Mr Cooper Group Inc fka COOP

[SamuraiProgrammer]

Large Green,

I appreciate your posts and am not 'bashing'. All of the following is IMO.

However, I want to go on record with my understanding of the footnote at the bottom of page 7 you mention on your post.

FDIC TRULY states $299 BILLION in WaMu Assets - Yes, HUNDREDS of BILLIONS


https://www.fdic.gov/about/strategic/corporate/cfo_report_3rdqtr_15/0915_cfo_report.pdf


***Bottom of page 7***


'Excludes WAMU with total assets of $299 billion and zero estimated losses to the DIF



Have I told you lately how much I REALLY LOVE my Escrow ShareMarkers?

I believe that this refers exclusively to the loan portfolio of WMB. Here is why I believe this.

1) FDIC has no reason to address WMI so when they say WAMU it should be understood that it is WMB.

2) When discussing a bank, the primary source of assets is loans to customers that are outstanding. Conversely, the primary source of liabilities is deposits by customers. In every case I have seen when FDIC is talking about Assets, they are describing the size of the loan portfolio.

So, while what you say is absolutely true (there WERE $299B in WAMU assets), this has absolutely nothing to do with WMI or WMILT. This refers to what was seized by FDIC.

I have been a proponent in the past of saying that FDIC may have taken things and passed them on to JPM that should not have been seized. I do not believe those things were included in this $299B and even if they are, they are dwarfed by the size of the loan portfolio.

The reason I am making this post is to warn anyone who is basing a near $300B return for WMILT upon this information should beware. I, for one, do not believe that this applies to the value that should return to WMILT.