Mr Cooper Group Inc (COOP)

[invest1980]

Yet another purchase accounting tool used to minimize the Negative goodwill reported by JPM in 2008 after the heist. The 31 Billion of Loan write downs + $8 Billion in Purchase accounting non-financial assets write offs represents $40< billion in Book value that JPM stole from WAMU.

Over time, most of the 31 loan loss reserves were reversed as the economy improved and went strait to JPMs bottom line. JPM can whine and cry all they want about the various litigation arising from WAMU, but they made a killing of the backs off WAMU shareholders and bond holders.