Replies to post #282687 on Mr Cooper Group Inc (COOP)

[knick]

More like reckless reporting. An educated consumer is our best customer.imo

[REALtime64]

bla bla bla bla old news just getting recycled it like the news is in rewind mode which is great for us wait till they get to the part when in 2008 the FDIC took over a strong healthy bank this is getting good

[BullNBear52]

Mr. Killinger, they said, deserved praise for his excellent management.{/i]

This guy claimed the same thing until he had to get his check book out,

Mozilo settles Countrywide fraud case at $67.5 million

http://www.reuters.com/article/2010/10/15/us-sec-mozilo-idUSTRE69E4KN20101015

It's stunning that the WaMu execs are claiming the same defense. They'd be better off trying to work out a settlement.

Then you have the issue of why the risk officer was fired,

Ronald J. Cathcart, who became the chief risk officer in 2006, told a Senate hearing he pushed for more controls but ran into resistance. The bank’s directors, he said, were interested in hearing about problems that regulators identified over and over again. “But,” he added, “there was little consequence to these problems not being fixed.”

There were consequences for him. He was fired in 2008 after he took his concerns about weak controls and rising losses to both the board and to regulators from the Office of Thrift Supervision

And let's just gamble some more,

In June of that year, amid evidence that home prices were falling in some of the areas of California and Florida where WaMu had its greatest concentration of loans, Mr. Killinger was crowing that he had been right. “For the past two years, we have been predicting the bursting of the housing bubble,” he wrote in a memo to the company’s directors. “That scenario has now turned into a reality.”

That was, however, no reason to turn his back on the high-risk loans. Instead, he wanted to keep more such loans for the bank, rather than sell them in securitizations. He viewed WaMu as overcapitalized by $7 billion and said reducing its capital — and attractiveness to a potential acquirer — was a “must do.”


You have a friend at the OTS but the FDIC is watching since the depositors will be on the hook.

Mr. Reich promised the action would be kept confidential, and said action was needed in part because “if someone were looking over our shoulders, they would probably be surprised” the regulator had not acted long before.

But it gets better, now we know where the $30B went. JPM wrote it off.

Its $178 billion in mortgage loans went to JPMorgan Chase, which promptly concluded that about two-thirds of them were impaired. It took a $30 billion write-down, but that proved inadequate. It has written off another $5 billion since.

And back to the guy who has since written a check,

So it was with WaMu. It had identified Countrywide Financial as a model to emulate, and any other course would have surrendered market share, not to mention the immediate profits that financed huge paychecks for executives.

Of course the shareholders of WaMu will probably say this is another ploy by the FDIC and JPM. Just as they claimed the same thing as a result of the Senate hearings by Levin.

The facts are still the facts, banks like Countrywide and Wamu gave the store away with no apparent concern for the shareholders or the lenders and at the end of the day the executives will be held accountable. One already has been.

I get a kick out of Killinger's claim of political theatre all the while he and company were moving assets to protect themselves from subsequent lawsuits. He obviously missed a class or two in ethics and forensic accounting.

Everything is good and hope your day is going well.

[BullNBear52]

Noting that the agency’s officials viewed the institutions it regulated as “constituents,” the report said that the office relied on bank executives to correct identified problems and was reluctant to interfere with “even unsound lending and securitization practices” at Washington Mutual.

The report describes how two risk managers at the bank were marginalized by its executives. One of them told the committee that executives began providing the regulator with outdated loss estimates as the mortgage crisis widened. After the risk manager told regulators that the estimates it had received were dated, Mr. Killinger fired him.

From 2004 to 2008, for example, the regulatory office identified more than 500 serious deficiencies at Washington Mutual, yet did not force the bank to improve its lending operations, according to the report. And when the Federal Deposit Insurance Corporation, the bank’s backup regulator, moved to downgrade the bank’s safety and soundness rating in September 2008, John M. Reich, the director of the Office of Thrift Supervision, wrote an angry e-mail to a colleague. Referring to Sheila Bair, the F.D.I.C. chairwoman, he wrote: “I cannot believe the continuing audacity of this woman.” Washington Mutual failed two weeks later.


http://www.nytimes.com/2011/04/14/business/14crisis.html?scp=6&sq=killinger&st=Search

[Lawrence 147]

You lose!!!!!!!!!!!!!!!

[Bizreader]

This is completely irrelevant to this event and this stock at this time. Irrelevant, or the court would be discussing it and the court is not because the content of this article is complete unrelated to the value of this stock.