Replies to post #562795 on Mr Cooper Group Inc (COOP)

[hotmeat]

MBS's Originated by WMB were then "sold" to it's subs such as WMMSC, WMAAC, Long Beach etc and then sold into Trusts they created, portions of these assets were usually retained by the sub/company as investments.

For your premise to be true, there needs to be direct or possibly indirect title to those assets or their cash proceeds that were pledged to WMI/WMIIC and also that those sub assets were NOT sold to JPM along with WMB.

It is most likely the case that those "retained assets" were shielded from WMB, as the Originator of the loans that were packaged into MBS's since that was a requirement for such assets to qualify as a "True Sale".

To this day while there is some circumstantial evidence that may suggest that this could have occurred there still lacks any real evidence or factual proof that such assets or cash proceeds are forthcoming.

[AZCowboy]

~ Distro, Let Me Claify ~

Direct from the text,

”Included in the liabilities acquired by JPMorgan Chase are Washington Mutual Bank’s covered bonds, other secured debt and securities issued by the Washington Mutual Master Trust and Washington Mutual Master Note Trust”.

Start with knowing that upon the seizure, JPMC was designated by the FDIC, as the designated receiving bank, ... with the responsibility to ‘“Service” all loans, (whether packaged or not), all credit cards, and all bank accounts, and banking services, ... etc. ...

Now from the text, ... anything aligned with WMB’, went to JPMC’ ... to service and ultimately “possibly” own’ ... but nothing would be free ...

Washington Mutual Bank’ Covered Bonds, ... These are the WMB Noteholder Program, WMB Bonds Issued out of the UK at a base of 22 billion in euro’s, Tranche 5 WMB Class 17’s, “Settled with Globic” ...

other secured debt and securities issued by the Washington Mutual Master Trust, ... this is the “Washington Mutual Capital Trust 2001” ... who’s CMBS Loans already Issued needed to be serviced ... along with many other things, ...

Washington Mutual Master Note Trust. ... these are the WaMu Issued credit cards ... that also needed to be serviced ...

WAAC had already merged into WMMSC, and WMMSC was WMI’s Master Servicer For all of the already packaged loans’ ... WMMSC was WMI’s subsidiary, ... but like everything else, the loans still needed to be “serviced” ...

WMB was also loaded with loans issued but had not been packaged into an ABS-Cert ... when the seizure occurred ... so JPMC was in a position to take those loans over, ... the good, the bad, and the ugly ...

... Producing ABS-Cert Performing Trust Distributions occur every 25th day of every month, ... and pay returns to the original participating Accredited Investor ...

AZ

[goodietime]

"The first one should be a big one - all back dividends."

Who actually is the person who gives the go ahead?

[zeus_0100]

FYI;


...banks package (sponsor) mortgages via special entities directly or through a subsidiary.

...the are rated, the mortgages identified in the tranches and pools, and sold based upon these factors.

...so, THEY ARE SOLD to the entity, usually a private label, a trust and so identified.

...since the borrower can't make out a monthly mortgage payment to the hundreds of owners of the trust, the securities identify a bank (WMB or another) as the "servicer" to make the collections; and the servicer remits the appropriate payments tot trust owners WHO BOUGHT THE SECURITIZED (BY THE MORTGAGES) TRUST SECURITIES.

...if this was in process, at the time of bank regulatory action, they would be protected in a 'safe harbor to conclude the securitization.

...2005 securitization were NOT IN PROCESS in September of 2008.

...so, what is left is known as RETAINED INTERESTS.

...in order to enhance the SECURITY (mortgage pool backed), banks would OVER SPONSOR MORTGAGES.

...at reporting periods, an estimation of the the potential value, AFTER THE SECURITY HOLDERS ARE PAID PRINCIPAL AND INTEREST IN FULL, is made as to what the RETAINED INTEREST VALUE "may be" at the end of the process.

...WMB reported these as "trading assets" that flowed through to the consolidated WMI quarterly and annual SEC filings and AUDITED financial statements.

...these 'trading assets were SOLD TO JPM BY THE FDIC-R and are identified in the documents and in the JPM recording of the acquisition on 8K', 10Q's and 10K's since 2008.

...why is there a question as to who owns them when, after the litigation by Deutsche Bank ON BEHALF OF THE TRUSTS and by the Conservator ON BEHALF OF FANNIE AND FREDDIE, specifically identify these same WMB related series and tranches?

...THEY ARE OWNED BY THE INVESTORS THAT BOUGHT THEM, NOT EVEN WMB; never mind, not even a chance WMI or WMIIC