Mr Cooper Group Inc (COOP)

[sportyfelix]

My question to ChatGPT:

What is the relationship between Mr. Cooper group and WAMU?

Answer:

Mr. Cooper Group is a financial services company that offers mortgage servicing, originations, and other related services to homeowners in the United States. WAMU, or Washington Mutual, was a bank that was one of the largest savings and loan associations in the United States before it was seized by federal regulators in 2008 during the financial crisis.

The relationship between Mr. Cooper Group and WAMU is that Mr. Cooper Group acquired the mortgage servicing rights to a large portfolio of loans that were previously serviced by WAMU. In 2018, Mr. Cooper Group completed the acquisition of certain assets and operations of WMIH Corp., the successor to Washington Mutual, Inc., including the mortgage servicing rights to a portfolio of loans with an unpaid principal balance of approximately $80 billion.

So, Mr. Cooper Group became the servicer of those loans that were previously serviced by WAMU, and as a result, many homeowners who had loans with WAMU became Mr. Cooper Group's customers.