Mr Cooper Group Inc (COOP)

[steved_45]

I think they'll eventually pay a much higher price for the portfolio and that they won't get the tax refunds.

Even in this letter Dimon explains that it was unfavorable for them to buy WaMu b/c of mark-to-market accounting.

From the last sentence of the first big paragraph:
Asked why did JP Morgan not buy WaMu and instead TPG injected the capital; Jamie replied he thinks the potential losses are higher than TPG is estimating, plus their losses are limited to their initial equity investment, unlike for JP Morgan (or any other USA bank) which has to mark to market and assign/inject additional capital accordingly.

We can infer that they were colluding from this letter, but the evidence isn't 100%. All I can go off are off the facts and so far I haven't really read or seen conclusive evidence that would make JP Morgan 100% liable for collusion/unfair competition. If so, then the DOJ/SEC would have already been on it (hopefully). Maybe they're working on it (like how long it took for the Goldman Sachs deal)? Maybe they're waiting for JH's results? I also don't know how common it is for other banks to meet and discuss strategies especially when they all "advise" each other. Maybe just the fact that they met is against the law? I don't know, but my intuition says it's ok. But it definitely looks shady and makes me think that there is much more than we know about.

I still think there's a lack of evidence until JH's full report comes out. Part of his job is to evaluate tort/civil claims, so if there was actual collusion b/t FDIC/JPM/Banco Santander, I sure hope JH and his crew finds it. That's all we can hope for. Until then, we can all hope, speculate and accumulate.