Replies to post #558824 on Mr Cooper Group Inc (COOP)

[Boris the Spider]

Of this entire fiasco, that $4B WMI deposit they seized sticks in my craw more than anything.

What made them, and Walrath, think they could give JPM that $4B deposit from WMI that WMI had just deposited days before? It was not bank property to seize. That in itself shows how unbelievably corrupt this whole thing was.

The good news is, I do believe WMI saw the seizure coming and stashed the majority of assets in safe harbor. Now, to add insult to injury, the greedy bastards want all that too.

The crime of the century.

[GO4AWILDRIDE]

wamushamu

yes but WMB did not file for BK as jerry posted and I corrected.


GO4AWILDRIDE

[ron_66271]

WAMUSHAMU, The WMB Seizure Goes Deeper,

WMB reported to OTS/FDIC as business practice to insure their customer confidence and customers deposits as a courtesy. Neither the OTS nor the FDIC had the legal authority to seize WMB. Hence; #5885, FN 2, 5AT.

WMI's Corporate Structure was pre-FDIC. The WMI's Corporate Structure was setup to use the two banks of WMB and WMBfsb to backstop/cover the other banks needs. That is exactly what WMBfsb was doing in covering WMB withdrawals as WMB was under attack. WMBfsb's Tier 1 rating was 165% and was more than fully funded. 165% of the WMBfsb deposit base of ~$50Bish. Cash on hand !

The only clean way to resolve the 5AT by OTS/FDIC [the Government] was for the illegal seizure to become a 'True Sale' with WMI being a willing seller. Hence; the GSA.

This whole Employee Claimant stall tactic was to buy time for CIC.

The first item to be ruled-on from the EC Scheduling Order was Point 16, Has CIC happened?

From filings; the EC Scheduling Order became moot in principal with #12499.

We await formal experience of cash distributions for CIC with "The Final Payment" to WMI for "WMB and it's assets" as owners of the Debtors Estate, therefore granting full Releases to FDIC-C and -R, closing the GSA, and closing the BK cases.


Hammer that !