Mr Cooper Group Inc (COOP)

[tularay]

How about fractional reserve lending Jamie? You know that practice whereby you are allowed to lend up to 10 times more money than you really have in your coffers? You know? That technique you probably used to swallow up WAMU without actually paying a single cent for it? Yeah, no wonder you can't explain what you have, 'cus you never actually paid any of your own money for it.

Truth is on all those customer credit card accounts you have set up you funded them with air money. You added a new credit entry into your balance sheet for it and then called it an asset and then started charging the customer interest on that air money that you never had. Then, when the customer paid off the balance you netted twice what you originally lent, which you never actually had, plus any accrued interest resulting in you actually extracting 2 times plus interest true wealth from an individual thereby converting them into a human cash machine.

No wonder all your other banking buddies (BankofAmerica) were so adamant about lending/opening up credit accounts to anyone having so much as a pulse. It's the biggest con in the history of man. When will you correct THAT wrong Jamie?

And what's worse is that if that customer got smart and decided NOT to pay you the balance after opening the credit card account, and you decided to arbitrate against them to get your air money back, if they told you they represented Themselves and not MR or MRS THEMSELVES and they asked you to provide an invoice of the loss you are claiming against them with a signature at the bottom of the person suffering the loss in order to pay you back, YOU'D be screwed because YOU NEVER LOST ANYTHING and NO HARM WAS CAUSED TO ANOTHER HUMAN by the 'loss' and so no law was broken by Themselves and so all you could do was report it to your credit agency mafia buddies who would report the account as closed.

But thankfully no one's that smart, Jamie lucky you.

Oops, I think I hear the black chopper a-coming