Mr Cooper Group Inc (COOP)

[boarddork]

Safe Harbor of cash and assets yoked to securitization schemes are: legally isolated and held off balance sheet to protect investors who participated (such as WMI itself >20%) from bankruptcy creditors looting the estate. (JPM keeps 90%. Wanna bet WMI did the same on a significant portion?)

This is how they've all played 'hide the sausage' for ten years - perfectly legal. Utilize govt and legal structures in place, to set aside in time out, out of sight, but in plain view.


I am intrigued with BBbob's thoughts on this merger and future mergers with various trustee's holding and managing the many legacy WMI securitization trusts.

Surely, if they cant return previously safe harbored assets (set aside legally out of bankruptcy and FDIC receiver grasp) back to the debtor directly due to our bankruptcy, than maybe, we do go out (what Rosen meant when he said "pursue") and swallow these legacy WMI securitization custodians in whole, one by one. Ten years of accumulated principle, interest, and participation slips the trustee is temporarily holding for us makes for an easy buyout negotiation.

No substantial money to raise is necessary............ in a sense, the money for our mergers 'has been raised' for us over the last ten years. Waiting for us to collect and buyout with offers they cant refuse. It cost us nothing but time, but time actually saved us.