Mr Cooper Group Inc fka COOP

[Rootjim]

Would like to try to answer that until a better one comes along. Many countries such as China and Japan bought these MBS (Mortgage Back Securities). Also private investors, investment funds and so on. By owning these MBS they collected on the interest or received the property if there is a default.
..The bank services these MBS for a fee. In this case it is now(JPM) Chase Bank. The MBS that WAMA did own is now owned by(JPM) Chase Bank, which was a smaller part of the' total MBS. WAMU was suffering losses from credit card debt and a run on the bank when it was seized, regardless fair or not. So now the long drawn out bankruptcy. IMO