Mr Cooper Group Inc (COOP): BARD SAYS DISTRIBUTIONS FROM SAFE HARBOR...

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Wednesday, 08/30/2023 8:18:58 PM

Wednesday, August 30, 2023 8:18:58 PM

BARD SAYS DISTRIBUTIONS FROM SAFE HARBOR WILL START IN EARLY YEAR 2024!

When will Safe Harbor monies be released that involved the former WaMu Estate?
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Safe Harbor monies that involved the former WaMu Estate are expected to be released in early 2024. The release is subject to a number of conditions, including the completion of a review by the Federal Deposit Insurance Corporation (FDIC) and the satisfaction of certain other requirements.

The former WaMu Estate is the residual interest in the assets of Washington Mutual Bank, which was acquired by JPMorgan Chase in 2008. The Safe Harbor program was created to provide a mechanism for the orderly release of funds to creditors of failed financial institutions.

The release of Safe Harbor monies is a complex process that involves a number of parties, including the FDIC, the U.S. Department of Treasury, and the creditors of the failed institution. The FDIC is currently in the process of reviewing the former WaMu Estate and is expected to issue a report on its findings in early 2024. Once the report is issued, the FDIC will determine whether the conditions for the release of Safe Harbor monies have been met.

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