Mr Cooper Group Inc (COOP)

[Dragynn]

Comment on recent Street article, former Wamu employeee:

http://www.thestreet.com/_yahoo/story/10654336/1/a-financial-scandal-for-2010.html?cm_ven=YAHOO&cm_cat=FREE&cm_ite=NA

"I worked for WaMu in Strategic Ops and can assure everyone that the bank was not insolvent nor were the anticipated loan losses going to impact solvency. The day before WaMu was seized Ken Kido(EVP OPS) met with a small group of us for, what was becomming a pretty regular, open door session. The meetings, this one in particular, were brutal for bank leadersip. Ken laid out the current state of the bank and previewed Qtr end. We discussed the current outflow of deposits and its impact. To call it a "Run on the bank" is assinine. The biggest concern for the bank at the time was resigning departed customers and ensuring that the Stores(branches) were ordering enough cash to service the increase in withdrawls. We beat the numbers to death that day there was nothing to indicate that WaMu was in jeopardy, or would be prior to Q4 2010. one other nte, when WaMu looked at withdrawl and loan loss predictions it was done in a "worst case scenario" manner, almost to a fault. WaMu was not in danger of failing. WaMu was well capitalized and had the liquidity to continue operating for 2 years. If there are any doubts about this look at JPMs earnings. JPM realized profit as soon as the deal was complete and have posted huge WaMu based profits each Qtr since. It is nice to see this finally getting a little attention, but Dan don't say that it would be nice if it got major media attention, push it. Load up on the pref'd and partner with K Grind to get this into the mainstream. The citizens of this country deserve to know how the Government contributed to the meltdown and what the true cost of the unnecessary seizure of WaMu. (Look at the NY fed report from Jan. 09, the impact of the WaMu deal is frightening and eyeopening)"