Replies to post #461537 on Mr Cooper Group Inc (COOP)

[tanjazielman]

Hey JWW. Great DD! I was searching for this inception document for a while now, to confirm my findings.


And the point your making about the $40.2 billion is another confirmation of the existence of possible non cash assets that can generate future cash in the future.

An "adjustment" of minus $40.2 billion, after a writedown of 30 billion by JPM.

That's 70 billion in mortgages expected to vanish in thin air out of 233 billion reported by WaMu at the end of Q2 in 2008.

Looking at the footnote it tells me that unrecorded assets are the ones off balance. And this 40.2 billion represents WMI keeping it's security interest in these assets.

It's negative because in some way or another JPM needs to turnover the future proceeds of these security interests to WMI. It says so black and white in the GSA as I pointed out before. Therefore JPM considered it as Estimated Loss on Claims. Contrary to populair belief, WMI has in fact a claim on FDIC-R and therefore JPM in the form of the WMI-action according to the GSA.

And with the Turnover Action out of the way, we will soon find out what is ours.

[Desperado90]

Whoa, right there hidden in plain sight. You are up to something serious here.

Excellent DD.

GLTY.

[dennyduper]

I believe this is what AZ has been saying that there is a public case and a private case. Two BK's going on at the same time. Things that make you go hmmmm.

[CBA09]

40.2 Billion Asset Related Equity Adjustment.

Hmmm...so the 191.5 B was overstated by 40.2B.

Per Asset Related Equity Adjustment Note 8 - 40.2B is a direct reduction from 191.5B. Thus 191.5B is overstated by the 40.2B

My empirical experience gives me the impression this negative 40.2B relates to securitization from a true sale. A true sale in which the 191.5B had the unrecorded 40.2 Real Estate Mortgage Receivable not yet deducted.

Note 8 refers to non cash transactions and clearly "Receivables" are non cash transactions.

To comply with GAAP is the reason the 40.2B was removed. Per GAAP we see the 40.B true-up entry.

In summary - within the 191.5 Billion there was an unrecorded 40.2 amount that met both legal and accounting requirements to be removed from the consolidation.