Mr Cooper Group Inc fka COOP

[contrarian bull]

As the purchase agreement states, we are due "book value" on assets.

That's our problem! Back during the mortgage meltdown "the market" was valuing mortgages as if every one would go into foreclosure and none of them were worth the amount of the mortgage. Remember TARP? That was officially called "Troubled Asset Relief Program" but the street name was "Toxic Asset Reduction Plan" since mortgages were at the time "Toxic".

They had to do "Mark to Market" accounting, setting a value for those mortgages at what they would get that day if they put them up for auction. Nobody was buying mortgages back then so they would have sold for just a few pennies on the dollar.

So that's what JPM paid for them. They paid full mark to market price at the time. Same thing happened to Fannie and Freddie, except in their case the companies were nationalized and are currently "owned" by FHFA.