Mr Cooper Group Inc (COOP)

[tony_t]

tanjazielman



BK shadow,

Let's resolve this once and for all.

You're talking about a net increase of $225,823M in loan value from 2007 to 2008.

The increase you come up with is INCLUDING WHOLESALE LOANS. As we all know those are NOT considered PORTFOLIO LOANS!

Look at this one, one more time:



If we look at consumer loans (after all that's where we are talking about, loans in PORTFOLIO and NOT the WHOLESALE loans) the net resulting difference is only:

482B minus 306B=176B

Look further and you'll see 20B of this difference is explained by an increase of 20B in credit card loans (which mostly comes from WaMu).

176B minus 20B= 156B difference

Of which 81B is coming from WaMu (in the form of the so called PCI loans, see below)

According to JPM's filing found here at page 32 under PCI loans, look at 2009 figures (there are no values to be found from 2008):
https://www.jpmorgan.com/cm/BlobServer/New_Zealand_bankstats10.pdf?blobkey=id&blobwhere=1158634493600&blobheader=application/pdf&blobheadername1=Cache-Control&blobheadervalue1=private&blobcol=urldata&blobtable=MungoBlobs

81B is the combined total of PCI loans in 2009 (vs. 69B in 2011).

As I explained in my previous post these PCI loans, which are pooled together and accounted for on a separate basis, are coming from WaMu through FDIC receivership.

81B in 2009 reported by JPM vs. 244B in 2007 reported by WaMu.

Let that sink in for a moment...

You're telling me 244B in assets from 2007 is devalued to a mere 81B in 2009?

I'm not gonna believe that.

What I do believe, purely by breaking down the numbers from the PCI loan breakdown, JPM took over half of the home equity loans, and almost all prime and subprime mortgages from Wamu. But no mention whatsoever about the home loans!!!

The actual first mortgages! WORTH 110 BILLION DOLLARS
according to this document in 2007: http://faculty.washington.edu/rbowen/cases/WaMu_case_10_08.pdf.


110 billion just went poof on the books.... Some shady accounting here.....

JPM doesn't have them on the books (PCI loans don't exceed 81B).

FDIC doesn't either.

WMI LT doesn't either.

OK those were the COLD HARD FACTS...

Now for some fun:

Someone is holding back assets!!

Can you say SMOKING GUN?

"It's all over"

"He could have gotten more" (about Susman)

Susman and EC got air of this, and confronted Walrath AND Rosie with these assets that were held back. All this on a beautiful day in 2011, in Walrath chambers, with only those three people present.

IMO Susman did them a huge favor for the sake of their professional careers, by discussing it in chambers and not on the record! Think and ponder about that one for a bit....


That's why their faces, according to eye witness records, saw a little bit scared and white. Can't blame them right?

Which made EC's seats on the mediation table very comfy.

Hedgies had the opportunity to walk away from murder, while caught in the act to sell the body for organs, but had to return their stolen house and 2/3 of the money on their bank account.

Sounds like a good deal. Hedgies don't go to jail, got a bit for their PIERS, and escrows make BIG FAT MONEY.

That's why PIERS were deemed popular just before reorganization.

That's also why buying of commons and preferred went on in big volumes even after the voting deadline with the ultimate risk to end up with shares you cannot sell (and haven't been sold!!)

That's why escrows are IMHO...

...BWTFDIK....

where the big money sits!

Case closed.

PS. I can post only once daily, so gotta make em count I guess ;)