Mr Cooper Group Inc (COOP)

[boarddork]

Very reasonable thoughts. I might clarify 1. a bit, as the distinction is Critical to determining the path.

A) Safe Harbor is 'triggered' by receivership and bankruptcy.

B) WMI selling amongst and to itself, thru at least 2 "true sales", AND managed by a legit 3rd party trustee (like DB), 'qualified' it for Safe Harbor, Legal Isolation, and Off Balance Sheet protection from receivership and/or bankruptcy.


WMI's true sales in and of themselves - for themselves, didn't 'trigger' safe harbor.....it 'qualified' them (insured them so to speak) for a FUTURE trigger event such as receivership or bankruptcy.

All pre planned and designed to protect from a future devastating financial catastrophe, like every other bank in America, for a Trillions in securitization investment income.

And remember, to participate in the securitization game, one must hold a minimum of 20% participation in their own offerings. I don't think the > 20% was in sacks of S$&$, as GS put it.....cream of the crop.