Mr Cooper Group Inc (COOP)

[ItsMyOption]

Letter to FDIC Chairwoman Mc Williams

Dear Chairwoman Mc Williams,

Re: Washington Mutual – WMI & WMB receivership!


It has been 10 years, and FDIC/ R still has not completed the Washington Mutual Receivership or completed FDIC requirements per GSA & Settlement agreement between WMI & JPMC. True we have a settlement agreement between FDIC, Deutsche Bank & JPM, but that Globic Settlement has gone unfulfilled mostly by FDIC & JPMC.

Ms. McWilliams, first I understand there may not be any sufficient assets remaining from the WMB Receivership – However, as stated in FOOT NOTE ONE: It is JPMCB’s position that certain of the repurchase obligations of Washington Mutual Bank remain with the FDIC receivership. If JPMC does one day finally pay for these repurchase obligations or other assets it must be a fair price to the estate.

It should also be clear that when FDIC seized WMB assets they also seized the WMI Holding Comp. assets, and FDIC does have the Fiduciary responsibilities to the shareholders of the parent company of Washington Mutual, and any assets seized during the WMB receivership the FDIC must conserve, and not conceal assets of WMI, or WMIIC, and return them in timely matter!


The FDIC should have Fiduciary duties to tax payers to operate efficiently to save tax dollars. Ten years in receivership is not efficient. The FDIC does have the Fiduciary duties and responsibility to maximize any asset seized during Receivership.

I would request your review on this very lengthy receivership to determine if any party is at fault in delaying this process and attaching damages to any party involved including the FDIC. It appears the FDIC is holding assets from Washington Mutual the parent Holding company in possible safe Harbor protection, and those assets should get released ASAP!

I have followed the case from start, read most court documents. In my estimates there should be over 80 billion held off books, in legal isolation, or sitting at the FDIC in safe harbor.

Please review:

Facts:

• It is very clear that someone most likely FDIC is sitting on billions of ABS & MBS trusts held Off-book, safe Harbor or legal isolation, when will these get released? I understand the GSA was between WMI and the FDIC plus other & The FDIC (R&C as Entities) have not been Released from Liability until they fulfill and complete the agreement. This receivership must end!

• Deutsche Bank Trustee stated in court documents that they had over 300 billion in managed WMI assets in Trust. Those Trusts have been court ordered to liquidate. Where are those assets? Who owns them?

• FDIC has stated in reports: FDIC states $299 BILLION in WaMu Assets https://www.fdic.gov/about/strategic/corporate/cfo_report_3rdqtr_15/0915_cfo_report.pdf

As noted from FDIC web site: 'Excludes WAMU with total assets of $299 billion and zero estimated losses to the DIF

• JPM stated for year ending 2014 10K reported R-203...... (Off Balance Sheet 165 Billion) report, and list it as considered assets of the former WaMu Estate.

FOOT NOTE ONE: It is JPMCB’s position that certain of the repurchase obligations of Washington Mutual Bank remain with the FDIC receivership.

• There are also the many billions in Retained assets that has been held by parties involved- mostly interest payments. It is FDIC responsibilities to conserve and protect all assets and return them in a timely matter.

There is a lot more, but it is clear someone is holding many billions that should come back into the waterfall and equity is now next for that distribution. FDIC must put pressure and fine any parties that have been delaying and not completing their part of the “Agreement or Settlement – GSA” including FDIC,

The Equity group does not have any legal representation but understand that FDIC has NOT been released from any liabilities until this receivership has closed and all parties have fulfilled their part of all Agreements and Settlements.

It has also been clear to many of us shareholders that many large Hedge Funds that have worked the GSA and have been on inside negotiations have also had years of inside trading knowledge and has used it for years of stock price manipulation. The FDIC should be very concerned about this!

Thanks for your time,