Mr Cooper Group Inc (COOP)

[fsshon]

Agreed.. I read a post earlier today, that had the lead up to the Wachovia deal. The FDIC was not comfortable with doing Wachovia, unless Treasury backed the deal. Treasury was pushing for the deal, so yes they were going to back it. Wells put a damper on that.

We had Banco Santander, Wells Fargo, Toronto-Dominion all wanting WAMU.. JPM was gifted WAMU because Treasury/FED/FDIC/???? deemed them a risk to the financial stability of the country and propped up JPM. Refer to SF for the reasons, she has it down.

The deal was too soon and too hasty, so JPM gets the "deal of a lifetime!" FDIC will only make JPM pay more if it does not injure the "too big too fail" bank and its debtholders. That is all they care about. Treasury will secretly pay whatever is necessary to put this thing to bed. JPM will ask them for the money, just like they did with Bear Stearns. JPM is going to have to support the WMB Bondholders, we do not have any liability to them period. This is why they are suing JPM in DC.

Jamie may ink a deal, but that shrewd banker will not be tapping his reserves for the check, He will be ringing Geithner and Bernanke to do it "under the table." Whatever happened to the 30 Billion loan they were given for Bear Stearns> It was a non-recourse right?

No repayment of that debt and Jamie says Bair requested he take WAMU and he had to help out his country and oblige her. Yet, we know from the docs, the man was salivating at the chance to get that market share, deposits, bank money, atm's, loans etc etc for FREE! Project West.. Negative Goodwill of 2 Billion means he did!

~Don~