Saturday, May 26, 2018 8:30:29 AM
If the FDIC did as the P&AA stated they could, these loan pools were not sold to JPM since they were the supporting assets for those Note claims.
If that is the case then the - $40.2B Asset related Equity Adjustment is actually an positive asset of + $40.2B.
The FDIC has already called $26.4B of that amount an Unrecorded or Discovered Asset and the remaining $13.8B a liability. If the assets backing the $13.8B was indeed retained, then that claim liability potentially becomes a $13.8B asset.
This could mean that once those mortgage assets can be liquidated to clear that Note debt, the FDIC will remain with ~$26B in assets for Equity and DB's $2.4B debt.
AIMHO
WMB Note Program
Realization of Cover Pool assets following the occurrence of a Mortgage Bond Acceleration
Following the occurrence of a Mortgage Bond Acceleration, the Mortgage Bond Indenture Trustee will enforce its rights against the Cover Pool which secure the Mortgage Bonds. Any collections or proceeds of liquidation or other enforcement in respect of the Cover Pool after a Mortgage Bond Acceleration will be paid to the Issuer (or the Covered Bond Indenture Trustee on its behalf), allocated on a pro rata basis according to the outstanding principal balance of each series of Mortgage Bonds and invested in the Specified Instrument(s) designated in respect of the related Series of Covered Bonds. There is no guarantee that such collections or proceeds (and therefore any amounts received in respect of the related Specified Instrument(s) and payments under the related Covered Bond Swaps) will be sufficient to repay interest and principal on the related Series of Covered Bonds.
Escrow Returns: $2-$10 Billion....75%/25% to the End
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