Mr Cooper Group Inc (COOP)

[hotmeat]

POST 630799 IS A MUST READ.........


The following explains exactly what happened to WAMU's assets...the first sentence says it all !!!!!!!!!!!!!!!!!


Quote: "Private property is thus seized unconstitutionally and given away to JPM for pittance. JPM CEO, after 1.5 years of the seizure, brags before his shareholders about the immense value of WMI assets it brought for them: about $18 billion in annualized profits which amount to a present value of assets of $360 billion, by using even a very high cost of capital of debt (5%) employed in the acquisition, and by assuming no growth. Washington Mutual Bank was not in default at the time of seizure.

The WMB bonds were fully protected with the scheduled coupon payments duly paid on time. WMB bonds would be protected fully even if WMB were not seized and stayed with its previous parent company. Washington Mutual Incorporated (the parent holding company of WMB) was not in default at the time of seizure. Even now, in the bankruptcy court, WMI is highly solvent with all WMI bonds trading in the market above par.

That the WMI BOD has acted at the behest of JPM is obvious. On bankruptcy, the WMI BOD has appointed a Debtor’s attorney to propose a plan of reorganization by giving away significant assets of the bankrupt WMI estate to JPM to void any legitimate claim of equity in the estate."