Mr Cooper Group Inc (COOP)

[jerrylev]

Re: PDF 21 of 60

We only bought the assets and the books and records 11 of the failed bank. Under our agreement with the FDIC, we 12 obviously did not acquire assets or books and records of the 13 parent company. And it is a question of identification, and 14 having the personnel and the knowledge base in which to respond 15 on a timely basis.


JPM didn't buy the entire bank intentionally and pushed back parts to FDIC, because probably they were risky loans and carried a high liability to JPM back then.

But it was then in 2008 and it is now in 2018.

JPM did cherry picked the best WAMU assets that they want. Although the 1.9B initial buy price didn't include those good assets and JPM paid more than 1.9B secretly to FDIC.