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AMEN BROTHER!
MANY of us PRE-BK holders in WAMU LOST a lot and due to the yahoo board education on the different flavors of WAMU holdings... I bought the P and Ks because of you personally.
I for one haven't bought and will hope for a recovery.. each passing day I and I use the letter I feel those chances fade more and more with the passing of time.
I do think about those that have left this planet but at least they are in a better place.
YEPPERS HOPEFULLY
""• Hopefully, these shares are coming soon to a timely-signed-released account near YOU
TO ME, SEEMS VERY LIKELY TO HAPPEN ALMOST ANY DAY - RECENT COOP FILING – THE PUZZLE NOW FIGURED OUT – JUST MAYBE
https://archive.fast-edgar.com/20240318/AS2E422CZ22EI2Z2222P2CEZA7GSZZ62B262/
JUST maybe with the help of BBANBOB plus some others who agreed with us like Cura Asada, Dmdmd1 and others that the COOP merger with NSM was not totally completed and POSSIBLY there is a positive finale. At least until they issue the owners of the former WaMu Estate who signed timely releases by 3/2012 shares.
These same investors just mentioned also agree that COOP does NOT own XOME entirely, as for years they have talked about monetizing XOME worth roughly one to two billion. Strange, after multiple years they cannot monetize XOME and we have said this is because COOP does not own XOME entirely until they finish issuing the shares. More than likely this ownership of XOME is tied up in a DST owned (75/25) by those investors who signed timely releases.
***NOW LET US LOOK AT SOME NUMBERS***
• Post COOP 12-1 RS around Oct/2018, the outstanding COOP shares became roughly 100M
• The recent filing above shows around 64M COOP outstanding shares after a multitude of COOP buy-backs
• The difference is now 36M shares of COOP which MAY BE owned by timely signed investors
• If these 36M shares (36M + 64M) are given back to timely signed investors, then this takes the outstanding COOP shares back to around 100M but lowers the COOP price to roughly $50.00 a share based on current prices of around $72.00
• Now we have heard that XOME should be worth around 2B or so, NOW figure in 2B ($20.00 a share) on those 100M outstanding shares and WOAH back to $70.00 plus a share
• NOW figure the 75/25 ownership on the 36M shares and guess what you have roughly 27M shares for the Preferred and 9M shares for the Common
• The other thought is there are ten million authorized and shelf-ready preferred shares that can be issued on a minutes notice that has been part of the plan since the (ED) Effective Date of 3/19/2012 so ALL 36 M common shares could go the the investors who released common share and the preferred investors receive 1-1 preferred which explains why the UWs want into class 19 so bad – yes, this is their expertise and they have always known the specific class the big money was to be recovered from…CLASS 19
• IF COOP issues 36M common shares at $71.00 per share that is 2.5B so if they give this to common shareowners that is roughly 25% of a POSIT of ten billion and they back preferred with 7.5B funding for a total of ten billion POSIT. NOW if COOP gets 2.5% of the 635B that Congress spoke about around year 2010/11 that means COOP gets 15.87B so with the ten billion funding of preferred and commons 36M shares at $71.00 it leaves roughly 5.6B for their own coffers driving the COOP common much higher
• Hopefully, these shares are coming soon to a timely-signed-released account near YOU
...
Many were in that position as well, AS FOR ME I have just refused to inject anymore hard earned money into the markets for some time now.
I WILL EITHER make money on what I have in it at this point or I won't, my stubbornness has cost me in this instance but, holding to my pledge, sort of damned if I do damned if I don't though
He is. Unfortunately I didn’t have any additional funds to invest.
He said K’s may not get a return
Yes you are the smartest accredited investor on this board…tell us again how you invested in single digits and sold at 46……it is such a great story….you are so smart
👉👉👉COOP BOD wants to "...COMPOUND tangible BOOK VALUE at a DOUBLE-DIGIT PACE..."
The COOP BOD said at the 4Q'24 earnings call on Feb. 9, 2024:
But we will work diligently to compound tangible book value at a double-digit pace which for us is an exciting prospect.
You did not know this at all you are simply just taking others information and claiming as your own….this is what you do…
The lights seem pretty bright to me as COOP has held it's recent gains very well, at least up to this point
~ You Are Welcome JB, ... regarding COOP ?, and the WaMu entire process ?, it's been JB92106 and DarkB4Dawn that are the True Hero's IMO ... ~
ol' cactus, is simply just like a "tik on a mule deer", or, ? ... "just a burr under the saddle" ... that enjoys' MONEY ... large recovery profits, ... and hot-rods' ...
and YES' JB ... LOL' ... the lights are quite dim' round here LOL ...
just sayin'
AZ
LARGE GREEN
""Some of us has told you this for years but now you want people to think this is your idea?""
That is akin to US as well saying that there will need to be NEW COMMONS ISSUED to correct the share structure
AND LOW AND BEHOLD now he is also NOW SUGGESTING the same.............................After all of these years
LG
This is what the COURTS and all the lawyers told us
""All investors have to have to participate are TIMELY SIGNED RELEASES by March of year 2012 but YOY already know this or should!""
You either elected to participate by signing releases or you get nothing
And yes HE HAS HAD ANOTHER LIGHT BULB MOMENT, now let's see how long it take for the BULB to go out like the last light bulbl moment he had several yrs ago.
But LG you have to KNOW AZ KNEW ALL ALONG but just wasn't telling us like XXXX, now this new turn is HILARIOUS to say the least
AZ
The only BIG PROBLEM with this and your statement now for yrs was that AYA held up our distribution, WELLLLL OL PARD how many years has it been( 4 or 5 yrs) since her court cases?????????? SO SHE DIDN'T HOLD UP ANYTHING or disrupt anything DID SHE
""attempting to disrupt WMI's Reorganizational Court Approved Plan ? ? ... clinched it all ..""
I'll suggest we wait and SEE JUST what that 1% is gonna cost P/K legacy holders here in the long run.
AND ESPECIALLY when that should have come from CLASS 22 which had the ONLY DILUTION factor on it and NOT THE P's nor K's
ANd aint it funny that that STIPULATION was the ONLY ONE out of some 49 that JUST NEVER MAD IT TO THE JUDGES DESK and was NEVER SIGNED OFF ON BY THE JUDGE
THINGS THAT MAKE YA GO HMMMMMMMMMMMMMMMMMMMM
AZC, did you just have a LIGHTBULB?
You said the following.
—————————————-
There Is A Third """Private Rights Offering"""" Coming On The Horizon
—————————————
Some of us has told you this for years but now you want people to think this is your idea?
Now you want people to think they must have their original shares to participate. So again you are flat out wrong so admit it.
All investors have to have to participate are TIMELY SIGNED RELEASES by March of year 2012 but YOY already know this or should!
…
Thanks AZ,
The numbers we discussed yesterday are very interesting along with the timing!
Today, on this Friday... I'm fascinated by the lack of trading. Volume is 44K at 12:07pm EDT.
The most recent gap is 12min (11:51 - 12:03)... hmmmm?
~jb
~ XOOM', IMO, the results coming for "COOP" the 2018' acquired servicing Sub' and SEC allowed "registrant", will be as stated ... "Fair and Equitable" for all of the 2012' 1.2b releasing WMI common shareholders' ... and', Yes I have Known for quite awhile ! ! ... and, Yes that's KNOWN' ... not guessing (if, if, if) some 36,000 time's ! ! ... LOL' ...~
the 2019 lost koolaid flavored coffee litigation (plaintiff) attempts, and who the defenders (defendants) of the Judges Plan' actually were', attempting to disrupt WMI's Reorganizational Court Approved Plan ? ? ... clinched it all ...
just sayin'
AZ
Next….there will be a forth…..a fifth….then a 6th….more false information…
You have been promoting any day bs since 2017……you are still stating XXXX as if it is not know to gain some sort of relevance…..I know more than anyone yet if you knew anything you would have held your shares in coop……pretending to say I still have shares if you go back and read your owns posts you stated you sold….all….lets go with your soon…may 1,2024 right around the corner….
AZ
"COOP does NOT represent the entire estate'"
That clears up a little, but SOrry CHARLIE the 75/25 still imho pertains to THE OTHER PART OF THE ESTATE WHICH WE CALL LEGACY
AZ
""" There Is A Third """Private Rights Offering"""" Coming On The Horizon' ~
I know at least 3 of us that have been saying this for years on end
HMMMMMMMMMM now I wonder where you have heard that now for well over 4 yrs, OH but you already knew it right and just weren't gonna tell anyone RIGHT
So how will P's be monetized? Part of new company? X per P and were paid out?
JHD
Thanks AZ. I am really hoping the numbers are based off of original pre 2012 legacy numbers. Else it’s just like lipstick on a pig and then pretending to be happy with all the ‘reverse splits for increasing shareholder value’
Good Luck to all of us
AZ
""Good Luck to Everyone that has maintained their ownership of their WMI Holding Company's 2012' Reorganization's ... Released Common Shares ! ! ... wamuq's ... the Released P's are and continue to be, connected to the WMI / to the WMIH Preferred Managing Sub'
SO now you're suggesting that ONLY THOSE that retained their original RELEASED COMMONS shares and P's will get anything , and that the 8K that was put out was in fact a lie!!!!!!!!!!!!!!
NOW that is gonna be a VERY BAD SITUATION for someone for FILING A FALSE 8K WITH THE SEC
""" TO QUELL MESSAGE BOARD CHATTER the payout matrix WILL BE AS STATED
75% FOR PREFERRED ""EQUITY"" and 25% for common equity on any and all possible payouts BOBOPHRASED
OK SO WHICH IS IT ??????? BELIEVE THEM OR NOT
Remember as you have said over the years ""THE ONLY THINGs THAT YOU CAN BELIEVE are FILINGS FROM THE COMPANY
FLIP FLOP FLIP FLOP TOOOOOOOO FUNNY CACTUS
~ SMH', I DID NOT Say That' ... ~
... COOP' is the result of a 2018 acquisition, and is currently merely being used', as a convenient "registrant" ...
... P's were / are bonds, ... common shares (wamuq) ALWAYS own the estate' ... COOP does NOT represent the entire estate' ... it was all of those 75/25 split projections, and retained earnings crap that messed Everyone' up ... except for ol' cactus, nope, not this cowboy' ...
"Know What You Own"
I Have Been Consistent' ... AND' ... ol' cactus never drank any of the koolaid flavored coffee' ... LOL' ... "sloppy and poorly researched material"
just sayin'
AZ
~ My "COOP" as the "registrant" LOL' Thoughts ... There Is A Third Private Rights Offering Coming On The Horizon' ~
... all of the old timers remember the first two' ... right ? ... and the second one, allowed for the acquisition of a necessary "servicer" ...
just sayin' :)
AZ
AZ. Thanks. So nothing for P’s?
~ LOL', ... Hmmm ? ... Yepperini', (XXXX) Will Show Itself, Very, Very, Soon' IMO' ... LOL' ~
... for a WMB Bond Direct Owner cowboy', ... it was the WMB Bonds that originally revealed the process, that was still to come a while ago' ... LOL'
Good Luck to Everyone that has maintained their ownership of their WMI Holding Company's 2012' Reorganization's ... Released Common Shares ! ! ... wamuq's ...
As ol' cactus has stated many, many, times, ... the Released P's are and continue to be, connected to the WMI / to the WMIH Preferred Managing Sub' ... (XXXX) will be taking over' ... lock, stock, and barrel ... Everything' ! ! ... NO 75/25 splits of anything, and NO retained earnings cerap ! ! ... sorry guys'
Abba Da Ayy' ... Have A Nice Day'
Oh and XOOM, if ? we are completed or announced' still within the 1st quarter of 2024' ... (that's my opinion, anyway) ... calculate your numbers back to the 18th' ... and always, "Watch Your Six"
... JB92106, Thank You ... YOU are the / a true genius ! !
just sayin' :)
AZ
Great benefits for those that own JPM stock
Buy shares in coop and then you can criticize….he k you do not even own old equity..
This is a rich environment for "" THE PERFECT STORM"" to hit the markets, thunk about it !
DJI been popping all time highs, COOP popping all time highs, yet ya have foreclosures on the rise and inflation out the YAHOO, but the MARKET ACTS LIKE ALL IS WELLLLLLLLLLLL.
At the same time over the last 6 months we hear of DA BOYZ going to cash and selling stocks............................. COOP shouldn't have a problem as they only service loans and that servicing will still be needed AND as banks fold their portfolio's will be being sold off and that bears well for COOP as well and probably why the forward guidance that they will hit/ top a trillion in the coming year
ALSO why they WON'T BE SELLING XOME
TICK TOCK IT IS COMING
If this is not us, I will withdraw, because we have been stolen from.
"Exhibit 99
JPMorgan Chase & Co.
383 Madison Avenue, New York, NY 10179-0001
NYSE symbol: JPM
www.jpmorganchase.com
LOGO
News release: IMMEDIATE RELEASE
JPMorgan Chase to Redeem Four Series of Preferred Stock
Represented By Depositary Shares
New York, March 21, 2024 – JPMorgan Chase & Co. (NYSE: JPM) (“JPMorgan Chase” or the “Firm”) has announced that on April 30, 2024 it will redeem all of the 100,000 outstanding shares of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series U (“Series U Preferred Stock”), and on May 1, 2024 it will redeem all of the 150,000 outstanding shares of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series Q (“Series Q Preferred Stock”), all of the 150,000 outstanding shares of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series R (“Series R Preferred Stock”) and all of the 200,000 outstanding shares of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series S (“Series S Preferred Stock”). The shares of Series U Preferred Stock are represented by 1,000,000 depositary shares (CUSIP: 46625HJW1), the shares of Series Q Preferred Stock are represented by 1,500,000 depositary shares (CUSIP: 48124BAC9), the shares of Series R Preferred Stock are represented by 1,500,000 depositary shares (CUSIP: 48126HAA8) and the shares of Series S Preferred Stock are represented by 2,000,000 depositary shares (CUSIP: 46625HJQ4). Each depositary share represents a one-tenth interest in a share of Series U, Series Q, Series R or Series S Preferred Stock, respectively. The redemption price per share for the Series U, Series Q, Series R and Series S Preferred Stock will be $10,000 (equivalent to $1,000 per depositary share).
Payment of the redemption price for the Series U Preferred Stock will be made on the redemption date of April 30, 2024, and payment of the redemption price for the Series Q, Series R and Series S Preferred Stock will be made on the redemption date of May 1, 2024, in each case upon presentation and surrender of the depositary receipts evidencing the depositary shares to be redeemed to Computershare Inc., as Depositary, at 150 Royall Street, Canton, Massachusetts 02021. Depositary shares held in book-entry form shall be surrendered in accordance with applicable procedures of The Depository Trust Company.
April 30, 2024 will be the final dividend payment date for the Series U Preferred Stock and the depositary shares representing the Series U Preferred Stock. The record date for that dividend is April
Investor Contact:
Mikael Grubb
212-270-2479
Media Contact:
Joseph Evangelisti
212-270-7438
1, 2024. In addition, May 1, 2024 will be the final dividend payment date for the Series Q, Series R and Series S Preferred Stock and the depositary shares representing those series of preferred stock. The record date for those dividends is also April 1, 2024.
JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorgan Chase had $3.9 trillion in assets and $327.9 billion in stockholders’ equity as of December 31, 2023. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers, predominantly in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
# # #
Investor Contact:
Mikael Grubb
212-270-2479
Media Contact:
Joseph Evangelisti
212-270-7438
Good day, folks,
but how nice, I read some interesting opinions,BOB AZC. about the XOM.
Folks logic sometimes works even in the shark world of Wallstreet.
Yes you rightly said , that the coop does not own xom, the coop IS ONLY A REGISTRANT.
Yes the coop is not in a position to decide how and when xom will be sold, or not. It will be decided by the so called XXXX.
Yes it is true JPMC cannot buy anything else, JPMC still has to pay what it received from the FDIC, the WMB.
Yes it is possible, that the old WMI will soon wake up and buy everything, the money is available, maybe it is even better than receiving liquidity, the old lawyers who gave their consent will all be happy, even though 15 years have already passed.
By golly, this forum is getting clean, nice to read constructive dialogues and not the rantings of a few bought up people.
Happy weekend folks, the plane will take off in 3 hours 12 hours of flight time.
TICK TOCK TICK TOCK
Interesting, with such a Bullish Outlook you would think we would see higher volume.
Genius Bar: Why is the volume so very low? This morning I see time gaps of 8min (9:45 - 9:53), 8min (9:53 - 10:01)... Hmmm?
~jb
$COOP price targets====>DEUTSCHE BANK👉$88, Piper Sandler👉$88, UBS👉$86, Wedbush👉$85, KBW👉$81, Barclays👉$80, Compass Point👉$76
All though I said this was coming I was POO POO'd off that the economy was in great shape, WELL IT HAS STARTED
Some states are handling the problem better than others, which is to be expected, but the simple explanation for this is that more and more people are struggling to afford the cost of living. Biden is ruining people’s lives.
The FOX Business Network reports:
Home foreclosures are soaring nationwide – and rising fastest in these 5 states
Home foreclosures rose again in February as Americans continue to grapple with the ongoing cost-of-living crisis.
That is according to a new report published by real estate data provider ATTOM, which found that there were 32,938 properties in February with foreclosure filings, which includes default notices, scheduled auctions and bank repossessions. That marks an 8% increase from the prior year, although it is down 1% from the previous month.
“The annual uptick in U.S. foreclosure activity hints at shifting dynamics within the housing market,” said ATTOM CEO Rob Barber. “These trends could signify evolving financial landscapes for homeowners, prompting adjustments in market strategies and lending practices.”…
Housing affordability is the worst it has been in decades, thanks to a spike in home prices and mortgage rates. Combined, the two have helped to push the typical salary required nationwide for homeownership up to $106,500 — a stunning 61% increase from the $59,000 required just four years ago, according to Zillow.
Far to many bought houses to the very edge of what they could afford because of low interest rates, b.ut what they did NOT TAKE into consideration was the issue of inflation or the costs of maintaining a much large home. Then couple on the rises we have all seen in taxes dues to higher valuations the same is true with insurance costs, gas bill, electric bills, repair bills
This is why I suggested that going into a time where foreclosure are getting ready to ramp up, COOP WILL NOT sell XOME,
1. I do not think they have control of it(own it) or have been told NOT TO SELL IT
2. Going into a climate of coming foreclosure it would be a idiotic thing to do as it would become very useful and a profit maker for COOP
EDITED
I took all political comments out of the article
One share traded @ 81.88.
$81.88 pre-market? What is going on? Some news?
insert-text-here
JPM:COOP pps ratio seems to be stuck at 2.5 for a bit now
200 / 77 = 2.5 approx
Both JPM and COOP at an all time high
Good morning people, They have COOP OTIS crazy numbers this morning 81 to 83 lol As all here know the before the bell numbers are not to be trusted/counted on, with COOP OTIS but I have those numbers two diff sites ,
Anyhow I have things to do today so happy trading day to alllll Seya at buzzer time
TGIF Babeeeeee
GoGooooooCOOP
Have a great day people AND don't let the noise from dark places bother you cause haters are going to hate regardless,-GLTA-Ts 😉
The law only favors those with connections! Anyone else would be spending time in prison.
Why not just email him to confirm your theories…
2.6 Transfers of Avoidance Actions Trust Interests.
(a) General. Avoidance Actions Trust Interests shall not be transferable or
assignable except by will, intestate succession or operation of law.
(b) Book Entry System. The Book Entry System shall include a register (which
may be electronic) setting forth the names and addresses of the Avoidance Actions Trust
Beneficiaries, and the amount and class of their Avoidance Actions Trust Interests from time to
time. Any transfer or assignment of an Avoidance Actions Trust Interest by will, intestate
succession or operation of law shall not be effective unless and until such transfer or assignment
is recorded in the Book Entry System, which shall be completed as soon as practicable. Subject
to Section 2.4(d) hereof, the entries in the Book Entry System shall be conclusive absent manifest
error, and the Avoidance Actions Trust and the Trustee shall treat each Person whose name is
recorded in the Book Entry System pursuant to the terms hereof as the owner of Avoidance Actions
Trust Interests indicated therein for all purposes of this Trust Agreement, notwithstanding notice
to the contrary.
https://cases.ra.kroll.com/PRAATrust/
Another case Mr.Smith will be engaged with atleast for a decade imo.Same language like wmilt about book-entry.
Thank you BBANBOB for bringing this back up. I never did understand how the law allowed JPM to get away with this.
"PLUS I STILL say that JPMC can NOT acquire the REORG'd COMPANY
They can only buy or PAY FOR what they should not have obtained from the FDIC
AND I SAY IT WILL BE WMI not JPM"
I would agree, but with the Laws being ignored left and right , by 'the favored', who knows?
Remember the Alamo
"Royal Dude
Re: None
Thursday, October 12, 2023 11:24:33 AM
Post# of 717322 Go
Who do you think owes us money? My Hero who saved the US Banking system.
"Failed Bank Information for First Republic Bank, San Francisco, CA
On Monday, May 1, 2023, First Republic Bank was closed by the California Department of Financial Protection and Innovation and the Federal Deposit Insurance Corporation (FDIC) was appointed Receiver. No advance notice is given to the public when a financial institution is closed. JPMorgan Chase Bank, National Association (N.A.), Columbus, Ohio acquired all deposit accounts and substantially all the assets."
https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/first-republic.html
"Key transaction elements following the FDIC’s competitive bidding process include:
Acquisition of the substantial majority of First Republic Bank’s assets, including approximately $173 billion of loans and approximately $30 billion of securities
Assumption of approximately $92 billion of deposits, including $30 billion of large bank deposits, which will be repaid post-close or eliminated in consolidation
FDIC will provide loss share agreements covering acquired single-family residential mortgage loans and commercial loans, as well as $50 billion of five-year, fixed-rate term financing
JPMorgan Chase is not assuming First Republic’s corporate debt or preferred stock
First Republic branches will open on Monday, May 1, as normal, and clients will continue to receive uninterrupted service, including digital and mobile banking capabilities."
https://www.jpmorganchase.com/ir/news/2023/jpmc-acquires-substantial-majority-of-assets-and-assumes-certain-liabilities-of-first-republic-bank?fbclid=IwAR2AyM-Ty3uCWixvskVSzzlSArvkU3kZPAnRUM2E_WIOVAMHMRY4I4Su1lg
Bullish
BULLISH"
COOP OTIS 😉seems to be moving well I’m happy to say
GogooooooCOOP
Have a great day people AND don't let the noise from dark places bother you cause haters are going to hate regardless,-GLTA-Ts 😉
MATTERS LOTS TO ME as I honestly want NOTHING TO DO WITH JPMC since THEY ORCHESTRATED THE TAKE DOWN of WMI with their 10 HORSEMEN the employed to buy WMI and when WMI wouldn't sell, THEY ALL IMHO WITHDREW funds to cause the """RUN ON THE BANK""" and that my friend is easy enough to prove. YET HMMMMMMMMMMMMM NOBOSY even looked at it as it was a HANDS OFF SUBJECT
NOW ifin you want to be in bed with the DEVIL FOR A DOLLAR, then WHORE YOURSELF AWAY.
ME I HAVE MORE SCRUPLE than that............................ANd ifin we get JPM stock for what they took, I will wait for the sell off and then dump it all
PLUS I STILL say that JPMC can NOT acquire the REORG'd COMPANY
They can only buy or PAY FOR what they should not have obtained from the FDIC
AND I SAY IT WILL BE WMI not JPM
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Mr. Cooper Group Inc. (NASDAQ: COOP) provides quality servicing, origination and transaction-based services related principally to single-family residences throughout the United States with operations under its primary brands: Mr. Cooper® and Xome®. Mr. Cooper is one of the largest home loan servicers in the country focused on delivering a variety of servicing and lending products, services and technologies. Xome provides technology and data enhanced solutions to homebuyers, home sellers, real estate agents and mortgage companies.
Upon completion of the merger between WMIH Corp. and Nationstar Mortgage Holdings Inc. on July 31, 2018, WMIH became the parent company of the Nationstar Mortgage Holdings Inc. family including Mr. Cooper (Nationstar Mortgage LLC, d/b/a Mr. Cooper), Xome and Champion Mortgage (Nationstar Mortgage LLC d/b/a Champion).
As of October 10, 2018, Mr. Cooper Group Inc. is the new name of WMIH Corp. On July 31, 2018, WMIH, now Mr. Cooper Group, became the parent company of the Nationstar Mortgage Holdings Inc. family including Mr. Cooper (Nationstar Mortgage LLC, d/b/a Mr. Cooper) and Xome.
As early as late 2006, WaMu would begin to become a victim of what would eventually become the worst recession in US history since the Great Depression of 1929. WaMu's aggressive business strategy would begin to unfold throughout the end of 2006 and become increasingly disastrous through 2007. As housing rates were at all time highs before the recession began, WaMu would use its considerable leverage and assets to make large amounts of loans in both subprime mortgages and subprime credit cards. The banking division of WaMu at one point before the end of 2007 had nearly 336 stand-alone branch buildings where various types of home loans were processed and approved. WaMu would eventually over leverage themselves due to the high number of Adjustable Rate Mortgages (ARMs). As the US economy slowed down, the number of home loan defaults began to rise in quick succession. This coupled with the falling home prices throughout most of the US meant that even with foreclosures and the properties back in the hands of the company, they were unable to sell them back into the market, or were not able to derive enough revenue from the sale to cover the loan that was made on them. In the mean time, the credit card division was also seeing a surge in the number of late and non payments being made.
By September of 2008, WaMu's stock price had fallen to $2 from its previous highs of around $50 just two years earlier. Amid strong voices from the shareholders, then company CEO Kerry Killinger was dismissed by the company board. In the meantime, the company went looking for a buyer for part of its banking division. WaMu had been unsuccessful in finding an appropriate buy until its seizure by the FDIC. Overnight the companies banking division was bought by JP Morgan Chase in a secret deal brokered by the FDIC for 1.9 billion dollars. Washington Mutual Inc. has reorganized to Washington Mutual Holding Inc. WITH SHAREHOLDERS INTACT
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