Replies to post #724857 on Mr Cooper Group Inc (COOP)

[Royal Dude]

Remember the Alamo

"Royal Dude
Re: None
Thursday, October 12, 2023 11:24:33 AM
Post# of 717322 Go
Who do you think owes us money? My Hero who saved the US Banking system.

"Failed Bank Information for First Republic Bank, San Francisco, CA
On Monday, May 1, 2023, First Republic Bank was closed by the California Department of Financial Protection and Innovation and the Federal Deposit Insurance Corporation (FDIC) was appointed Receiver. No advance notice is given to the public when a financial institution is closed. JPMorgan Chase Bank, National Association (N.A.), Columbus, Ohio acquired all deposit accounts and substantially all the assets."

https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/first-republic.html

"Key transaction elements following the FDIC’s competitive bidding process include:

Acquisition of the substantial majority of First Republic Bank’s assets, including approximately $173 billion of loans and approximately $30 billion of securities
Assumption of approximately $92 billion of deposits, including $30 billion of large bank deposits, which will be repaid post-close or eliminated in consolidation
FDIC will provide loss share agreements covering acquired single-family residential mortgage loans and commercial loans, as well as $50 billion of five-year, fixed-rate term financing
JPMorgan Chase is not assuming First Republic’s corporate debt or preferred stock
First Republic branches will open on Monday, May 1, as normal, and clients will continue to receive uninterrupted service, including digital and mobile banking capabilities."

https://www.jpmorganchase.com/ir/news/2023/jpmc-acquires-substantial-majority-of-assets-and-assumes-certain-liabilities-of-first-republic-bank?fbclid=IwAR2AyM-Ty3uCWixvskVSzzlSArvkU3kZPAnRUM2E_WIOVAMHMRY4I4Su1lg
Bullish
BULLISH"

[goodietime]

"PLUS I STILL say that JPMC can NOT acquire the REORG'd COMPANY
They can only buy or PAY FOR what they should not have obtained from the FDIC

AND I SAY IT WILL BE WMI not JPM"

I would agree, but with the Laws being ignored left and right , by 'the favored', who knows?

[davidcab66]

Thank you BBANBOB for bringing this back up. I never did understand how the law allowed JPM to get away with this.