Hello Dmdmd2020 thank you for you good DD. Just one little point here from your post: you wrote Therefore: Minimum Return On Investment (ROI) = $83.4 billion / $187.5 billion = 44.48% in four years Thus : 44.48% / 4 years = 11.12% annualized ROI Maximum Return On Investment (ROI) = $130 billion / $187.5 billion = 69.33% in four years Thus : 69.33% / 4 years = 17.33% annualized ROI 4) extrapolating only MBS sold to Fannie and Freddie: WMI retained assets = $74.312 billion x 11.12% x 11 years = $237.0137 billion minimum WMI retained assets = $74.312 billion x 17.33% x 11 years = $367.4088 billion maximum Thats not correct (thanks fully) The 130 Billion are from 2019 and not from 2016 here for you have to divide with 7 not with 4. greetings from Germany Just