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Sunday, May 07, 2017 5:39:19 PM
If you amortize that $300 billion portfolio over 30 years, you get about $80 billion profit after 9 years and $140 billion after 30 years.
So even if FDIC took all other wamu assets and sold it to JPM for $2.7 billion with fancy accounting tricks, it wouldnt have been very easy to write down this 2.9% interest income stream from the $300 billion portfolio. Way too valuable to rob this legally.
The only reasonable guess I can make is that the portfolio is safe behind the safe harbor veil - collecting 2.9% interest for us all this time.
Remember, its called "safe harbor", not "pirates cove". The name would imply that its beneficial for assets entering it and not get raped and pillaged.
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