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Wednesday, February 25, 2015 5:48:29 PM
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Yesterday a SEC 10K filing (standard quarterly filing), by JPMC listed after 6+ years of no mention, about (are you sitting?) $165B in assets as "OFF-BOOK" assets.
Companies have needs to track off book assets when they are not their assets but they receive income from servicing them. These assets are listed as from Washington Mutual, and we think they are owned by FDIC-R. If they were owned by JPMC there would be no reason to be off-book.
Of those assets, $127B is cash. $38B is mortgage loans still being serviced by JPMC. We've talked about big number before but this is the first time in 6 years that JPMC has mentioned their "off-book" assets regarding WMB. We think this is an outcome of the Purchase and Assumption Agreement (PA&A) closing last September. There is speculation that an upcoming Trust filing might have an update in it concerning dividends from FDIC-R.
We have to remember this is the start of the reconciling (something a notable here made fun of as recently as 2/24) that must take place between JPMC and FDIC-R based on the closed PA&A.
It's hard to believe we might get over $100B back but it's things like this that make me think (strongly). it's not going to be zeros.
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