Mr Cooper Group Inc (COOP)

[p_chen]

PWC LLP - WMI's Special Accountants

This morning, as nothing major has happnened yet, I went on KCCLLC to retrack documents post. The documents make me confused and excited are PWC's billings. They have, so far, filed SEVEN monthly fee applications of services. Their first billing started from January, 2009. The latest billing was for the September.

http://www.kccllc.net/documents/0812229/0812229091102000000000026.pdf

I was looking at the latest billing this morning and realized "Card Services", "Card Sevices Application", "Card Services Data Transfer" and so on. At the first glance I was confused. What is the "Card Services" referring to? Is that business card? Then I kept reading and found as follow.

9/22/2009 Colin Matthew Nakagaki Manager 0909H0106:Reviewing the FDIC application tracking schedule provided by J. Cornell(JPMC) in preparation for the call wih Chase Card Services information technology contacts.

What's Chase Card Services? It's Chase's credit card division.

I was enlightened that the "Card Services" in the billing is different from "Chase Card Services". More, it's stupid to perceive WMI hired PWC to provide accounting services for Chase Card Services. The "Card Services" must be WMI's card. Frankly, I take a wild guess. It's Providian.

As early as January, at the time of PWC being hired, they have been in for "Card Services" accounting, data presevation and updating for months. Why is there a need to consult from PWC? We didn't hear news regarding Providian's integration into Chase. Plus, there is proof saying Providian was not WMB's, at least at that time. Anyone weight in is appreciated.

GLTA WaMuers. Be patient.