Replies to post #655100 on Mr Cooper Group Inc fka COOP

[hotmeat]

Wait a minute....didn't a certain Bond Owner here claim that JPM will assume and pay the WMB Snr and Sub Bonds???


From the FDIC response to PP....post# 655099

Please note, however, that when the bank failed, NONE of the outstanding senior bonds and subordinated bonds previously issued by Washington Mutual Bank were acquired by JPMorgan Chase Bank, N.A. as part of the P&A Agreement with the FDIC-Receiver. Instead, the FDIC-Receiver retained those liabilities, and they remain on the receivership’s balance sheet to this day. This means that JPMorgan Chase Bank has absolutely no responsibility to pay those bonds. Only the FDIC-R has an obligation to pay those bonds … but only if there are sufficient funds in the receivership to make any payments on them.