Replies to post #447390 on Mr Cooper Group Inc (COOP)

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12 U.S. Code § 1821 (d)11

(d) Powers and duties of Corporation as conservator or receiver
(11) Depositor preference
(A) In generalSubject to section 1815(e)(2)(C) of this title, amounts realized from the liquidation or other resolution of any insured depository institution by any receiver appointed for such institution shall be distributed to pay claims (other than secured claims to the extent of any such security) in the following order of priority:
(i)
Administrative expenses of the receiver.
(ii)
Any deposit liability of the institution.
(iii)
Any other general or senior liability of the institution (which is not a liability described in clause (iv) or (v)).
(iv)
Any obligation subordinated to depositors or general creditors (which is not an obligation described in clause (v)).
(v)
Any obligation to shareholders or members arising as a result of their status as shareholders or members (including any depository institution holding company or any shareholder or creditor of such company).
(B) Effect on State law
(i) In general
The provisions of subparagraph (A) shall not supersede the law of any State except to the extent such law is inconsistent with the provisions of such subparagraph, and then only to the extent of the inconsistency.
(ii) Procedure for determination of inconsistency
Upon the Corporation’s own motion or upon the request of any person with a claim described in subparagraph (A) or any State which is submitted to the Corporation in accordance with procedures which the Corporation shall prescribe, the Corporation shall determine whether any provision of the law of any State is inconsistent with any provision of subparagraph (A) and the extent of any such inconsistency.
(iii) Judicial review
The final determination of the Corporation under clause (ii) shall be subject to judicial review under chapter 7 of title 5.
(C) Accounting report
Any distribution by the Corporation in connection with any claim described in subparagraph (A)(v) shall be accompanied by the accounting report required under paragraph (15)(B).

1815(e)2©
(2) Amount of compensation; procedures
(C) PriorityThe liability of any insured depository institution under this subsection shall have priority with respect to other obligations and liabilities as follows:
(i) SuperiorityThe liability shall be superior to the following obligations and liabilities of the depository institution:
(I)
Any obligation to shareholders arising as a result of their status as shareholders (including any depository institution holding company or any shareholder or creditor of such company).
(II)
Any obligation or liability owed to any affiliate of the depository institution (including any other insured depository institution), other than any secured obligation which was secured as of May 1, 1989.
(ii) SubordinationThe liability shall be subordinate in right and payment to the following obligations and liabilities of the depository institution:
(I)
Any deposit liability (which is not a liability described in clause (i)(II)).
(II)
Any secured obligation, other than any obligation owed to any affiliate of the depository institution (including any other insured depository institution) which was secured after May 1, 1989.
(III)
Any other general or senior liability (which is not a liability described in clause (i)).
(IV)
Any obligation subordinated to depositors or other general creditors (which is not an obligation described in clause (i)).