Mr Cooper Group Inc (COOP)

[David West]

Definition of 'Pass-Through Certificate'

http://www.investopedia.com/terms/p/passthroughcertificate.asp

Fixed-income securities that represent an undivided interest in a pool of federally insured mortgages put together by the Government National Mortgage Association (Ginnie Mae).

Explanation of ‘Pass-Through Certificate' by Investopedia

Mortgage-backed certificates are the most common type of pass-through, where homeowners' payments pass from the original bank through a government agency or investment bank to investors.

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One of the unanswered questions is who owns the subsidiaries of WMI, which were on the books at the time of the OTS seizure and the FDIC receivership. More specifically, who (now) owns WaMu Capital Corporation, Long Beach Securities Corporation, and WaMu Asset Acceptance Corporation? These three subsidiaries were major players in manipulating the management of the mortgages JPM still services. You can get a good idea of what is going on behind the everyday scene of ‘business as usual’ by Googling ‘WaMu Asset Acceptance Corporation’ and each of the items on Exhibit A of the document at this link: http://www.fdic.gov/about/freedom/plsa/rmbs_jpmorgan_et_al.pdf

The important thing shareholders of WMIH should know is does (the new) WMIH own the three subsidiaries that were involved and are still involved in the manipulation of mortgages with the list below, or did FDIC-R seize them due to their involvement in the mortgage scandal.

JPMORGAN CHASE & CO.
JPMORGAN CHASE BANK, N.A.
J.P. MORGAN MORTGAGE ACQUISITION CORPORATION
J.P. MORGAN SECURITIES LLC (f/k/a J.P. MORGAN SECURITIES INC.)
J.P. MORGAN ACCEPTANCE CORPORATION I
EMC MORTGAGE LLC (f/k/a EMC MORTGAGE CORPORATION)
BEAR STEARNS & CO., INC
STRUCTURED ASSET MORTGAGE INVESTMENTS II INC
BEAR STEARNS ASSET BACKED SECURITIES I LLC
*WAMU ASSET ACCEPTANCE CORPORATION
*WAMU CAPITAL CORPORATION
*WASHINGTON MUTUAL MORTGAGE SECURITIES CORPORATION
*LONG BEACH SECURITIES CORPORATION
CITIGROUP GLOBAL MARKETS, INC
CREDIT SUISSE SECURITIES (USA) LLC
GOLDMAN, SACHS & CO.
RBS SECURITIES, INC.

It is because of the fiasco of mortgage manipulation, or “who’s on first” that the 3.1a disappeared.

I would be interested in a seeing a verifiable list of subsidiaries now owned by (the new) WMIH. I have the copy from during the bankruptcy.

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An example list of WaMu Mortgage Pass-Through Certificates Series 2007-OA5 Marketing Materials is at this link:

http://www.sec.gov/Archives/edgar/data/1317069/000127727707000382/fwptermsheetwamu07_oa5.pdf