Mr Cooper Group Inc (COOP)

[hotmeat]

Agreed...anyone that takes a basic look at any of WAMU's SEC filings would see that the vast majority of their assets were in the form of wholesale loans and MBS's.

Unless these loans were financed using WAMU's own cash then these loans are not worth their net value, ie $100M does not equal $100M in value but rather a fraction of that (interest profit minus costs).

We know that banks do not fund loans using their own cash but rather use customer deposits or borrow from the federal government and as such it must be repaid.

My point is that just because WAMU held $300B in assets it doesn't mean that the company was WORTH anything remotely close to $300B, in fact it's substantially less than that.