Mr Cooper Group Inc (COOP)

[CBA09]

Ref: The bankruptcy estate does not have jurisdiction over these SPE's/ Trusts. WMI in its capacity of equity interest does."

Question - 1
So, WHY isn't anything being distributed?

Comment:

The powers to be are surely suppressing the distribution of "Retained Assets" within trusts that have terminated.

Clearly, amounts within each Trusts are known. Monthly, reconciliation is required for each separate bank account. There are many Bank accounts for example:

1) Over-collateralized cash account,
2) Excess spread account,
3) Reserve account,
4) Income account from subordinated certificates owned by the credit enhancer this is generally the depositor, very likely WMIIC,
5) Income from rents of REO until liquidated,
6) Escrow and etc.

Question - 2
Is it usual to wait and get it all at once?

Comment:
No.
As each Trust Terminates a final vouching / reconciliation is performed. Once completed, a full accounts removal takes place. This is generally a clearing of all Trust bank accounts to the Parent. Here, from my experience, no expressed contractual agreement to do so exist. Thus, added protection of being bankruptcy remote. As,to have a written agreement to do so, would show control, and put in jeopardy the "Retained Assets" remaining bankruptcy remote.