Mr Cooper Group Inc (COOP)

[Zardiw]

Facts:

From WamuRape.org:

Based on all the media reports WaMu holder could find, Washington
Mutual was well capitalized at the time of seizure, albeit they had
16.7 billion dollars withdrawn over a 10 day span, reportedly
primarily due to withdrawals and transfers of funds that were over the
threshold insured by the FDIC.

The FDIC claims there were liquidity problems, but there is no
specific information regarding that that could find in any media
reports. WAMU had a plan for improving their liquidity by borrowing
money, but the OTS did not give them time to implement it.

While there certainly is evidence that Washington Mutual had not
managed their bank optimally, We have found no evidence that they
either collapsed, or were about to collapse. We did find that
Washington Mutual had presented a comprehensive plan to the FDIC to
“get its house in order” and it was approved by the FDIC about 2 weeks
before the seizure.

We also found that at that time the FDIC had
indicated Washington Mutual would be able to operate in the “medium
term” without difficulty.

We found that while Goldman Sachs was trying
to sell Washington Mutual, the FDIC was trying to make arrangements
with the same banking institutions to buy Washington Mutual, thus
undercutting their ability to sell themselves.

We did find that banks
were hesitant to make any agreement to buy Washington Mutual pending
the results of Congressional discussion about the 700 billion dollar
bailout.

What we found was evidence of mismanagement of the FDIC, notably that
the FDIC waived insurance premiums for the period of 1996-2006, which
affected their ability to pay claims, thus prompting them to seize
Washington Mutual rather than risk having to pay any claims to
depositors.

We did find that the FDIC had the option to borrow 30
billion dollars from the Federal Reserve, but they chose not to
exercise that option in order to “save” Washington Mutual from what
appeared to be temporary liquidity problems, if indeed there were
liquidity problems at all.

We did find that JP Morgan had offered to buy Washington Mutual 300
Billion dollar bank at a rate of $8 per share in April of 2008, and
Washington Mutual turned them down because they felt the price was too
low.

We did find that Washington Mutual’s 300 billion dollar bank was
sold for 1.9 billion dollars, immediately after the FDIC seized it. We
did find that the FDIC apparently had a media leak that caused them to
seize the bank earlier than they planned. The FDIC virtually gave the
bank away, at the expense of the stockholders.

We did find that JP Morgan may have withheld approximately $5 billion
dollars in deposits from Washington Mutual when they needed it the
most.

Interestingly enough, the same is reported to have occurred with
Lehman Brothers, another big bank failure at about the same time. We
found that JP Morgan has been accused of freezing 17 billion dollars
in assets of Lehman Brothers that may have caused or significantly
contributed to its collapse.


We found a recorded telephone conversation of Jamie Dimon indicating
that JP Morgan was to profit measurably from the seizure of Washington
Mutual within the short term. We found that JP Morgan is being
investigated for inappropriate contact between the SEC's enforcement
director and JP Morgan's general counsel.

I find it interesting that
JP Morgan keeps coming up in affairs that could be illegal or at least
unethical, over and over.
In summary, the circumstances surrounding the seizure of Washington
Mutual Bank are questionable at best. There are multiple issues that
at least give the prima facie impression of impropriety.

We urge you,
most strenuously, to investigate the circumstances surrounding the
seizure of Washington Mutual Bank as it relates to the FDIC, the SEC,
OTS and JP Morgan, We know that Washington Mutual is being
investigated for their part in participating in less than optimum
business practices, but it seems to me there are more players in this
scenario that need to be investigated. At the very least, a
significant amount of blame.

z