Replies to post #416312 on Mr Cooper Group Inc fka COOP

[tanjazielman]

Thanks travelmile1 for your support!

In this case I sincerely believe justice will prevail. And I have a breakdown of why it will prevail ;)

- Sheila Bair changed the law to prevent this fiasco in the future. To me that is an admission of guilt, and FDIC will do something to make this right.
- Billions in off balance mortgage loans reported by JPM in 2014
- 100+ Billions in portfolio mortgage loans not reported by JPM and FDIC, but also not transferred to JPM, according to their own records. (So they must be kept off balance by FDIC-R/WMI LT)
- FDIC works with a mandate to maximize value for creditors, AND marshalling assets
- JPM and FDIC-R have a Purchase and Assumption Agreement, which A. has not closed yet, B. is cancelled or C. is closed. Which means A. indemnification still has to come, B. assets return to WMI LT or C. indemnification payments are at FDIC-R ready to be distributed.

It isn't a dream anymore IMO, it's becoming reality.

[boarddork]

Further proof below, that the MBS loans stayed in WAMU's possession and were NEVER delivered to the Trusts when securitized.......the loans stayed with WAMU.....this ones $4Billion. All legal, fully disclosed to the investors - essentially only a mortgage 'trust' in name, not function.

Its not that hard to find this stuff, despite a lot of 'opinion' to the contrary. Again this is $4 Billion in notes retained by WaMu despite being 'sold'

"Custodial Agreement

Pursuant to a custodial agreement, dated as of August 22, 2005, among Washington Mutual Bank fsb (the ""Custodian''), a wholly-owned subsidiary of the Servicer, Washington Mutual Bank, Freddie Mac and the Trustee, on behalf of the Trust, (the ""Custodial Agreement''), the Custodian will retain possession of and review the Mortgage notes and files for the Trust." BOOM!


FACT: We know JPM only got servicing rights.

In this group of mortgages, totaling $4B, clearly they are held by WMBfsb, and belong to the estate after WMB bills are paid to FDIC admn and bondholders.



http://www.freddiemac.com/mbs/data/05s001oc.pdf The Seller is WMB/ WMBfsb and the Custodian holding the note, undelivered (empty trust), is WMBfsb. This $4B never made it to the investors. It stayed with the bank, JPM only got servicing rights.



"Possession by a Subsequent Purchaser of the Mortgage Notes and Mortgages Could Defeat the Interests of the Trust in the Mortgage Notes and Mortgages.

The Trustee will not have physical possession of the mortgage notes and mortgages related to the Mortgages in the Trust. In addition, the Trustee will not conduct any independent review or examination of the related mortgage files. Instead, to facilitate servicing and reduce administrative costs, Washington Mutual Bank fsb, one of the Sellers of the Mortgages and a wholly-owned subsidiary of Washington Mutual Bank, the servicer of the Mortgage Loans, will retain possession of and will review the mortgage notes and mortgages as custodian for the Trust and financing statements will be filed on behalf of Freddie Mac evidencing the Trust's interest in the Mortgage Loans. The mortgage notes will be endorsed in blank (and will not be endorsed to the Trust) and no assignment of the Mortgages to the Trust will be prepared. If a subsequent purchaser were able to take physical possession of the mortgage notes and mortgages without knowledge of the transfer of the Mortgages to the Trust, the interests of the Trust in the mortgage notes and mortgages could be defeated. In that event, distributions to Certificateholders may be adversely affected."


There are plenty more examples of this out there. There were $222B mortgages held in portfolio in 2008. This example is $4B of them.

KABOOM! and I love my escrows!