Mr Cooper Group Inc fka COOP

[Wamook]

Free at last! Free at Last! Thank the lord we are FREE AT LAST!!

Dream on Martin Luther

This is pure speculation. I'm just using "the force". But I've been giving some thought to the statements about trying to reach settlement for 16 months. Engaged in settlement negotiations.

Situations of this type look like chess pieces on the board to me. And since each piece has a different person moving it, with a different set of interests, I find it very interesting.

The WMI lawyers represent WMI. WMI and their lawyers bennefit most if the company evades responsibility to equity and exits with all the causes of action in tact. There is strong motivation here to try and stay alive with a big pool of capital and go into another big business in a couple of decades oweing nothing to no-one. They even change the name. Hire all new officers. Become something completely new with the money we lost in the stock market.

The primary business of the firm becomes sueing people for a while. They've got some multi-billion dollar pay days ahead if they do. If they sever the equity, They keep the money, even the reporting requirements go away. They become a privately held firm that will be doing a lot of litigating. A big long term payday for the lawyers too.

So the low ball offers are going to be about making that happen.

The FDIC and JPM have already bought enough ink in the press that they have the world thinking they are heroes. And every single article written bears the slogan "Largest Bank Failure in History". JPM never talks about loan loss or a bad lending practice without an immediate segway to Washington Mutual. And we're all out on the lunatic fringe. Sheila's a big wheel and Jamie was named banker of the year with his name up for TSec. They are standing on our neck in public opinion. So you can bet if they are offering to settle, they want the settlement to be so small it appears they were simply dispatching a frivolous suit.

If the papers print they had to cough up any serious cash, people will wonder why they paid off the lunatics on the fringe, if they really were lunatics.

They are rock stars and Washington mutual was just a bank they used to make jokes about. It was also a bank that used to make jokes about them. Stones were thrown.