Mr Cooper Group Inc (COOP)

[Dmdmd2020]

Per The Congressional Subcommittee report as of April 13, 2011:

https://www.hsgac.senate.gov/imo/media/doc/PSI%20REPORT%20-%20Wall%20Street%20&%20the%20Financial%20Crisis-Anatomy%20of%20a%20Financial%20Collapse%20(FINAL%205-10-11).pdf

Page 118 (PDF page 125 of 646)

“At the Subcommittee hearing on April 13, 2010, Mr. Beck explained the role of WCC in WaMu and Long Beach securitizations as follows:

“WaMu Capital Corp. acted as an underwriter of securitization transactions generally involving Washington Mutual Mortgage Securities Corp. or WaMu Asset Acceptance Corp. Generally, one of the two entities would sell loans into a securitization trust in exchange for securities backed by the loans in question, and WaMu Capital Corp. would then underwrite the securities consistent with industry standards. As an underwriter, WaMu Capital Corp. sold mortgage-backed securities to a wide variety of institutional investors.434

WCC sold WaMu and Long Beach loans and RMBS securities to insurance companies, pension funds, hedge funds, other banks, and investment banks.435 It also sold WaMu loans to Fannie Mae and Freddie Mac. WCC personnel marketed WaMu and Long Beach loans both in the United States and abroad.”
...

Footnote 434:

“434 April 13, 2010 Subcommittee Hearing at 53. Washington Mutual Mortgage Securities Corp. (WMMSC) and WaMu Asset Acceptance Corp. (WAAC) served as warehouse entities that held WaMu loans intended for later securitization. Mr. Beck explained in his prepared statement: “WMMSC and WAAC purchased loans from WaMu, and from other mortgage originators, and held the loans until they were sold into the secondary market. WCC was a registered broker-dealer and acted as an underwriter of securitization deals for a period of time beginning in 2004 and ending in the middle of 2007. In addition to buying and selling mortgage loans, WMMSC acted as a ‘master servicer’ of securitizations. The master servicer collects and aggregates the payments made on loans in a securitized pool and forwards those payments to the Trustee who, in turn, distributes those payments to the holders of the securities backed by that loan pool.” Id. at 163.”

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Per the Purchase and Assumption Agreement:

https://bpinvestigativeagency.com/wp-content/uploads/2017/07/FDIC-Chase-PAA.pdf

Page 2 (PDF page 6 of 44)

“Assets” means all assets of the Failed Bank purchased pursuant to Section 3.1. Assets owned by Subsidiaries of the Failed Bank are not “Assets” within the meaning of this definition.”

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IMO...my conclusions as of January 22, 2019:

1) if you go on the FDIC website and tabulate the total for WMB (certificate #32633) and WMB,FSB (certificate #33891) regarding line item “30 Available for Sale (fair market value)” as of June 30, 2008, it shows:

WMB = $24,027,524,000

WMB,FSB = $21,808,910,000

Total = $45,836,434,000

2) per the Purchase and Assumption Agreement (PAA) it states : “Assets owned by Subsidiaries of the Failed Bank are not “Assets” within the meaning of this definition.”

Therefore, the total of $45,836,434,000 were assets of the two WMB subsidiaries (Washington Mutual Mortgage Securities Corp. or WaMu Asset Acceptance Corp.) which means that the PAA did not transfer these assets to JPMC.

3) IMO...I believe that WMI/WMILT/WMI Escrow Marker Holders are rightful owners of the assets under line item “Available for sale (fair market value)” as report on June 30, 2008.