Mr Cooper Group Inc (COOP)

[Lawrence 147]

My reply to the PI

“JPMorgan Chase & Co. said in court Thursday that it owns at least part of the $55 million because it bought WaMu's bank and other assets for $1.9 billion last year.”

What an interesting quote. Mr. Church did you ask the obvious follow-up question as to what the other assets were? I ask this because it is my understanding that the FDIC has the authority to seize the bank but nothing else. Hence the development of corporations and the division of entities. WMI the holding company is separate from the two banks seized and created to protect the assets of the whole. Because the FDIC does not insure WMI it has no claim to it or any authority to seize and sell anything but the bank, as that is what they had insured.

This leaves us to ask, (Why does it appear that JPM has claimed the contested assets of WMI in their quarterly report, not as contested)? JPM stands a very good chance of having no claim at all to any of the assets of WMI as only the banks could be seized and sold by the FDIC. JPM also could be in for trouble claiming a substantially better position than they actually have, trying to bring in investors in a fraudulent manner.

Mr. Church please follow- up and ask, What other assets?