Mr Cooper Group Inc (COOP)

[Dmdmd2020]

Per JPMC 2009 annual report:

https://www.jpmorganchase.com/corporate/investor-relations/document/2009_AR.pdf

PDF page 29 of 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.”

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Per JPMC SEC press release as of September 25, 2008:

https://www.sec.gov/Archives/edgar/data/19617/000119312508201636/dfwp.htm

Page 1-2:

“New York, Sept. 25, 2008 – JPMorgan Chase & Co. (NYSE: JPM) tonight announced it has acquired all deposits, assets and certain liabilities of Washington Mutual’s banking operations from the Federal Deposit Insurance Corporation (FDIC), effective immediately. Excluded from the transaction are the senior unsecured debt, subordinated
debt, and preferred stock of Washington Mutual’s banks. JPMorgan Chase will not be acquiring any assets or liabilities of the banks’ parent holding company (WM) or the holding company’s non-bank subsidiaries. As part of this transaction, JPMorgan Chase will make a payment of approximately $1.9 billion to the FDIC.“

Page 5:

“
As of 6/30/08
($ billions)

JPMorgan Chase Washington Mutual Combined
Select Business Metrics


Footprint (states)

17 15 23 states
Total Assets

$ 1776 $ 310 $ 2,036
Total Managed Loans

$ 617 $ 231 $ 848
Branches1

3,203 2,207 5,410
Total Deposits

$ 722.9 $ 181.9 $ 904.8
Checking Accounts

11.3mm 12.7mm 24.0mm
ATMs

9,310 4,962 14,272
Managed Credit Card Loans

$ 154.7 $ 26.4 $ 181.1
Credit Cards Issued

157.6mm 12.7mm 170.3mm
Employees

195,594 43,198 238,792
Network Comparisons


U.S. Households

25.0 % 30.3 % 42.3 %
Average Income

$ 71,595 $ 74,747 $ 72,332
Businesses

26.5 % 33.0 % 45.6 %
US Population in Footprint

75.0mm 94.1mm 129.9mm
5yr US Population Growth Rate (‘07-’12)

3.3 % 5.6 % 4.9 %
% of Population Growth in Footprint

18.0 % 37.9 % 46.2 %”

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IMO...my conclusions as of January 02, 2019:

1) Per JPMC SEC press release as of September 25, 2008, the total assets acquired by JPMC was $260 billion.

Per JPMC 2009 Annual Report, JPMC acquired $264 billion in Washington Mutual assets, so those number relatively agree.

2) Per the JPMC SEC press release as of September 25, 2008, the total Washington Mutual “Total Managed Loans” is $231 billion. As you can see that $231 billion is roughly 1/3 of the size of JPMC with respect to “Total Managed Loans”.

Thus, if JPMC truthfully did acquire $264 billion Washington Mutual assets, then the $231 billion “Total Managed Loans” are the same as the “Portfolio Loans” within the bankruptcy. Therefore, JPMC still needs to compensate WMI for the acquisition of the $231 billion in “Total Managed Loans”/“Portfolio Loans” upon “Change In Control “.

The “Change In Control” will happen once the BK cases are closed, and also when the FDIC resolves the receivership.

4) Bill Paatalo and Neil Garfield have shown in many court cases (some that they were personally involved in) that proves that JPMC did not own the Washington Mutual Portfolio Loans or any Securitized MBS Trust loans (MBS Trusts that WMI subsidiaries created). The only thing JPMC owned was the servicing rights to the Washington Mutual mortgages.

5) If JPMC wants to legally own the Washington Mutual “Managed Loans”/“Portfolio Loans”, then they need to compensate WMI/WMILT/WMI Escrow Marker Holders for book value which is approximately $231 billion upon “Change In Control “.