Mr Cooper Group Inc (COOP)

[jerrylev]

The following is exactly the arrangement between WMI and WMB.

WMI was the trustee, same as La Salle Bank.

WMB was the servicer for the loan, same as Key Bank.

WMI loans were securitized (most of them and we don't know how much).

JPM got only WMB, the servicing part of the loans. The most prized part that JPM got is the banking part along with all the deposits (some or all backed the mortgage loans).

Back in 2008, the bank was the good part of WAMU while the mortgage was the bad part. Now it is probably the opposite. JPM only got the brick and mortar branches that they have to close down most of them.


"In Krol v. Key Bank, N.A., the chapter 7 trustee filed preference and fraudulent transfer claims against Key Bank and LaSalle Bank. At issue were payments made by the debtor on a loan (the “Loan”) extended by a trust (the “Trust”) to an entity related to the debtor. Prior to the bankruptcy, the note evidencing the Loan had been transferred to the Trust as part of a securitization process. Key Bank was the master servicer for the Loan, and held the payments temporarily before transferring them to the Trust. LaSalle Bank was the trustee under the Trust"