Replies to post #117580 on Mr Cooper Group Inc (COOP)

[JohnnyWinter]

The credit card business was part PNB, which merged into WMB(under WaMu Card Services), which is now owned by JPM.

I would like to see proof to back up claims that the credit card business was not part of the bank.

[Bizreader]

Some public records say WMI bought and operated Providian Services. There is confusion about the exact corporate entities and the corporate entity names that are on record as owners of one division or the other. This is one reason for the protracted legal battle. Bottomline, someone is either lying or very mistaken about what is owned by whom. The courts will straighten this out unless there is a settlement between JPM and WMI, in my opinion.

Whether there is proof that would satisfy JPM is yet to be decided, but here is one place that the history of the purchase is recorded:
http://en.wikipedia.org/wiki/Providian

and another: http://www.kccllc.net/documents/0812229/0812229081126000000000005.pdf p. 22. In this document Weil, representing WMI, states that Providian Services Corporation and Providian Services LLC are subsidiaries of WMI.

Asking for proof is requesting that someone on this board produce confidential documents relevant to the final sales and purchase agreement between WMI and Providian

These references are enough to provide reasonable people with evidence to support a calculated risk in WAMUQ.

Based on the fact that the seizure and sale was botched; that's a given, and that JPM has lost a series of legal maneuvers, and that the two parties were close to a settlement last April, it stands to reason that WAMUQ MAY very well go through the roof when the smoke clears, in my opinion.