Mr Cooper Group Inc (COOP)

[JusticeWillWin]

FDIC's reply to my FOIA request...

...regarding the $1.88 billion "purchase premium".

In short, they DID NOT answer my questions:

1. whether the $1.88 bln. JPM paid to the FDIC as "Initial Payment" according to the P&AA is only a deposit PREMIUM?
2. Whether the $ 1.88 bln. reflects the PURCHASE PRICE as a final payment FOR ALL ASSETS of WMB, including the assets of WMB fsb

I don't quote the reply mail here, because I don't know if it is allowed to post a personal mail, but the reasons are:

* the request must reasonably describe the requested records and comply with the agency's rules, including those pertaining to fees
* the FOIA does not provide for an agency to undertake research, to write narrative answers to questions, or to speculate as to what information may be of interest to a requester
* the regulations provide, at 12 C.F.R. §309.5(b)(3), that: “A request for identifiable records shall reasonably describe the records in a way that enables the FDIC’s staff to identify and produce the records with reasonable effort without unduly burdening or significantly interfering with any of the FDIC’s operations"
* a request must describe the information sought with sufficient particularity so that an agency may determine precisely which information is being requested and be able to locate that information following a record search reasonably calculated to lead to the retrieval of all requested information
* Requests that are not limited to a reasonable time period, requests and that do not reasonably describe agency records are overbroad and ambiguous, and place an undue burden on agency employees who would be required to speculate as to what information may be responsive to a
request. Such requests are inherently unreasonable.
* I did only provide my name and city, but not the street address and telephone number!!!
* The FDIC's FOIA regulations require that each request contains a statement agreeing to pay the applicable fees, or a statement identifying a maximum fee that is acceptable to the requester, or a request for a waiver or reduction of fees that satisfies paragraph (f) (1)(x) of this section[.]" (I did not know I have to PAY for it)

They consider it as a defective requests. The FDIC need not accept or process a request that does not reasonably describe the records requested or that does not otherwise comply with the requirements of this part. The FDIC may return a defective request, specifying the deficiency. The requester may submit a corrected request, which will be treated as a new request.

So my request file is being administratively closed...

He only pointed to the web page and quoted the well-known sentence:

The available information includes FDIC Press Release PR-85-2008, dated September 25, 2008, which provides, in part, "JPMorgan Chase acquired the assets, assumed the qualified financial contracts and made a payment of $1.9 billion. Claims by equity, subordinated and senior debt holders were not acquired."
[...]
Please note that the disclosure of information relating to failed financial institution bid documents is subject to the Failed Financial Institution Bid Documents disclosure policy.

The FDIC cannot or doesn't WANT TO answer my SIMPLE QUESTIONS!!!

I hope they will at least answer Jest's request which he sent the same day...