Mr Cooper Group Inc (COOP)

[dix]

The way I understand the situation(I may have this wrong and am open to learning) is that the valuation of WaMu in September 2008 has yet to be actually determined.
WMI says, A.
FDIC states, B.
JMPC shrugs, Dunno.


The purported $30Bn write offs may be questionable. Prehaps those loans actually preformed well.

http://money.cnn.com/2009/01/15/news/companies/jpmorgan_chase/
"Helping boost the results was a one-time gain of $1.3 billion, related to its purchase of the failed savings and loan Washington Mutual last year. Excluding this, JPMorgan Chase said it would have reported a loss of 28 cents per share during the quarter."

http://www.nytimes.com/2010/01/16/business/16morgan.html
"In a remarkable rebound from the depths of the financial crisis, JPMorgan earned $11.7 billion last year, more than double its profit in 2008, and generated record revenue. The bank earned $3.3 billion in the fourth quarter alone."

A troubled JPM takes over WaMU writes off $30Bn makes $1.3Bn (thank you WaMu) in that quarter alone and $11.7Bn the following year. Hmmmmm.

Basing worth on amorphous figures might be premature. I have taken positions in P's and U's and am waiting(as are we all with varying degrees of patience) for more concrete figures.

GLTY

Ten