Mr Cooper Group Inc (COOP)

[Dmdmd2020]

I posted the following on boardpost.net earlier today:

https://www.boardpost.net/forum/index.php?topic=12420.msg212842#msg212842


"Thank you CSNY for pointing out the page numbers regarding the loan originations via WMI (WMB + WMB Fsb)
I am going to use the following link regarding the Sub Committee hearing in 2010:

https://archive.nytimes.com/www.nytimes.com/interactive/2011/04/14/business/14crisis-docviewer.html

Page 142 (PDF page 145 of 652)

The chart states a total of $124.4 billion (Sold to Freddie Mac) + $380.1 billion (Sold to Fannie Mae) = $504.5 billion mortgages sold to Freddie and Fannie

$504.5 billion is 27.3% of the "Total WaMu Originations Sold to GSEs"

$504. 5 billion / X  = 27.3% / 100%

X = $1.8479 Trillion total WAMU mortgage loan originations  from 2000-2008

______________________

On a previous post I had on boardpost.net as of August 23, 2014:

https://www.boardpost.net/forum/index.php?topic=6028.msg75692#msg75692

Link for WMB :

file:///C:/Users/penta/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Washington%20Mutual%20Bank%20TFR%20June%2030%202008.pdf

Link for WMB Fsb:

file:///C:/Users/penta/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Washington%20Mutual%20Bank%20FSB_.pdf

"iPrelude...thank you for the above links.  I tabulated some important asset figures according to the two above links.

Per OTS as of 30Jun2008 (In Thousands)


                                                                               WMB                                WMB, FSB

Cash, Deposits & Investment Securities                       $17,316,903                    $7,160,335

Mortgage-Backed Securities                                        $18,896,245                   $16,877,894

Mortgage Loans                                                         $222,681,859                 $8,644,219

Nonmortgage Loans                                                  $11,783,070                   $11,898,262

Repossessed Assets                                                  $1,531,807                     $253

Real Estate Held for Investment                                 $5,185                           $0

Equity Investments Not Subject to FASB Statement No. 115      $5,493,079            $676,707

Office Premises and Equipment                                  $2,542,547                     $8,641

Other Assets                                                            $26,770,919                   $781,696

Total Assets                                                             $307,021,614                 $46,048,007


CONCLUSIONS...IMO:

1)  The OTS fact sheet that was published as of 25Sep2008 (which stated assets = $307 billion), was only for WMB and it did not include WMB, FSB.
2)  The St. Louis Fed's number of $350 billion for "WMB, FSB" assets  was for the total assets of WMB + WMB, FSB. ($307,021,61 + $46,048,007 = $353,069,871)
3) I am more inclined to believe the $350 billion published by the St. Louis Fed as of 2010. 
http://research.stlouisfed.org/publications/review/10/09/Aubuchon.pdf
Table 2 on page 10

4)  Per the 2009 JPM Annual Report:

http://files.shareholder.com/downloads/ONE/0x0x362439/a51db960-bda2-4e30-aacd-3c761b81ba75/2009_AR.pdf

PDF Page 29/260:

"Our fortress balance sheet enabled us to buy
Bear Stearns in March 2008, adding $289
billion in assets; then we acquired Washington
Mutual just six months later, adding a further
$264 billion of assets."

 JPM claimed on their 2009 annual report that they acquired $264 billion of WAMU assets as of 25Sep2008. Thus $350 billion - $264 billion = $ 86 billion (residual in FDIC-R)"

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IMO....Conclusions (as of April 05, 2018):

1) Total WMI/WAMU (WMB + WMB Fsb) loan originations from 2000-2008 is $1.8479 Trillion

2) Total Assets from MBS beneficial interests owned by WMI/Escrow Marker Holders

$18.896245 billion +  $16.877894 billion = $35.774139 billion

$35.774139 billion x 3% annually compounded x 9 years = $46.677137 billion (bankruptcy remote)

3) Total Mortgage Loans under WMI (WMB + WMB Fsb)

$222.681859 billion +  $8.644219 billion = $231.326078 billion

$231.326078 billion x 3% annually compounded x 9 years = $301.828063 billion

If one believes that a Final Payment from JPMC needs to compensate for the mortgage loans, then JMPC would have to pay $301.828063 billion less $1.9 billion (Initial payment from the Purchase & Assumption Agreement)"