Mr Cooper Group Inc (COOP)

[adar7]

This PSI does not help our cause at all. It describes WaMu as an out - of - control bank of greed of historic proportions and its regulator, OTS as an impotent and derelict body. It depicts FDIC as a victim who tried to stop the greedy WaMu but was impeded by OTS. And in the end it depicts FDIC and JPM as preventing a complete bankruptcy of federal bank insurance and a total collpase of all credibility in the financial markets by arranging the quick purchase of WaMu. Whose idea was it to enter this as part of the record?! Enclosed is the conclusion to the PSI on WaMu:

Conclusion. WaMu is the largest bank failure in the history of the United States. When
OTS seized it, WaMu had $307 billion in assets. By comparison, the next largest U.S. bank
failure was Continental Illinois, which had $40 billion in assets when it collapsed in 1984. OTS’
failure to act allowed Washington Mutual to engage in unsafe and unsound practices that cost
borrowers their homes, led to a loss of confidence in the bank, and sent hundreds of billions of
dollars of toxic mortgages into the financial system with its resulting impact on financial markets
at large. Even more sobering is the fact that WaMu’s failure was large enough that, if the bank
had not been purchased by JPMorgan Chase, it could have exhausted the entire Deposit
Insurance Fund which then contained about $45 billion. Exhausting the Deposit Insurance Fund
could have triggered additional panic and loss of confidence in the U.S. banking system and
financial markets.