Replies to post #717275 on Mr Cooper Group Inc (COOP)

[Civil War General]

WMI is not part of this Settlement Agreement.
The FDIC-R as trustee for WMB is a party to this Settlement Agreement.

You might do well to read the entire thing.

A “3.01. Trustee Allowed Claim” is obviously not the same as payment as shown in the next section.
“3.02. Payment to JPMC. The FDIC-Receiver agrees to pay JPMC $645,000,000 from the WMB Receivership Estate (the ''JPMC Payment").”

The Receivership, FDIC-R for Washington Mutual Bank, WMB (not the same as WMI) did not have $3 billion to give, so the gave an “allowed general unsecured creditor claim in the WMB Receivership Estate in the amount of $3,006,929,66” the 3.01 Trustee Allowed Claim.

In the prior “Recitals” section in the middle of page 2, it states:

“WHEREAS, the unaudited receivership balance sheet summary for WMB published by the FDIC-Receiver for the period ending December 31,2015 stated that, as of that date, the current assets ofthe WMB Receivership Estate were approximately $2,756,378,000; the WMB Receivership had approximately $7,206,000 in administrative liabilities; holders of WMB senior debt held allowed claims in the WMB Receivership in the amount of $6,077,557,000; and the Receivership had other allowed general unsecured claims in the approximate amount of $19,250,000;”

The Pulte money, if received, will go to the FDIC-R and then to whomever it decides, maybe Deutsche Bank as trustee for the securitized mortgages that went bad for their “general unsecured claim,” or maybe to the WMB Senior Debt allowed claims. The parties will likely settle for less and the lawyers will get some money.

Nice try.