Mr Cooper Group Inc (COOP)

[hotmeat]

WAMU response to FASB, or maybe WAMU was lying??? Again ACTUAL DD...............


The paragraph above seems to indicate the form of evidential matter necessary to demonstrate legal isolation is dependent on the type of entity under analysis. For example, Washington Mutual Bank ("WMB"), a subsidiary of the Company, is a federal savings association that is regulated by the Office of Thrift Supervision, the deposits of which are insured within applicable limits by the Federal Deposit Insurance Corporation ("FDIC"). In the event of its insolvency, the FDIC would be appointed as receiver or conservator under, and its receivership would be administered by the FDIC pursuant to, applicable provisions of the Federal Deposit Insurance Act ("FDIA") and the FDIC's rules and interpretations thereof. In such a situation, the most appropriate form of evidence used to demonstrate legal isolation with respect to qualifying securitization transactions within the meaning of the applicable FDIC rule would be an FDIC receivership opinion covering the transferred assets, since a federal savings association is not subject to U.S. bankruptcy laws in the event of insolvency.


and again from same document...not opinion!


QUOTE: "Based on our interpretation of paragraph 27 A, the amended language seems to indicate that a transferor would need to evidence that the transfer qualifies for a legal true sale and
also ensure that the assets would be isolated from the transferor, in the event of bankruptcy, receivership, or other insolvency. We believe evidence in the form of a legal true sale opinion, for securitization transactions, would not be necessary for a federal savings association, such as WMB, which is not subject to U.S. bankruptcy laws. We believe this position is consistent with the intent of paragraph 9(a) and those practices currently being applied by many other mortgage banking companies."


So how does your joint administration bs apply to WMB again???