Mr Cooper Group Inc (COOP)

[chrisr1986]

This is a dangerous game...
50,000@.09 its going to hurt if i dont make that back.
I wanna buy more now.. but who knows how low this thing could go... and more importantly, if it will ever come back...


http://www.reuters.com/article/regulatoryNewsFinancialServicesAndRealEstate/idUSN2052677620081021?pageNumber=1&virtualBrandChannel=0

JPMorgan agreed earlier this month to allow WaMu's parent company to access $707 million in deposits it held at Washington Mutual Bank and $3.7 billion it held at the bank's subsidiaries.

The FDIC did not make any specific claim against WaMu, but said that once the facts have been established, it may make claims.

"There are several potential bases for the FDIC, as regulator and receiver, to have an interest in the funds," it said in the court documents.

A court hearing scheduled on Monday to consider the agreement was postponed until next week, said Marcia Goldstein, an attorney representing Washington Mutual in the bankruptcy.

The money could eventually be used to repay creditors of the bankrupt parent company as well as the FDIC, if needed.

A group of Washington Mutual Bank noteholders also filed an objection to the agreement over the $4.4 billion, saying they may also have rights to the funds.

"No bank would ever let someone walk up to a teller window and withdraw even one dollar from an account without confirming that the account was actually established and that the account actually belonged to the customer," the noteholders' group said in court documents.

Goldstein said she was unsure that the bank's noteholder group had standing in the case.