Mr Cooper Group Inc (COOP)

[Sculelos]

A question about Bonds. I've been looking around to see my understanding of bank bonds to see what holds water and it looks like the bonds are responsibilities of the banks which are owned by JPM now.

Why did the banks debt not transfer with it when it went to receivership?

Trying to put the whole WMI story in my head and bonds are still a grey area. It is my understanding that WMI will not be liable for any of the bonds since they where issued by the bank and if the bank will not redeem them the bond's are essentially worthless.

Only thing WMI is liable for currently is it's secured debt which comes to 8.3 Billion with H's included and it's preferred shares which total 3.5 Billion, which includes the K and P shares.

So WMI's got 11.8 Billion in total debt before the WAMUQ's see money however we know they got at least 6.94 Billion in assets and potentially 25 Billion or more worth that's sitting on JPM's assets. Also we may indeed see the FDIC lawsuit for the 13 Billion, the tax refunds for 3.1 Billion and the WMI deposits that JPM currently holds returned.

If so WMI should see approx 20 Billion in cash and perhaps a total of 25 Billion in assets recovered if those numbers prove true WMI should have.

32 Billion in Assets
8 Billion in Cash (After paying the 12 Billion in debt)

So 40 Billion / 1.7 = 23.50$ in theory.

If someone has any information helpful to my post please do post. I got a lot of info figured out but I always am looking for more. Thank You!