Friday, April 06, 2018 2:08:47 AM
Remember, the purpose of safe harbor is not to maximize profits for the estate. The main purpose of safe harbor is to protect the portfolio from untimely liquidation due to creditor demands in bankruptcy that could threaten the portfolio solvency against the liability it owes to the deposit base. The main purpose of safe harbor is to make sure FDIC protects the deposit base by making sure the portfolio runs its course and makes enough money to pay back deposit base.
However, a big side benefit for wamu escrow holders, is that we get the 2.9% interest profit margin also, as the portfolio slowly pays back principle plus 1.8% interest to the deposit base in safe harbor.
By protecting the deposit base, FDIC inadvertently protected the equity interest in the portfolio..the 2.9% interest profit margin that comes back to us in the form of securitized MBS.
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