Mr Cooper Group Inc (COOP)

[drrugby]

Sd,

Some interesting revelations at the FDIC.

http://www.fdicoig.gov/

http://www.fdicoig.gov/semi-reports/SarOct2014/OIG_Final_10-1-14.pdf

See PDF page 33

To help ensure the FDIC efficiently and effectively resolves failing banks and manages receiverships, the OIG’s 2014 performance goals were as follows:
• Evaluate the FDIC’s plans and systems for managing bank resolutions.
• Investigate crimes involved in or contributing to the failure of financial institutions or which lessen or otherwise affect recoveries by the DIF, involving restitution or otherwise.

http://www.fdicoig.gov/testimony/FDIC%20IG%20Statement-WaMu-4-16-10.pdf

Because the FDIC facilitated a sale of WaMu to JPMorgan Chase & Co. without incurring a material loss to the DIF, an MLR was not statutorily required. However, given WaMu’s size, the circumstances leading up to WaMu’s sale, and non-DIF losses, such as the loss of shareholder value, the IGs of the Department of the Treasury and FDIC believed that an evaluation of OTS and FDIC actions could provide important information and observations
going forward.

Our objectives were to (1) identify the causes of WaMu’s failure; (2) evaluate OTS’s supervision of WaMu, including implementation of the Prompt Corrective Action provisions of Section 38(k), if required; (3) evaluate FDIC’s monitoring of WaMu in its role as deposit insurer, 2 including the manner and extent to which FDIC and OTS coordinated oversight of the institution; and (4) assess FDIC’s resolution process for WaMu to determine whether that
process complied with applicable laws, regulations, policies, and procedures. The WaMu evaluation covers the first three objectives. We deferred work on objective four to a later date
pending resolution of ongoing litigation.


I question if the FDIC OIG will really tell us what happened when all the smoke clears. And if the FDIC will pursue those whom committed crimes against WAMU and its shareholders.

http://www.fdicoig.gov/reports14/14-005AUD.pdf
http://www.fdicoig.gov/reports14/14-002EV.pdf

Happy Reading.

GLTA.

GO WMIH Go..

DrR..