Mr Cooper Group Inc (COOP)

[AZCowboy]

~ Distro, Let Me Claify ~

Direct from the text,

”Included in the liabilities acquired by JPMorgan Chase are Washington Mutual Bank’s covered bonds, other secured debt and securities issued by the Washington Mutual Master Trust and Washington Mutual Master Note Trust”.

Start with knowing that upon the seizure, JPMC was designated by the FDIC, as the designated receiving bank, ... with the responsibility to ‘“Service” all loans, (whether packaged or not), all credit cards, and all bank accounts, and banking services, ... etc. ...

Now from the text, ... anything aligned with WMB’, went to JPMC’ ... to service and ultimately “possibly” own’ ... but nothing would be free ...

Washington Mutual Bank’ Covered Bonds, ... These are the WMB Noteholder Program, WMB Bonds Issued out of the UK at a base of 22 billion in euro’s, Tranche 5 WMB Class 17’s, “Settled with Globic” ...

other secured debt and securities issued by the Washington Mutual Master Trust, ... this is the “Washington Mutual Capital Trust 2001” ... who’s CMBS Loans already Issued needed to be serviced ... along with many other things, ...

Washington Mutual Master Note Trust. ... these are the WaMu Issued credit cards ... that also needed to be serviced ...

WAAC had already merged into WMMSC, and WMMSC was WMI’s Master Servicer For all of the already packaged loans’ ... WMMSC was WMI’s subsidiary, ... but like everything else, the loans still needed to be “serviced” ...

WMB was also loaded with loans issued but had not been packaged into an ABS-Cert ... when the seizure occurred ... so JPMC was in a position to take those loans over, ... the good, the bad, and the ugly ...

... Producing ABS-Cert Performing Trust Distributions occur every 25th day of every month, ... and pay returns to the original participating Accredited Investor ...

AZ