Fannie Mae-No Politics (FNMA)

[capitalismforever]

A passthrough passes through the interest and principle of the mortgages (your image calls them assets, but same difference, they're not owned by a bank) that are in a trust. So it doesn't make any sense to separate the three, they're inextricably linked.

I invest in pass-throughs all the time. I recieve a dividend from Crestwood Equity Partners every quarter and pay pass-through taxes. I get it. However, being a pass-through has nothing to do with whether they own the assets. An obligation is not an ownership. These contracts are returned. I don't know how to help you "get it" but I know I'm done trying.

Just like SunEdison recieved pass-through interest on VIE's they had consolidated on their books, SunEdison did not own them which is why when they filed for bankruptcy, those VIE's weren't part of the filing. Now, SunEdison is being liquidated and those VIE's are still in operation.

Call Alvarez & Marsal and ask them why they unconsolidated those trusts in their valuation.