Replies to post #221683 on Mr Cooper Group Inc fka COOP

[Jestiron]

Heya newt69! Technically WMI was not seized. The actions of the FDIC bankrupted us, but they did not seize the holding company. Many longs still say this, and I am not sure why. On a board where technical information is king, this is a serious oversight by those who continue to make this claim.

Good luck to all WAMUQ longs!

-jest

[Bizreader]

Wahsington Mutual, Inc., WMI, is the name of the bank holding company. Once their banks were seized, WAMU, they filed bankruptcy. During the seizure much of what was taken out of the offices of WAMU was property of WMI. This is where the hasty seizure went wrong and one reason why it is such a big deal that WMI be paid damages. The other reasons include collusion, bad faith dealing, breach of contract, and fraudulent conveyance.

eom