Mr Cooper Group Inc fka COOP

[hotmeat]

QUOTE: “Good to see some proof of a retained percentage. In reading about WMI’s securitizaton process from an old SEC report (as I recall), they said it was their practice to retain a percentage."


Was aware that WAMU retained Snr and Sub interests in the MBS's they created but the issue is were these assets deemed to be wholly owned assets of WMB and if so were they sold off to JPM. I'm not sure however if they qualified as Safe Harbor assets since they were reported on WAMU's books as Available for Sale Securities and Trading Assets. The actual MBS would be protected by the Trust but i'm not sure if the Retained Interests (Notes) were also protected from seizure. The question is whether WMI/WMIIC had a contractual agreement which entitled them to the cash returns of these Retained Interests, and if that agreement is still in force.