Mr Cooper Group Inc (COOP)

[Large Green]

From Dmdmd1 Sharing Information and Due Diligence-Read All The Way To Bottom-This helps explain Safe Harbor, BK Remote processes

Many shareholders that owned DIMEs, their WMI Escrow CUSIPs for those securities disappeared long before they received any checks/recovery payments.

IMO...I think this is a good time to remind folks about what CBA09 (self-proclaimed Certified Bank Auditor) had kindly shared with all shareholders:

https://www.boardpost.net/forum/index.php?topic=13274.msg234570#msg234570

CBA09 (Certified Bank Auditor) iHub posts:

Post #489606

“Friday, 09/29/17 09:09:43 AM

Re: Large Green post# 489600 0
Post # of 546270
Ref: $ 615 Billion- The U.S. Senate Sub-Committee (Levin – Coburn Report) reveals in its findings of fact that WaMu sold and securitized at least $615B of residential mortgage loans through its subsidiaries “WaMu Asset Acceptance Corporation” and “Washington Mutual Mortgage Securities Corporation” who acted as “Depositors” in the securitization transactions.

Commentary:
Sold means $ 615 Billion removed from WMB balance sheet. Legal title transferred.

Ref: The U.S. Senate Sub-Committee (Levin – Coburn Report) reveals in its findings of fact that WaMu sold and securitized at least $615B of residential mortgage loans through its subsidiaries “WaMu Asset Acceptance Corporation” and “Washington Mutual Mortgage Securities Corporation” who acted as “Depositors” in the securitization transactions.

Commentary:
Trust Sales accounting solidified! Reason - Two-Tier SPE Entities. First-tier (i.e., Depositors - “WaMu Asset Acceptance Corporation” and “Washington Mutual Mortgage Securities Corporation), Second Tier issuing Trusts.


Conclusion:
$ 615 Billion were removed from the Balance Sheet of WMB in true sales. Neither WMB / JPM nor the FDIC receivership has any claim to these securitized Trust assets.

Further, revenue that has & continues to be generated remains captive within each respective Trusts.

Now the caveat - The holding company generally receives the cash flow from Trusts either directly from the Trusts or indirectly thru its Depositors. From here the holding company will pass "on an as-needed basis" cash to its banking entities. To safeguard and protect the assets received by the holding company it will not have expressed contractual rights to pass on what it receives. “

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Post #490806

“Friday, 10/06/17 11:26:19 AM

Re: deanna-hopkins post# 490793 0
Post # of 546270
Ref: SO will they just magically make the Escrows worth something then?

Comment:

Shrewd professional investors here. Those initial & ensuing Hedge Funds did not invest and release on guesswork. Rather a keen understanding of what assets and rights to assets will prevail beyond the reaching powers of bankruptcy.

It seems many here are down to a glimmer of hope, from once having high hopes. I have been primarily silent. Why!?! No need to focus on the daily PPS. It is of no concern to me.

Do you believe these Hedge Funds & Institutional Investors are concerned with the daily PPS? Of course not, they are inured to its daily movement and the postings on this Board.

Those who have their ticket punched, namely releases, take note that you are joined in the company of those in the know. Knowing the "Final Outcome."

(In my (LG) words, you are now enjoined with a group that is considered part of the Rarified Relm!

Key here, I strongly contend, is outside the waterfall. So those assets are shielded from the Trustee's reach as follows:

1) SPE / Trusts assets ( The parent is WMI )

2) Abandonment of Stock. ( As any future value goes to WMI and not included as an asset of the estate).”

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Post #490881

“Friday, 10/06/17 03:55:45 PM
Re: BBANBOB post# 490863 0
Post # of 546270
Ref: Our interests are in what was OUTSIDE OF THE WMI BK CASE, not what was in it, now we'll be glad to take that as well, but the MONEY AINT IN WMI BK CASE, it's outside of it in our/my opinion.

Comment:

Yes exactly -- Outside, specifically bankruptcy-remote assets. Those within SPE's classified as "True Sale" securitized assets.

Simply put, "Off-Balance Sheet Assets" reflects assets that WMB gave up the legal ownership rights and complete control to SPE's which in turn is owned by WMI.


WMI being the parent, it is highly unlikely the court will dispute the final ownership of retained assets to WMI. Just look at the Facts:

1) Off-Balance sheet assets are removed from WMB. (Legal ownership given up)

2) Off-Balance sheet assets initially transferred/sold to SPE # 1

3) Off-Balance sheet assets subsequently transferred to SPE # 2 / Trust.

4) Neither SPE # 1 & # 2 are subsidiaries of WMB but rather WMI.

5) Generally SPE # 1 is the credit enhancer within SPE # 2. Thus SPE # 1 would have ownership in the form of subordinate tranches, namely called equity ownership.

6) Both the SPE's # 1 & # 2 along with assets and income generated within are isolated from WMB.”

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Post #491048

“ Sunday, 10/08/17 12:49:50 PM
Re: hotmeat post# 491037 0
Post # of 546271
Ref Would this really also apply to WMI even though they never securitized or sold any MBSs?

I believe WMI would have transferred assets to WMIIC as it seemed to be their Investment Management Vehicle.

In such a case, how would WMIIC's assets be treated post-bankruptcy with regard to the WMILT and WMIHC?

It was specified (in an LT MOR, not sure) that WMIHC owns the Equity and the WMILT owns the assets of WMIIC.

In addition there is the "No reversion (of LT Assets) to the Debtors" clause in the LT Agreement.

I honestly believe we're sill missing a lot of important pieces here.

Comment:

WMI is the parent and thereby has ownership rights to all the assets of its children, namely subsidiaries. Holding companies are the "Gem" within their conglomerates. Their survival is dependent upon the revenue of its subsidiaries. The courts know this and will support this ownership position.

On another issue, do you think that by WMI having abandoned its stock in WMB as worthless will remain worthless? I don't. This was an astute move. By doing so, having this on record within the bankruptcy, any value that returns will not be an asset of the bankruptcy estate and wholly retained to WMI.”

________

IMO...my conclusions on February 17, 2022 @ 0858 EST:

1) It was a necessary evil to have the WMILT delete the WMI Escrow CUSIPs. That severed any liabilities or any recourse against WMILT with respect to any future WMI recoveries. That means that all the WMI recoveries will go to WMI legacy equity shareholders that signed releases, not to the WMILT.

2) Peter Freilinger, in his article that he wrote in 2018, explicitly stated that as an officer of WMI, he and other officers implemented a "Day Zero" procedure, which probably included transferring securitized loans into bankruptcy-remote, non-bank assets such as MBS Trusts.

3) CBA09 has graciously shared the process of "true sales" in regards to securitizing loans into MBS Trusts.

4) WMI is the parent of all its subsidiaries and is the final beneficiary of all non-bank assets (i.e. beneficial interests in MBS Trusts that were created by WMI subsidiaries)

5) IMO...the most important fact is that WMI abandoned the WMB stock, meaning that all future WMI recoveries (like beneficial interests in MBS Trusts that were created by WMI subsidiaries) will go to WMI legacy shareholders that signed releases...despite the fact that there is no longer any WMI Escrow CUSIPs in existence.






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