Mr Cooper Group Inc fka COOP

[linda1]

"I do not recall WMI or its lawyers anywhere ever even hinting the common is to be cancelled!"



Thank you very much for the information.


I have looked over the history of your posts for WMI and the earliest one I saw was dated September 27, 2008 which is only 2 days after the FDIC seized WMB and so you clearly have a lot of knowledge of the true facts.


For anyone interested - here is Mordicai's first post which is quite telling.



Posted by: mordicai Date: Saturday, September 27, 2008 8:40:32 AM

In reply to: None Post # of 310

I hear that two trillion is needed to clean up the sub-prime mess. Treasury secretary asked for $700 billion, he will be lucky to get half of that. So how are they going to clean up the other 1.3 trillion ? Seems to me the 350 - 700 billion will be used to clean up the financials of the stronger banks to enable the stronger ones to take over the weak ones when the feds decide to seize and confiscate the assets of the weak ones and sell (give?) the assets to the stronger banks. In other words the other 1.3 trillion will come by wiping out the equity shareholders in the weak institutions. Imho the same thing that happened with WaMu is going to happen with Wachovia. Citibank was probably told to go in and take a looksy and determine what they want to pay for the assets in the firesale the date I guess is dependent on if and when deposit holders make a run on Wachovia. I keep on asking myself why has no moratorium been enacted to delay foreclosures, to prevent rating agencies from continually downgrading these instiutions and their security holdings, or to raise the 100,000 fdic limit on accounts....all measures that cold improve the market at virtually no cost to the government and basically done during the great depression. I then ask myself how is improving the liquidity of certain banks going to guarantee that they once agains start lending money ---it doesn't. Moreover, how does the government owning this mortgage paper solve the foreclosure crisis. For every mortgage the government buys and holds onto for years there is either an empty house/non-paying owner/or squatter behind it. How does the bailout address this. It doesn't. Ssems to me the government would be better off lending to Americans directly to buy the foreclosed homes. But this isn't discussed. Why? Because the bailout's only purpose is for the big banks to get bigger.

So, I do not think Wachovia will be allowed to merge. I think Friday's volume says somebody knows something adverse is going to happen. And I think the fact that no gains in the share price held in the after market based on the merger speculation or based on speculation of the passage of the bailout this weekend spells doom. JMHO.

http://seekingalpha.com/article/94349-is-wachovia-the-worst-run-bank-in-america