Replies to post #509221 on Mr Cooper Group Inc (COOP)

[boarddork]

What fed income to, or backed up, different flavors of old WMI? answer: different groupings of securitized trusts. Yes the old shares were canceled, as was 'old WMI'. But, but, but..... the hundreds of securitized asset trusts that fed flavors of old WMI, the garden of eden, still remained. Safe harbor, legally isolated, off balance sheet - as if invisible - but quietly collecting ~ $6b annually since 2008.

IMO, That is the reason your P and K tracking markers reside in your brokerage, in separate categories from your U/commons. Preferreds in Bonds/Fixed Income.........and U/Commons in Cash/Trading. The original Trusts backing old preferred needed new tracking markers. The original Trusts NOT backing up preferreds, belonged to Commons the ultimate owner of old WMI - and thus different new tracking markers denote these separate interests in the bulk of the remaining trusts. Otherwise there would be just one tracking marker series for everything if it was a shared pot between preferred and commons, but its not. The only shared pot (75/25) is specifically listed LT assets, and these are not them.

Everyone who released whatever flavor will do very well, just some got tricked by message board hucksters into trading out of commons at the last second, meanwhile, the hucksters were buying it up by the millions at the 11th hour before release opportunities expired --- remember those trades?

The BK court never canceled prospectus' of hundreds of those legally isolated securitized trusts in Delaware. The old tracking markers if you will, or stock symbols denoting equity ownership, were canceled. New tracking markers are not WMIH (reincarnated WMI) and were not set up for WMIH benefit. Tracking Markers were set up for legacy WMI interests that would be retrieved at some later date. Old Preferreds are New Preferred tracking markers. Old Commons/U are now New Common/U tracking markers. The annually generating money since Sept, 2008 still reconciles with where it was designated to go -- to benefit legacy preferred interests, or benefit the legacy ultimate corporate umbrella (commons).

MB propaganda has been from day 1 to screw retail into dimes, piers, switching from commons to preferred, and every other limited return they could pump. Meanwhile they load up mainly on old UQs. Remember the millions of Uqs bought in the last seconds of the BK before re-org? Bait-n-switch. Anybody who released for tracking markers will do great, its just that some wanted many here to get as little as possible. They have been covering their tracks vehemently since 2012, to avoid tremendous liability.


Walrath and her bankruptcy court, and the FDIC receiver have ZERO ability to kill the securitized trusts in safe harbor. To do so would be piercing the corporate veil thousands of times over.

These assets essentially do an end run around the bk/receiver creditor process. These are not assets for BK or Receiver creditors to steal, because they belong to 3rd party investors. It just so happens that legacy WMI is one portion of the 3rd party investors. It's like using a goal post in the end zone as a screen to prevent the defense tackling you. Perfectly legal, and brilliant. Its what every single bank in America in the securitization racket does. These assets can be retrieved at a later date as Rosen spoke about.

I know we have disagreed on this for some time, and I mean no disrespect to anyone except the clowns who perpetuate this fustercluck here every day.

[hotmeat]

That would be as if Commons had been cancelled during the bankruptcy, leaving Prefs the estate, then when Safe Harbor assets were released Common holders started claiming they owned the estate assets because they were bankruptcy remote.

That is illogical...and cannot be justified since any decision made within a bankruptcy can definitely have a direct impact on a non-bankruptcy issue like Safe Harbor. They may be separate processes but they are definitely interrelated.