Replies to post #536692 on Mr Cooper Group Inc (COOP)

[hotmeat]

Quote: "~ LP, No In My Opinion The Class 17’ Supporting Trusts, Are Overfunded and In Fine Shape ~"



Class 17 ($13.8B in Snr and Sub Notes) are not backed by any Trust assets, they are UNSECURED DEBT. The Covered Bonds were overfunded but were acquired by JPM in the purchase of WMB.



Quote: "Quote: "VII. Possible Claims Against the Failed Institution.
On September 25, 2008, Washington Mutual Bank was closed by the Office of Thrift Supervision and the Federal Deposit Insurance Corporation was named receiver. Subsequent to the closure, JPMorgan Chase acquired the assets and most of the liabilities, including covered bonds and other secured debt, of Washington Mutual Bank from the FDIC as Receiver for Washington Mutual Bank. Any claims by equity, subordinated and senior unsecured debt holders were not acquired."