/ FDIC / JPMC / DB, 08-2016 "Settlement"(s) and their conditions completed' ... (thankfully) ... the distribution mechanics come to the front of the process' ...

So Again, as I posted a few times now, ... "Interest" returns generated is not considered by the FDIC until distributed or received as is stated on the WMB Balance Sheet' ... "Interest" returns are what an ABS-Cert Trust generates on a monthly basis' now, having been accumulated since 10/02/2008 (nunc-pro-tunc) ...

This includes, among other things' the WaMu Supporting "Trusts" for the ... WMB Noteholder Program, ... The WMI Preferred Offering ... The Reit Series after the Exchange Event converting them' to a WMI Preferred Series, ... as well as Trust Producing Securities originally held and secured within WMI Investment, Corp. ...

(note that interest on these assets is not accrued after failure but is recognized when received);

So, In an effort to help everyone, I placed the direct text from the FDIC, as well as a few "class defining" comments in red' ...

Priority of Dividends:

All receiverships established after August 10, 1993, must distribute dividends according to the Federal Deposit Insurance Act, 12 U.S.C. § 1821(d)(11)(A), which mandates the following priorities:

* Administrative expenses of the Receiver; (this ? is the JPMC $645m)

* Any deposit liability of the institution; (this ? is the depositor claims showing 0% responsible)

* Any other general or senior liability of the institution; (this ? is the WMB senior & subordinated debt - WaMu's Class 17)

* Any subordinated obligations; (this ? is WaMu's Class 18, the DB yet to be determined claim $3B and the Employee Claims)

* Any obligations to the shareholders or members (including holding companies and their creditors). (this ? is WaMu's Class 19 & Class 22)

Types of Dividends:

Advance: Dividends paid to proven uninsured depositors (usually paid within 30 days of closing). The FDIC Board of Directors authorizes the percentage of dividends for this type of dividend.

Traditional: Dividends paid from the net proceeds derived from converting assets of the institution to cash. Such a dividend may be declared for uninsured depositors and unsecured creditors with proven claims, and others in order of their priority. This type of dividend is the most commonly used.

(10015 WASHINGTON MUTUAL BANK 9/25/2008 Traditional Depositor 100% 100% 10/3/2008) ... (So, ALL deposits have been taken care of, ... both' ... deposits considered to be within the FDIC's Insured guidelines ?, as well as deposits above and beyond the FDIC's Insurance Limitations)

Initial: A hybrid of the Advance and Traditional dividends. This dividend is based on the dollar amount paid for the assets assumed by the acquiring institution less appropriate reserves. The Initial dividend is paid as soon as possible after the institution is closed and paid to the proven uninsured depositors, generally within a few weeks.

Post Insolvency Interest: This dividend is paid once a receivership has paid 100% of the principal on the uninsured Depositor and General Creditor Claims.

How often are dividends paid:

The FDIC conducts quarterly reviews of the financial statements of the receivership to determine if sufficient funds are available to pay dividends, and as additional funds become available, dividends may be declared. Disbursements for dividends less than $25.00 are held until the aggregate total dividend exceeds $25.00.

AZ