Mr Cooper Group Inc fka COOP

[Wamook]

It' a conspiracy theory, and it's my very own

It has elements of plausability. It's dark. It's unprovable.

But it goes like this... WAMU offered a very relaxed and friendly face to the banking consumer with a very low fee structure. They gave a lot of service for free. They forgave fees and let people bounce a check here or there.. They were "nice guy bankers" And they grew and grew and grew..

This is called rate busting in most industries. And WAMU actually advertised themselves as rate busters who had all the old school bankers hemmed into a pen and taking sensitivity training classes.

Other more old school bankers operated for many many years with a lot less flexibility and no particular warm fuzzy perks to the consumer. WAMU made a good profit, but nothing like what one of those old school hard ball bankers could have made with that kind of money.

And entering the crisis, the FDIC had too many old school banks on the books that were about to go broke, and could not adjust fees for fear of losing too many customers to WAMU and other banks that opperated like it. And these other banks would have fallen on the FDIC at a time when the FDIC would have "failed" to do what it was supposed to do. It would have been a great catastrophy with a lot of runs on a lot of banks. It could have snow balled around the world... It could have taken EVERYTHING down EVERYWHERE.

So they had this big meeting at a very secluded estate. It was a big done up affair with a lot of ritual sodomy. A big Gang Bank! And it was decided that WAMU was to take the fist. It was a big message to all money lenders and bankers that the system shouldn't have to change because a few genuinly nice guys wanted their customers to like doing business with them. Banking shouldn't have to be a popularity contest.

Banking is about safety and security. Fear is a necessary component of the equation.