Mr Cooper Group Inc fka COOP

[Dmdmd2020]

The following , IMO, are some of the sources of recoveries. The actual numbers are debatable, but if there are other sources that are not listed, please add them and all can make their own assessments.

1) Inside the Bankruptcy (WMB):

a) Portfolio Loans = $231 billion (WMB + WMB,FSB) , if you believe that JPMC has not paid for these assets due to Change In Control not being executed yet

b) per JPM 2009 10-k, they acquired $264 billion , and OTS/FDIC stated that WMB = $307 billion

$307 billion - $264 billion = $43 billion



2) outside the bankruptcy, bankruptcy remote WMI assets

a) per FDIC website $35.7 billion (as of June 30, 2008) from beneficial interests certificate participation in MBS Trusts (WMB + WMB,FSB)

b) From 1992 to June 30, 2008, all beneficial interests certificate participation from beneficial interests in MBS Trusts yielded a 26.24% participation. From 2000 to 2008, WMI subsidiaries securitized $692 billion.


$692 billion x 26.24% = $181.58 billion

If we assume 95% of MBS Trusts have been liquidated into cash:

$181.58 billion x 95% = $172.5 billion

c) mineral rights per Denke = $47 billion

d) real estate = unknown value

e) Credit Default Swap contracts paid out = $28.3 billion


All the above does not include annual compounded interest for over 10 years!


So my high estimate of $407 billion is actually conservative.