Monday, October 20, 2014 5:26:43 PM
It is not FDIC that caused assets to be hidden in plain sight, it was WMI/WMB. FDIC does not recognize them as "exempt'' or "hidden" the court had to.
The important part is that the BK court proceedings and those of FDIC-R are separate. The two clashed only once when we thought the court would cite them for contempt. FDIC-R was simply reminding the court of the line in the sand, and the court agreed.
Keep in mind the single most important part of the value of the mortgages and MBSs has to be balanced against any capital used, which came from bank deposits. Once that is done, and all other claims are settled, what is left over (if any) is what will hit the waterfall.
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