Mr Cooper Group Inc (COOP)

[JusticeWillWin]

Please ask your FDIC contact why WMB had $298.7 billion in assets (according to the FDIC's own inception balance sheet for WMB (see link)) and why (according to the FDIC web page (in my link) JPM acquired "only" ~$258.5 billion in assets when there were $298.7 billion and where the difference is. The difference is expressed as $40.2 billion "asset related equity adjustments" on the inception balance sheet. What is it exactly, and I don't mean he should only cite the footnote 8! It contains the $26.4B in equity and $13.8 billion WMB senior and junior notes. What did them allow to subtract all the $26.4B in equity (besides the 13.8B for the notes, which I understand)? All losses on assets? If not, where is it? Who has it currently?

====> Link for the inception balance sheet and the FDIC web page: https://investorshub.advfn.com/boards/read_msg.aspx?message_id=140643217

The answer to this question would be very helpful IMO

You can answer his statement "I’m not sure how you are arriving and validating the FDIC is holding billions." directly with the text above. If there were $26.4 billion more assets than what JPM acquired, than these billions MUST BE SOMEWHERE...

According to the P&AA JPMC acquired most of the assets for book value, so according to the books they should have acquired $298.7 assets and NOT $258.5

Thanks!

Your post:

I received this email response from FDIC I asked today. It did not report anything I did not already know. But FYI:

The FDIC as Receiver for Washington Mutual Bank is still pursuing possible recoveries for the Receivership which would be paid to the approved creditors based on their priority of claim. Until all recoveries are received and the costs vs recoveries are not cost effective then the Receivership will be considered for termination. The following was taken from the closed bank web page which you have access to on FDICs webpage:

“The settlement did not resolve certain claims by the Receiver against JPMC, including the Receiver’s claims against JPMC relating to its alleged participation with other banks in manipulating certain benchmark rates and markets (LIBOR, interest rate swaps, ISDAfix, treasury securities, credit default swaps, and foreign exchange rates). It also preserves all claims of the Receiver against other persons who caused losses to WAMU prior to its failure, including claims relating to restitution orders and all regulatory and supervisory claims of FDIC-C. The Receiver anticipates that it will make a final distribution at a later date. It is unlikely that the Receiver will have sufficient funds to distribute to holders of receivership certificates issued to WAMU subordinate note holders or equity holders.”

The FDIC is not holding assets in Safe Harbor pertaining to the Washington Mutual Bank receivership. I’m not sure how you are arriving and validating the FDIC is holding billions.

On October 9, 2018 you received correspondence from Gwen with the FDICs Customer Service Department pertaining to this receivership. She included in the communication how to go about requesting a FOIA Information. If you want more specific information about this receivership I would recommend you file a formal request as she suggested in her email to you.

Thank you,

George Fritz
Senior Strategic Operations Specialist
Division of Resolutions and Receiverships