Mr Cooper Group Inc (COOP)

[Dmdmd2020]

IMO...if one believes that the WMI equity interests [WMI Escrow Marker Holders’ beneficial interests (certificate participation from MBS Trusts created by WMI subsidiaries) are not under the jurisdiction of the FDIC (which I believe is the case)]

And those same WMI equity interests are also bankruptcy remote (which I believe is the case)

Then the main questions are:

1) What is the value of the WMI Equity interests (WMI Escrow Marker Holders beneficial interests in MBS Trusts)?

My answer:

a) if you believe in 75/25 to the end :

Class 19 preferreds = $172.50176 billion x 75% = $129.37632 billion in cash

Class 22 commons = $172.50176 billion x 25% = $43.12544 billion in cash

Old WAMPQ = $18,247.09

Old WAMKQ = $456.17

Old WAMUQ = $36.10

b) if you don’t believe in 75/25 to the end: the MBS Trusts follows the individual PSA of each MBS Trusts

Whichever you believe, IMO...there is substantial recoveries for all WMI Escrow Marker Holders.

2). When are the recoveries going to start?

I am now currently of the opinion that the FDIC receivership has no bearing in the MBS Trusts and so the only obstacle that remains is the final resolution of the BK case (IMO...there is a stay on MBS Trusts recoveries).

So if there are no objections regarding employees’ claims by September 24, 2018 (objection deadline), the recoveries due to MBS Trusts will start. If there are objections then there will be a hearing on October 16, 2018.

Either way we will hear BK news regarding the closure of the BK cases by October 16, 2018 (at the very latest).

Thank you all for the great DD from all posters!

I will be lurking from now on, and the above are my final conclusions (right or wrong)

GLTA!