Mr Cooper Group Inc (COOP)

[bkshadow]

"What a week!" 4-Sure Boris...

...First, JPMorgan Chase is going to "take $100 BILLION in cash deposits belonging to and owned by customers away from them in order to give to escrow holders of WMI."

This doozy (in the bizarre sense) is based on a JPM release that it was seeking to decrease it deposit base by $100 BILLION in order to not be confronted with a capital ratio compliance requirement and it would "charging interest" to large depositors as the method to get them to take their large, volatile deposits elsewhere.

...Second, on another scale of false premise that precludes further consideration, is that an Exhibit filed related to JPM's 10K, in which the narrative of the exact explanation of what this Exhibit is in clear sight and ignored, an image containing disclosures about off-balance sheet obligations and other non-obligations (about mortgage backed securities serviced by JPM that have asserted claims against JPM) purports "that anywhere from $38 BILLION (the residuals) to $165 BILLION (the original total) really has been converted to cash to give to escrow holders."

This doozy (in the bizarre sense) ignores the fact that the disclosure "paid" means payments received by the servicer JPM and passed to the owners of the mortgage backed securities that are in trusts administered, for example, by Deutsche Bank; the disclosure "liquidated" means "other than paid," such as foreclosed on and related actions, and passed to the owners of the mortgage backed securities that are in trusts administered, for example, by Deutsche Bank; and concludes that the balance left will also be collected (paid or liquidated) for the benefit of escrow holders.

Yep, "what a weak."

I can't believe that any reasonably prudent person believes this, and even congratulates such "effort" and "work." The again, I'm beginning to understand that this premise might be false also.