Replies to post #668006 on Mr Cooper Group Inc (COOP)

[SamuraiProgrammer]

EDIT : I just hit the wrong thing and am editing the post to put it out in a few minutes

[SamuraiProgrammer]

All of this goes without saying but as a former IT professional, I can't resist commenting....

(tldr at the end)

Quote (emphasis added)

A. The agreement does call for us to get a list of the loans. We agreed that we would not get them. There were tens of hundreds of thousands of loans. We had no way of actually getting and — we usually — every other bank, we will get a download of all the loans. They number in the thousands. Here, they were numbering in the millions, I believe, tens of millions, and we simply didn’t have capacity to download that information, store it someplace where we could get it. So we agreed with JPMorgan that we would not take a download. If we needed the information, we would just get it from them.

Ok...

(Remember, we are just talking about a list - not all details including payment history - A LIST )

'Tens of hundreds of thousands'...that is millions... someone is either deficient in math or obfuscating

'I believe, tens of millions' - ok fine... for purposes of my analysis, lets stipulate 100 million (can't be that many but what the hell)

'We simply didn't have capacity to download that'

Ok - how much capacity is needed?

What is needed for a list of the loans?

Name and contact information of the recipient
Name and contact information of the institution (branch, etc.)
Name and contact information of the servicing agent (who is watching the loan)
Numeric details about the loan
Initial amount
Balance
Arrears
Category information about the loan (mortgage, car loan, etc)

How much space does that take up?

Contact information: at most 100 bytes but lets be generous and say 256
Numeric details about the loan: actually about 12 bytes but lets be generous and say 128.
Category information about the loan: probably one byte but lets be generous and say 64.

So 256 * 3
Plus 128
Plus 64
Total: 960 bytes --

Times our generous 100 million loans = 96,000,000,000 bytes

OR

93,750 Kilo bytes

OR

91,553 Mega Bytes

OR

89.4069716 (call it 90) gigabytes.

<Expletive Deleted> <Expletive Deleted> <Expletive Deleted>

For $21.99 you can buy a 1 TERA byte USB Flash Drive and store over 100 copies of the 'list'.

Yes, I know this was many years ago but HOLY CRAP you could still buy storage in the 100 GB + range back then.

TLDR

They didn't want the data and are speaking technobabble to impress those with Techilepsy (can't function when confronted with technology) and weasel their way out of their fiduciary obligations.

MY OPINION ONLY