Replies to post #685662 on Mr Cooper Group Inc (COOP)

[BigBang]

The FDIC did not want it to happen because TD was a Canadian company

In my opinion, that was not the reason. In my opinion, it was because they needed to save JPMC from having to file for bankruptcy. JPMC is the government’s bank and, if they were to fail, all hell would have broken loose. And, as I remember, it was more in the 30 billion range (it could have been a bit more) TD offered for WAMU’s east coast branches.

And the bailout certainly worked out very well for JPMC as they just recently unveiled their new Park Avenue headquarters tower at 270 Park Avenue in New York City. All at the expense of WAMU and it’s shareholders. Nice!

https://nypost.com/2022/04/14/jp-morgan-chase-unveils-its-new-park-avenue-headquarters-tower/

[STRIKEEAGLE]

Wow... memories fade... anyway, this can easily be put to rest... someone, share a link or an article (with date and source) or filing...

Otherwise... the "TD Bank offered $$ for WAMU"... is just BS.

Share the documentation or give this one a rest!!!!

I can't remember what I ate for F breakfast yesterday... "memories"... SMH


AIMHO, STRIKE

[bankjob]

I recall what you wrote and it was evident, IMO, the FDIC was trying to thwart the expansion of TD Bank as it wanted what was American to remain under the control of a US corporation and also prevent the failure of JPM which was plagued with trillions in derivatives exposure.

What I don’t recall clearly was whether the $20B is accurate and whatever offer was truly being considered included a condition for government assistance (backing every loan that it would assume).