Replies to post #401763 on Mr Cooper Group Inc fka COOP

[Milk Duds]

I read somewhere that JPM said they were gradually (every few years) adding some of the assets they got from WaMu to their financials.

They were keeping them in a separate category and not adding all of them at once.

Now, I don't know if this referred to mortgages (I assume it did) and I don't know what kind of "category" they could be put in, but they somehow did it and it's considered legal.

I'm not an accountant, and have no idea if this means you're wrong, but I do know that things can be hidden very easily and legally, and we really need a CPA to give an opinion before we start getting too excited.

[chaarles]

Great post, please you have to make a FDIC FOIA Request, they are obliged to answer you. I did some requests back in 2010 and they send me the info I requested. Now you have to register and they have to approve your request, they did deny mine. PLEASE TRY.
TIA

[bkshadow]

The Annual Report IS CRYSTAL CLEAR

Yeah it's quite clear that JPM "claims" to have "bought" 244 billion in mortgages.

JPM can claim everything they want. Too bad their claim is not backed by cold numbers.

Let's take a look (from JPM's 2008 annual report, p. 58):

http://files.shareholder.com/downloads/ONE/3332638820x0x283416/66cc70ba-5410-43c4-b20b-181974bc6be6/2008_AR_Complete_AR.pdf

Selected metrics
Year ended December 31,
(in millions, except headcount
and ratios) 2008 2007 2006
Selected balance sheet data –
period-end
Assets $419,831 $256,351 $237,887
Loans:
Loans retained 368,786 211,324 180,760
Loans held-for-sale and loans
at fair value(a) 9,996 16,541 32,744
Total loans 378,782 227,865 213,504
Deposits 360,451 221,129 214,081
Equity 25,000 16,000 16,000
Selected balance sheet data
(average)
Assets $304,442 $241,112 $231,566
Loans:
Loans retained 257,083 191,645 187,753
Loans held-for-sale and loans
at fair value(a) 17,056 22,587 16,129
Total loans 274,139 214,232 203,882
Deposits 258,362 218,062 201,127
Equity 19,011 16,000 14,629
Headcount 102,007 69,465 65,570
Credit data and quality
statistics
Net charge-offs $ 4,877 $ 1,350 $ 576
Nonperforming loans(b)(c)(d)(e) 6,784 2,828 1,677
Nonperforming assets(b)(c)(d)(e) 9,077 3,378 1,902
Allowance for loan losses 8,918 2,668 1,392
Net charge-off rate(f) 1.90% 0.70% 0.31%
Net charge-off rate excluding
credit-impaired loans(f)(g) 2.08 0.70 0.31
Allowance for loan losses to
ending loans(f) 2.42 1.26 0.77
Allowance for loan losses to ending
loans excluding purchased
credit-impaired loans(f)(g) 3.19 1.26 0.77
Allowance for loan losses to
nonperforming loans(f) 136 97 89
Nonperforming loans to total loans 1.79 1.24 0.79

Well, you are looking at the "SEGMENT REPORTING" and you are only posting the above amounts from the SEGMENT - RETAIL FINANCIAL SERVICES. Annual reports have these SEGMENT reporting standards and requirements. If you look at only ONE SEGMENT, and miss all of the others, you won't understand how they all come together and where in the AUDITED FINANCIAL STATEMENTS AND NOTES.

If you do the same for all of the SEGMENTS (INVESTMENT BANK, CARD SERVICES, COMMERCIAL BANKING*, TREASURY AND SECURITY SERVICES, ASSET MANAGEMENT AND CORPORATE), you will find the various loans that total the $744,898M.

You later image for 2006-2010 and half of 2011 (odd, as you reference this as the 2008 Annual Report, but I get it). Again, the $744,898M is a good number, as $519,075M was 2007, a net increase of $225,823M; and considering JPM stated, and the AUDITOR ATTESTED IN THE FOOTNOTES, they wrote down the mortgages as part of the acquisition accounting by $31,018M, the total loan increase is well over the WMB $244B referenced specifically in the MD&A and in the WaMu Acquisition 2008 FOOTNOTE.

Crystal clear.

Do you see any increase of 244 billion in reported mortgage portfolio loans on the books of JPM from 2007 to 2008? (VERY IMPORTANT TO REMEMBER JPM ACQUIRED BEAR STERNS TOO IN 2008!)

Yep, just enlightened you above. Very clear.

Also, Bear Stearns primarily securitized mortgages. Check it out ~ http://www.sec.gov/Archives/edgar/data/777001/000091412108000077/be11750956-ex13.txt

I don't know much, but when the 25th September these questions are not answered - and I'll take cash instead of an answer also - somebody's got some 'splaining to do!!! ("oh Ricky!")

Not a problem, I can wait. I am 100% sure there will some serious 'splaining to do. Just make sure it is not MW and SG as the 'targets. They NEVER said anything other than what is on the record, what I have continually referenced; what I call black and white and others also add that "it is what it is."

The non-reality alternative that many are supporting with references that, in the end, are incorrect, has a source and a parade. MW and SG are not in that parade, and don't put them in it when the sun comes up once and for all.

(Next public announcement date?)

[Large Green]

tanj, excellent information and I guess the truth (2 MONTH MEDIATION RESULTING in DEAL) CAN HURT. No spin here. We shall soon see what was left. The issue here is what should it matter when one does NOT have escrow shares? The ONE thing that tells the truth in life ABOVE any and everything are actions.

Again, ACTIONS, ACTIONS and Actions lead the way!!!

Have I told you lately how much I love my escrow shares?

[boarddork]

Wow! Beautifully laid out T-man. I couldn't said it any better! This should be a sticky.