Mr Cooper Group Inc (COOP)

[Dmdmd2020]

Quote from: Dmdmd1 on February 25, 2019, 09:20:22 AM
Per the website :

https://tss.sfs.db.com/investpublic/

This particular MBS Trust is titled “Long Beach Mortgage Loan Trust 2000-1 ...February 21, 2019 Distribution”

PDF page 3 of 27:

“Total Orginal Face Value = 1,000,000,594.71

Total Realized Loss = 24,570,505.25

Total Distributions = 1,185,679,527.54

Total Current Principal Balance = 12,027,405.15”

IMO...my calculations :

Total realized loss percentage rate = $24,570,505.25 / $1,000,000,594.71 = 0.02457 = 2.457% realized loss

Total distributions percentage profit rate or Return On Investment (ROI) = $1,185,679,527.54 - $1,000,000,594.71 = $185,678,932.83

$185,678,93.83 / $1,000,000,594.71 = 0.18567 = 18.567% profit (ROI)

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Per Duff & Phelps document regarding DB Globic :

https://www.globic.com/wamurmbssettlement/pdfs/2.%202017%2004%2026%20FILED%20WAMU%20TIP%2002-Amended%20Declaration%20iSo%20David%20L.%20Zifkin%20Submitting%20Further%20Evidence%20in%20Support%20of%20Petition.pdf

PDF page 102 of 108:

“Exhibit A... Duff & Phelps, LLC as of March 31, 2017”

If you add up the two entries under LBMLT 2000-1 group 1 + LBMLT 2000-1 group 2

Orginal Group Collatetal Balance = $72,998,895 + $927,001,700 = $1,000,000,595

Group Losses to Date = $6,732,021 + $69,500,512 = $76,232,533

Total Group Losses percentage rate = $76,232,533 / $1,000,000,595 = 0.07623 = 7.623% group losses


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IMO...my conclusions as of February 25, 2019:

1) Per the DB document as of February 21, 2019, has a much less realized loss of $24,570,505.25 (2.457%) instead of the Duff & Phelps document (as of March 31, 2017) which stated losses of $76,232,533 (7.623%)

And total profit (ROI) = 18.567%

2) I compared LBMLT 2001-2 on the two separate documents and it yielded the same results. Which means that the Duff & Phelps document overestimated losses compared to the actual realized losses.

3) I haven’t compared all the other Long Beach MBS Trusts, but I assume they will yield the same conclusions.

4) Therefore, per the Duff & Phelps as of March 31, 2017, it stated that total “Group Losses to Date” = $16,673,212,335 (PDF page 204 of 108), which is approximately a 16% loss rate of all Long Beach Mortgage MBS Trusts. IMO...I contend that the actual realized losses are significantly less!


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Per the DB distribution report as of March 21, 2019:

https://tss.sfs.db.com/investpublic/servlet/web/ReportDownload?value=STMT,PDF,03/21/2019,LB0002,O&OWASP_CSRFTOKEN=KE8S-QVSJ-TMCZ-4GH3-3Z4Q-YU0Y-SU37-BUSY

PDF page 2 of 27:

Current Period Distribution

Compare Tranche “Class C” ...Class Type “SUB/EXE”...

Original Face Value = $20,000,494.71...

Prior Principal Balance = $4,829,877.27...

Realized Loss = $0.00...

Deferred Interest = $42,403.26...

Current Principal Balance = $4,872,280.53


PDF page 3 of 27:

Distribution to Date

Class C is the tranche that has incurred the biggest realized loss = $16,454,605.60 of a total realized loss of $24,570,505.25

Now look at Class C tranche “total distribution = $115,252,416.47”

“Original Face Value = $20,000,494.71”


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IMO...my conclusions as of March 27, 2019:

1) if you compare the distributions data from February 21, 2019 to March 21, 2019:

A) there is no realized loss

B) Class C tranche in fact increased its current principal balance by $42,403.26 by virtue of deferred interest

2) Class C tranche is classified as “SUB/EXE” which means subordinate tranche...IMO

A) Class C tranche has the greatest ROE of any Tranches

Return on Equity (ROE) = ($115,252,416.47 - $20,000,494.71) / $20,000,494.71 = 4.76247 times initial Equity

Thus if WMI retained senior and subordinate tranches such as “Class C” tranche above, it is possible that despite all the realized losses within “Class C” tranche, the overall ROE would be more than a multiple of 4.76 times the original equity invested!