Mr Cooper Group Inc (COOP)

[dimples52]

SAPer below is a post from CSNY responding to a poster.





CSNY Reply #304 on: October 09, 2018, 06:04:30 PM »
The FDIC will unfreeze many seized assets, including MBS certificates owned by non-banking entities.

There's no question that the WMI enterprise owned MBS certificates above the residual tranches. (This was validated by the Senate report, the link to which I've posted ad nauseum.) We've all seen the FDIC's -- not WMI's -- auditors' two balance sheets (one for WMB and WMBfsb, respectively) indicating $36B in MBS (this figure does not include the R tranches as they're not valued until all senior tranches are paid). The FDIC claims those banking entities -- exclusively -- owned those MBS, but that's their story, which in my opinion was to cover their avoidance powers argument should matters ever reach litigation. When the LT's representatives settle with the FDIC they'll be characterized differently. Some may be characterized as WMB/WMB fsb so that they can go to satisfying R debts. It really doesn't matter. What matters is negotiation, resolution, and what is handed over to the LT.

There will be a substantial recovery and, yes, that $40B figure is valid -- and conservative.