Mr Cooper Group Inc (COOP)

[Planet Paprika]

FDIC Answer >WMB Receivership, >Libor, .....


...Hoping not to come in trouble, but it`s an official information, important for
thousands releasers, so I`ll post this answer complete & original for all.
If after reading some questions left, I´ll try to use my contact again
( & still waiting for an answer from Deutsche Bank ). But I think,
we know now definetively, WHO`s responsible for actual Hide&Delay...
not FDIC....



"As you may already know, on September 25, 2008, Washington Mutual Bank was
closed by the Office of Thrift Supervision, and the Federal Deposit Insurance Corporation was appointed as Receiver of the failed bank.
Since that time, any assets which were not transferred to JPMorgan Chase Bank, N.A.
in the Purchase and Assumption Agreement with the Receiver have since been liquidated, and there is only a small amount of cash and investments available for the receivership to pay the large amount of liabilities still outstanding.
To that end, the receivership must still hold enough funds on reserve to pay its remaining administrative expenses, as well as its contingent and expected
costs related to ongoing litigation and other impediments.

For the latest details on the receivership, please visit our website at https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/wamu.html.

This website is updated every year on a quarterly basis
(usually in late April, late July, late October, and late January)
with new quarterly balance sheet data on the receivership.


In addition, if you happen to own subordinated bonds that were issued by
Washington Mutual Bank, you should know that it’s very unlikely that there will be
ANY recovery at all on your investment. That’s because there is a priority of payment
on claims established by statute (law), and there aren’t enough funds available in the receivership for payment to fully satisfy the higher-priority claims of all the unsecured general creditors and senior bondholders. In other words,
those claims must be satisfied IN FULL before any payments can be made toward any
of the lower-priority claimants, such as subordinated bondholders or stockholders.


Lastly, you should know that the FDIC as Receiver for Washington Mutual Bank
is NOT responsible for handling any of the affairs of the failed bank’s holding company, Washington Mutual, Inc. Consequently, if you are a stockholder with shares of stock in Washington Mutual, Inc., you will need to contact the source which is handling the bankruptcy of the holding company. The link to that source for further assistance is

www.kccllc.net/wamu.


We regret that the receivership of Washington Mutual Bank has lasted as long as it has. Most receiverships of failed financial institutions will typically last (on average)
for a total of only 3 to 10 years in duration before they are completely terminated. However,


Washington Mutual Bank was the largest financial institution to fail in U.S. history,
and it’s still a very active receivership even to this day.
In fact, the receivership is still receiving claims and currently has several impediments (mostly defensive litigation) that must be resolved before any efforts can be made to terminate it.

Any termination of the receivership, by the way,
probably won’t happen for at least another 5 to 10 years if we’re fortunate.

In any case, I hope you find this information and the links provided above useful.
And, if you still have any questions or concerns,
you may contact me via e-mail with any lingering questions.


P.S. As far as your inquiry regarding Washington Mutual being the beneficiary in any “LIBOR litigation” is concerned … I don’t have an answer for that. If the receivership is a beneficiary of that litigation (as you say), then any cash award that might come from that would probably be forwarded to the Receiver in order to increase its assets available for payment toward the receivership’s outstanding liabilities."