Replies to post #471002 on Mr Cooper Group Inc (COOP)

[W3Research]

BD, And, if I may continue this Line Of Thought ...

We Preferred and Common Escrow Share Marker Holders with both being Uncapped and Divided with a 75%/25% Split will receive the Payment of these Book Value Cash/Assets. Correct? ...

boarddork Thursday, 01/26/17 06:27:01 PM
Re: drrugby post# 470942
Post # of 471002

Per the P&A, WMI consolidated never lost the mortgage assets pledged to the MBS pools ($240B "held in portfolio 2007 WMI 10-k, pledged to various MBS, managed by Trustee DB, USBANK, BofA, LaSALLE, etc sponsored by WAAC, WMMSC, Thackeray which JPM per DOJ $13B settlement agreement, did not become successor in interest to).

The pledged $240B pool of "WMI held in portfolio", as with every FDIC receivership, the FDIC sequesters and protects in "safe harbor and legal isolation" these bankruptcy remote assets - carefully created as "true sales" from holding co to itself - from creditors in bankruptcy. The corporate veil of each WaMu MBS/ABS/RMBS trust (hundreds) can not be pierced.

Per the P&A, if JPM wants these WMI "held in portfolio" assets, they have to pay "BOOK VALUE" for them.


So, Legacy WMI who released gets the value of these assets, through 1) JPM purchase at BOOK VALUE or 2) they return to legacy WMI estate who released.

Under ZERO circumstances did JPM get anything mortgage related from WMB/WMBfsb unless they pay book. Anything WMI, can never be sold, and belongs to the estate. Any residual value from WMB/WMBfsb returns back to legacy WMI.

WE have always been golden.

[intuitive3]

boarddork, enlightening and clarifying posts. Thanks!:)

[soundincrest]

BD,When do you think think Debacle ends or starts performing and releasing some of the funds held ? Do you think we will have to wait until after 3/2018?

[johnheps]

Boarddork, when is the deadline by which these assets are to be distributed to escrows?

[drrugby]

BD, We agree.

But, What is WMB/FSB MBS book value of assets off books?

Is it 120-173b$, Is the Cash Value that on JPM's off book assets or is it the Sept 2008 Pre BK off Book Value?

https://www.jpmorganchase.com/corporate/investor-relations/document/2015-annualreport.pdf

See PDF Pg 300 Is it the Off book Assets 171b$ Value per note(h)
See PDF Pg 310 Discussion about WMI/WMB Litigation.

But, JPMC did get 645m$ for settling the FDIC lawsuits.

https://www.fdic.gov/bank/individual/failed/wamu_dbntc_jpmc_fdic_settlement.pdf

Still to be approved by the Court.

GLTA..

GO WMIH Go..

DrR..