Mr Cooper Group Inc fka COOP

[bkshadow]

boarddork, JPM didn't buy portfolio mortgages?

BK comments in red.

Disregard for a moment the mortgage backed securities

I agree, they are owned by others that bought them. Happens every day.


WMI additionally still held legacy MORTGAGES in PORTFOLIO valued at $244 Billion

I agree, and so did JP Morgan Chase. You know why? Because they 'bought them. Stated clearly in their 2008 Annual Report. Actually, almost exactly the amount you note as portfolio mortgages per WMI's reports (consolidated, as they are from WMB).

2008 JPMC Annual Report (Full 240 Pages)

http://files.shareholder.com/downloads/ONE/3332638820x0x283416/66cc70ba-5410-43c4-b20b-181974bc6be6/2008_AR_Complete_AR.pdf

Page 12

With the acquisition of WaMu, we purchased approximately $240 billion of mortgage and mortgage-related assets



What is a portfolio lender and why are mortgages held in portfolio important? Portfolio lenders originate and FUND their own loans with their own COLD HARD CASH, which they hold and service for the life of the loan.

Correct, the cash is represented by liabilities to the Depositors and to other liabilities, and some residual equity. The cash on deposit accounts is a LIABILITY FOR A BANK. They 'owe the depositor. JPMC assumed all deposit liabilities and other liabilities as per their 2008 Annual Report.

The FDIC Receiver is holding our MORTGAGES IN PORTFOLIO.

Don't agree, and neither does the FDIC as per their balance sheet.

https://www5.fdic.gov/drrip/bal/balancesheet.asp

Looks clear.