Mr Cooper Group Inc (COOP)

[mordicai]

There was only about $30 billion of cash in WMB and the savings bank at time of seizure. $6 billion of that was used to pay the senior note holders of WMI per gsa settlement. If I buy a flat from you for $1,000 cash and 10,000 assumption of a mortgage, I paid 11,000 for the flat. Same here. The lack of liquidity was the primary reason given for the seizure. I am not saying the purchase price was fair at all. I agree JPM got to pay those customer deposits with proceeds from the wmb loans etal. But I would pay the flat mortgage from rents as well. Doesn't alter what was paid for the purchase.