Mr Cooper Group Inc (COOP)

[boarddork]

Anecdotal highlights to the DB Probate Examiners Report

Highlights: (Keep in mind, this is only a settlement evaluation regarding FDIC reserves. Has nothing to do with actual 10 years of accumulated principal, participation income, liquidation, and interest held within each trust.)


- statement of fact. JPM is only servicer through the PAA

- DB oversees 127 'WAMU' trusts. 99 contain residential mortgages - The WMSSC Trusts and corresponding certificate participation, and 28 hold no mortgages - The WMB Trusts - and are just participation income trusts overlapping the collateral of the other 99.

- It mentions the 'sub-servicer protocol' and defines it as simply JPM agrees to 'servicing improvements' where they were lacking. It could still mean JPM cant do the servicing going forward.... Makes me think this was a condition put back on JPM (remember the robs-signing fiascos and 2013 JPM/DOJ $13B settlement agreement). Examiner does not have a value for this SSP (sub service protocol) but mentions "certain Certificateholders urged the Trustee (DB) to require SSP in the proposed settlement." I'd like to know which Certificate Holders that was ? ::)

- The DB $3B in damages was not actually for DB's pockets....get this.....it was for the losses incurred for these 'WAMU' based trusts and to reimburse the 99 trusts and the 28 cert participation trusts...

- "Certificateholders have been notified of the Proposed Settlement and they have not expressed opposition to it."

- The $3B is 100% of the costs these WAMU trusts endured (ie, the certificate investors endured), PLUS an 11.9% future predicted 'loan life loss' deposit. Examiner notes 11.9% is better than average for RMBS future loss settlements with other JPM, Citi, Countrywide, etc.

- familiar footnote. The Examiner hasn't been provided data on WMSSC liabilities or assets regarding ability to pay for litigation if the current Settlement fell apart.
sound familiar? Probably looks silly to ask for $3B in costs, when your sitting on 10 years of accumulating $$

- Oct 12, 2012 Certificate Holders first notified of Proposed Settlement. August 19, 2016 Certificate Holders were notified of The Settlement details and whether they objected. Dec 22, 2016 Certificate Holders notified again AND asked to PROVIDE THE TRUSTEE WITH INFORMATION ABOUT THEIR HOLDINGS. Certificate holders notified they could attend hearing May 9 2017 and petition the court (Jay's famous statement to court - that he was notified?! insider?)

- stock price reaction of certificates as an indication of settlement being good or bad. "It was difficult to measure as only isolated data are available on actual trading in these certificates"
* footnote: 7/19/16 - 9/16/16 during Settlement Announcement announcement, only 11 of 1404 certificates traded. And of the 11, less than 3 had trade data available. These Trusts cant be too bad to hold, lol. One person/entity seems to have a tight grip on most of them. 8)



http://www.globic.com/wamurmbssettlement/pdfs/2.%202017%2004%2026%20FILED%20WAMU%20TIP%2002-Amended%20Declaration%20iSo%20David%20L.%20Zifkin%20Submitting%20Further%20Evidence%20in%20Support%20of%20Petition.pdf