Mr Cooper Group Inc fka COOP

[linda1]

I made an error in my post # 121560.



The following is mordicai's first post on the WMI board. The other one I posted was his post on the Wachovia board on the same date however he does mention WAMU in the other post.





Posted by: mordicai Date: Saturday, September 27, 2008 6:03:13 PM


In reply to: seabiscuit who wrote msg# 1972 Post # of 122560


Although this would fall under the category of an emergency seizure to protect the deposits, I would presume there is some kind of post seizure appeal available to WaMu (or now the bankruptcy trustee) to contest the seizure altogether on whatever grounds. I am not saying any such appeal would be made or would be successful --- just that the due process clause dictates some type of hearing if this was just sprung on WaMu without advance warning. Here is a link to the law if anyone is interested in finding a definitive answer.


http://www.fdic.gov/regulations/laws/rules/1000-4000.html#1000sec.38a