Mr Cooper Group Inc (COOP)

[CBA09]

Assets Hidden?

Looking at the WMB receivership balance sheets - both as of 9-25-2008 (failed dated ) & 31 March 2016 there is no line item for Property / Plant / Equipment.

What I find interesting is the following disclosure:

"The book value of assets (cost less depreciation or
amortization through date of the institution’s failure) Buildings & Lands."

This would mean only the "NET" $ value would be reflected.

For example: Buildings that were purchased 30 years or more back from 2008 would have been fully depreciated. So lets say as of 2008 the accumulated total of Buildings purchased were $ 15 Billion and under GAAP depreciation method of straight line the $ 15 Billion would have been fully depreciated. So since the WMB receivership balance sheets are categorizing Property / Plant / Equipment at "Net Book Value" Cost of $ 15 Billion less depreciation of $ 15 Billion = Zero $.

Now what is the Fair Market Value ?? Remember financials are reflected at original cost. So, expect for a fire sale, the liquidation value of based on fair market value could far exdeed the above $ 15 Billion cost.

Of course this is all in compliance with GAAP and one can see why it is possible to have Zero $ not shown for Buildings.

Land is not depreciated. This has me scratching my head as one would believe at least a value would be reflected on the balance sheet.