Mr Cooper Group Inc (COOP)

[Johnnyiwantsome]

Redemption/ Replacement Capital Covenant/ Intentions of WMI and the
Company General.


On each day on which the Company redeems
Series 2007- B Company Preferred Securities, the Trust will
apply the redemption proceeds
it receives on the
Series 2007- B Company Preferred Securities to redeem a like
amount of Trust Securities. The redemption provisions of the
Series 2007- B Company Preferred Securities are described
below. Subject to a covenant in
effect until October 25, 2017,
in favor of certain of WMI’s debtholders limiting WMI’s and its’
subsidiaries’ right to purchase or redeem the Series 2007- B
Company Preferred Securities or the Trust Securities (among
others), as described in the next paragraph, and subject to
the Company having received the prior approval of the OTS
for any proposed redemption of Series 2007- B Company Preferred Securities, the Company may, at its option, redeem the Series 2007- B Company Preferred Securities:
•in whole but not in part, on any Dividend Payment Date prior to the Dividend Payment Date in December 2017 upon the occurrence of a Tax Event, an Investment Company Act
Event, a Rating Agency Event or a Regulatory Capital Event, at a cash redemption price equal to the sum of: ( i) the greater of: (A)$1,000 per Series 2007- B Company Preferred Security, or (B)the sum of the present values of $1,000 per
Series 2007-B Company Preferred Security, discounted from the Dividend Payment Date
In December 2017
to the redemption date, and the present values of all undeclared dividends for each Dividend Period from the redemption date to and including the Dividend Payment Date in December 2017, discounted from their applicable Dividend Payment Dates to the redemption date on a quarterly basis, in each case (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate,



Having investigated the WaMu/FDIC/Chase fact pattern for nearly seven-years now, and having investigated hundreds of foreclosure cases where JPMorgan Chase claims sole ownership of specific Washington Mutual Bank loans by virtue of the “Purchase & Assumption Agreement” (PAA) with the FDIC, one fact is now well established – no schedule or inventory of assets listing any specific WMB mortgage loan acquired by JPMC exists, or has ever been produced or disclosed. The reason for this fact is that the vast majority of residential mortgage loans were securitized through WaMu’s “Off-Balance Sheet Activities,” meaning WMB sold their loans prior to the FDIC Receivership.

http://bpinvestigativeagency.com/wp-content/uploads/2016/08/Asset-Trusts-Offering-Circular.pdf

These trusts were set-up as Delaware Statutory Trusts with REMIC status. In virtually all PSA agreements for DST’s that are visible, to which the DST’s are irrevocable and elect REMIC status, they are required to maintain complete separateness from any other person or entity. Chase’s naming of these trusts as subsidiaries certainly smells “fishy.” At best, Chase acquired servicing rights to these loans, but even this should not be assumed. How a servicer can take control of a REMIC Trust and claim it as a subsidiary on its 10-K is beyond me, but I’d sure like to see the documentation granting this authority.

In the meantime, someone explain to me how tens of thousands of foreclosures have been conducted in the names of private MBS REMIC trusts since the crash in 2008, and not one foreclosure appears to have occurred within this toxic group of 67,529 loans in the name of Deutsche Bank as Trustee for these trusts. The odds are virtually impossible.


This is very interesting given the timing

Backing it up regards,
B