Mr Cooper Group Inc (COOP)

[Dmdmd2020]

Revised calculations for WMI recoveries (From bankruptcy remote retained interests/beneficial interests in MBS Trusts created by WMI subsidiaries between 2000-2008):

IMO...Assumptions (only what can be determined from consolidated quarterly and annual financial reports...keep in mind the lion’s share of retained interests were not allowed to be consolidated in the financial reports because they were in bankruptcy remote SPEs):

1) Total WMI retained interests = $101.94 billion

2) Total securitizations from 2000-2008 = $692 billion

$101.94 billion / $692 billion = 14.73% certificate participation in MBS Trusts

I’ve calculated in past posts that certificate participation is at least 26.24%

$692 billion x 26.24% = $181.58 billion

3) recoveries using

3% annual compounded interest x 10.5 years

$101.94 billion x 3% x 10.5 years = $139.062 billion

$181.58 billion x 3% x 10.5 years = $247.68 billion

(It is difficult to actually calculate the unpaid principle of each month/year without having all the data from all the MBS/ABS Trusts so I’m using the original unpaid principle of $101.94 billion as a constant)

If you Believe in 75/25 to the end:

Total MBS Trust recoveries = $139.062 billion

WAMPQ = $14,709

WAMKQ = $367.74

WAMUQ = $29.10

Total MBS Trust recoveries = $247.68 billion

WAMPQ = $26,199

WAMKQ = $654.98

WAMUQ = $51.84