Replies to post #95124 on Mr Cooper Group Inc fka COOP

[drrugby]

JPM to repay TARP by 30 Sept 2009 because JPM has announces that common share holders will receive a Dividend

http://news.moneycentral.msn.com/ticker/article.aspx?symbol=US:JPM&feed=BW&date=20090915&id=10393615

JPMorgan Chase & Co. JPM declared a quarterly dividend of 5 cents per share on the outstanding shares of the Corporation’s common stock. The dividend is payable on October 31, 2009, to stockholders of record at the close of business on October 6, 2009.

Notice: TARP required Bank companys to stop or dramaticly reduce Dividend payments till TARP was repayed.

A Settlement is coming..

Tomorrow: Look for all WAMU stocks to take off VOLUME and PPS...

GO WAMU..

[PutYourWatchOn]

This is the alert I got in an email...

News Release
JPMorgan Chase Declares Common Stock and Preferred Stock Dividend

New York, September 15, 2009 - JPMorgan Chase & Co. (NYSE:JPM) declared a quarterly dividend of 5 cents per share on the outstanding shares of the Corporation's common stock. The dividend is payable on October 31, 2009, to stockholders of record at the close of business on October 6, 2009.

JPMorgan Chase & Co. also declared a dividend on the outstanding shares of each of the following preferred stock issues:

* 6.15% Cumulative Preferred Stock, Series E - $3.075 per share (equivalent to $0.76875 per Depositary Share)
* 5.72% Cumulative Preferred Stock, Series F - $2.86 per share (equivalent to $0.715 per Depositary Share)
* 5.49% Cumulative Preferred Stock, Series G - $2.745 per share (equivalent to $0.68625 per Depositary Share)
* Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series I - $395.00 per share (equivalent to $39.50 per Depositary Share)

The dividends for the Preferred Stock Series E, F and G are payable on October 15, 2009, and the dividends for the Preferred Stock Series I are payable on October 30, 2009, in each case to stockholders of record at the close of business on September 30, 2009.

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.0 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan, Chase, and WaMu brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com

[fsshon]

Key word is REDUCE!
US bank did the same thing, probably not related to anything. Banks have to pay divies to keep investors on board, its one of the perks of investing in a financial stock. Tarp allows divies, it just doesn't allow capital expenditures that upset the capital ratio beyond what treasury sets.

No relation sorry Dr. Do believe settlement talks have be ongoing since after July omnibus, read my sticky. parties are close to a global settlement, probably have some serious sticking points that need to be ironed out. Omnibus will help on Sept 25th.


~Fish~

[VivaLasVegas]

That JPM Dividend situation is HUGE.
Great find.

GOT PARLAY?


Cheers

[Jestiron]

I wanted to supplement your post because it seems some are hung up on the "dramatically reduce" phrase. Check it out....

"Restrictions on Dividends:

For as long as any Senior Preferred is outstanding, no dividends may be declared or paid on junior preferred shares, preferred shares ranking pari passu with the Senior Preferred, or common shares (other than in the case of pari passu preferred shares, dividends on a pro rata basis with the Senior Preferred), nor may the QFI repurchase or redeem any junior preferred shares, preferred shares ranking pari passu with the Senior Preferred or common shares, unless (i) in the case of cumulative Senior Preferred all accrued and unpaid dividends for all past dividend periods on the Senior Preferred are fully paid or (ii) in the case of non-cumulative Senior Preferred the full dividend for the latest completed dividend period has been declared and paid in full.

Common dividends: The UST’s consent shall be required for any increase in common dividends per share until the third anniversary of the date of this investment unless prior to such third anniversary the Senior Preferred is redeemed in whole or the UST has transferred all of the Senior Preferred to third parties." Source TARP Capital Purchase Program

http://seekingalpha.com/article/112813-tarp-is-bad-for-dividend-investors

and

http://www.ustreas.gov/press/releases/reports/document5hp1207.pdf