Mr Cooper Group Inc (COOP)

[chaarles]

FDIC P&A Agreements

Some categories of assets never pass to the acquirer in a P&A; they remain with the receiver. These
include claims against former directors and officers, claims under bankers blanket bonds and director
and officer insurance policies, prepaid assessments, and tax receivables. Subsidiaries and owned real
estate (except institution premises) pass infrequently to the acquirer in P&A transactions.

WMI subsidiaries and all WMI real state did pass to JPM..... they say infrequently.....I got you.

An acquirer was not even selected before the
institution was closed. There were two reasons for this. First, the FDIC wanted to maintain secrecy
about impending failures to avoid costly deposit runs; it was concerned that allowing due diligence
teams access to a failing bank’s premises would arouse fears about an imminent closing.

Maintain secrecy.................In talks with JPM months before seizure....I think I get it now.


http://www.fdic.gov/bank/historical/reshandbook/ch3pas.pdf