Listen up people, there has been talk of assets coming back to us such as Mortgage Backed Securities, and claims that we are the owners, please read the following which explains just why that's incorrect;
..banks package (sponsor) mortgages via special entities directly or through a subsidiary.
...the are rated, the mortgages identified in the tranches and pools, and sold based upon these factors.
...so, THEY ARE SOLD to the entity, usually a private label, a trust and so identified.
...since the borrower can't make out a monthly mortgage payment to the hundreds of owners of the trust, the securities identify a bank (WMB or another) as the "servicer" to make the collections; and the servicer remits the appropriate payments tot trust owners WHO BOUGHT THE SECURITIZED (BY THE MORTGAGES) TRUST SECURITIES.
...if this was in process, at the time of bank regulatory action, they would be protected in a 'safe harbor to conclude the securitization.
...2005 securitization were NOT IN PROCESS in September of 2008.
...so, what is left is known as RETAINED INTERESTS.
...in order to enhance the SECURITY (mortgage pool backed), banks would OVER SPONSOR MORTGAGES.
...at reporting periods, an estimation of the the potential value, AFTER THE SECURITY HOLDERS ARE PAID PRINCIPAL AND INTEREST IN FULL, is made as to what the RETAINED INTEREST VALUE "may be" at the end of the process.
...WMB reported these as "trading assets" that flowed through to the consolidated WMI quarterly and annual SEC filings and AUDITED financial statements.
...these 'trading assets were SOLD TO JPM BY THE FDIC-R and are identified in the documents and in the JPM recording of the acquisition on 8K', 10Q's and 10K's since 2008.
...why is there a question as to who owns them when, after the litigation by Deutsche Bank ON BEHALF OF THE TRUSTS and by the Conservator ON BEHALF OF FANNIE AND FREDDIE, specifically identify these same WMB related series and tranches?
...THEY ARE OWNED BY THE INVESTORS THAT BOUGHT THEM, NOT EVEN WMB; never mind, not even a chance WMI or WMIIC
