Mr Cooper Group Inc (COOP)

[JusticeWillWin]

What a scam! That happened to the WMB premises and equipment...

From http://sidedraught.com/stocks/WashingtonMutual/GhostOfWAMU/JPMFinancialsAnalysis-2.pdf

In simple terms, JPM took advantage of purchase accounting rules to write off the book value of $8 billion in WMB premises and equipment against the negative good will they incurred by paying so little for WMB to the FDIC. This gave JPM two benefits: a) It allowed JPM to publish a much lower number for Goodwill (as a one-time gain) in public press releases (see JPM Press Release), and b) It allowed JPM to record WMB’s premises and equipment assets at 0 book value and hence reduce depreciation expense on an ongoing basis and thereby improve profitability over time. The math JPM used is all explained in Exhibit 3.

And

Exhibit 3 shows a couple of other things that are worthy of note. First, it shows that JPM wrote down $31B worth of WMB loans to 0, and it shows that $8.2B of WMB loan loss reserves were added back against the $31B write down. This in itself explains why Figure 2 does not show a marked increase in loan loss reserves since WMBs loan loss reserves were already factored into the $31B loan portfolio write-off. But this then brings up the question whether a $31B loan loss write-off is appropriate and justified.

IMO that's what I am saying, they cannot reduce the assets at the inception balance sheet by ~26B (then pay this NEW "book value") and then do a write-down again!?

FDIC and JPMC did many creative accounting tricks to show that the takeover was "absolutely justified" at that time IMO

WMI/the estate/Rosen shouldn't have settled with the FDIC and JPM, that truely was a Fifth Amendment taking...

There are more interesting things in this document!

Your post:

JWW, Not sure if you have reviewed the Commercial loans Of "WAMU", but I find these figures from JPM to be staggering.

To any that think we have nothing, think again!

http://sidedraught.com/stocks/WashingtonMutual/GhostOfWAMU/JPMFinancialsAnalysis-2.pdf