Austin01....if you have been following the posts concerning who owns the assets in Safe Harbor, you would know that "them that paid for the assets, owns them"...a good example is when you finance the purchase to buy a new car...you put a down payment, the finance company secures the loan for you, for which you pay back in monthly Principal and interest payments.... now, you are driving a car, owned by them, until you pay off the car loan... if you miss a payment, the loan company has every right to retrieve their property, simply because they own the "pink slip", and have title to the car ownership...Now, with Wamu, those MBS were financed by many different tranches of paper....for example... if Wamu make a home with corporate equity, that is to say, stockholders money, then yes,we would own the equity that the loan produces, and we would have title to the loan... if they loan was made by Federal Reserve borrowing, then the Fed. Reserve would have title.. if the loan was made by selling Bonds, then bondholders have title ...so, you see, them that fronts the money, owns the asset, but not the equity...another example... you purchase a 100000 house with a 20000 dollar down payment, and the bank finances 80000 dollar mortgage, if the house goes to 200000 dollars in a rising housing market, the 100000 increase is YOURS if you sell, not the banks....the bank gets its mortgage money back, and you keep the 100000 equity... so the bank owns the title to the house, you own the equity increase...it could work in reverse in downward housing market.. but thats another story... This is why AZ Cowboy stresses, that each tranche is specific to its origin... whose money is it...that is why A/M has been hired to do all these years is to see who owns what...we dont know as yet what escrows will bring, until the fat lady sings... AZ Cowboy hears her flexing her vocal chords in the wings.. lets hope he is right...do not despair, it will all work out, just fine....If not, I can still hear Parker Foles questioning Kosturos during the mediation hearings, where he admonished Kosturos for some reason or other... nasty stuff this Parker Foles... Lodas
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