Replies to post #631829 on Mr Cooper Group Inc (COOP)

[RajuSondh]

LP, here is another response from FDIC regarding Libor, see below:

From: Grieser, Donald G. <[e-mail]>
Sent: Monday, May 6, 2019 9:51 AM
To: G S <[e-mail]>
Subject: RE: [EXTERNAL MESSAGE] 10015 Washington Mutual Bank - Inquiry Regarding Receivership Closure

Mr. Sondh:



As you know, on September 25, 2008, Washington Mutual Bank was closed by the Office of the Thrift Supervision, and the Federal Deposit Insurance Corporation (FDIC) was appointed Receiver. Under the laws of the United States, the Receiver is charged with the duty of winding up the affairs of the failed institution.



Before the receivership of the failed institution can be terminated, all impediments … including any litigation involving the receivership … must first be resolved. So, to answer your question … yes. If the lawsuit you referenced below involves the receivership, then it will need to be settled or dismissed … along with any other litigation matters outstanding … before the receivership can be terminated.



As a side note, most receiverships will last anywhere from 3 to 10 years in duration to allow time for the assets of the receivership to be fully liquidated and the inherited litigation to be resolved. However, due to the size of Washington Mutual Bank and the ongoing litigation that must be resolved, it may be several more years before the receivership is closed.



For more information on the receivership of Washington Mutual Bank, please visit our website at the following link: https://www.fdic.gov/bank/individual/failed/wamu.html. This website is updated quarterly with new balance sheet figures and data on dividend payments toward claims.



Respectfully,



Non-Deposit Claims Unit

Federal Deposit Insurance Corporation

Email: [e-mail]

Phone: [phone]



From: G S [mailto:[e-mail]]
Sent: Monday, May 06, 2019 11:26 AM
To: NonDepositor Claims Dallas
Subject: [EXTERNAL MESSAGE] 10015 Washington Mutual Bank - Inquiry Regarding Receivership Closure



Hi, could you clear FDIC Libor lawsuit and closure of receivership question. Does Libor has to settled first before WAMU Bank receivership can close?





Regards,

xxxxx xxxxx