The question is.
Where did these 100+ billion in mortgage portfolio loans go?
They were NOT transferred to JPM. It is stated black and white in their 2008 10k.
Maybe because they were NOT from WMB and therefore could not legally be transferred to JPM?
So they must be somewhere off balance at FDIC or WMI LT. Collecting interest and amortization payments.
We learned about these multibillion figures off balance from JPM in 2014.
And: all the WaMu subs disappeared from the JPM subs list.
This must mean the following (feel free to add):
- the multibillion figures off balance will transfer to WMI LT, including the 100+ billion in mortgages that were already at FDIC or WMI LT (off balance) that is. WMIH, the special purpose vehicle, will securitise the WMI LT loans and sell them to the highest bidder. WMIH collects servicing fees, at a very tax friendly basis (because of NOL's) and WMI LT get's the (almost) principal amount of the mortgages back. What we know for sure that 38 billion in mortgages is coming back to FDIC receiver, so what happens with the cash and what happens with the interest, amortization and whatever. Have all WaMu-portfolio loans been securitized and sold by JPM? There is no proof of that, and questions is if they were legally in their right to do so. And if they were, the P&A says cash and collected interest, mortgage servicing rights, loans, securities and all other assets must be indemnified by JPM to FDIC receiver against either book or market value.
There is no way that there isn't any value here.
JPM has profited for more than 6 years off our assets.
I believe FDIC will return what is ours, now there are no restrictions on WMIH after three years. WMIH will not be the succesor in interest, but can handle the assets which will be returned to WMI LT (which will be like a holding company, with only assets and very little liabilities)
There is something brewing guys, and I believe we will hear what is in store for us on the Shareholder Meeting in 26 or 28 of April. Or before!
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