Monday, March 30, 2020 10:16:01 AM
"ALL ABS-Certs" as well as The WMI related ABS-Certs' were and are packaged with different types and kinds of collateral based' loans, some Trusts are even divided by a states logistical area' ... at the onset of the packaged cert, there is a complete asset based value', ... then investors financially support these base valued offerings' with a percentage of their investment', ... as the Trust performs, the base values paid by the lenders', along with their interest collected, paid by the mortgagee', is paid back to the original investor' within the base values' ... monthly'
as the "Trust" continues to function, the original base value of the supporting remaining loans diminishes' ... thus diminishing the available returns back to the original investors' ... I'll post my example again for your review' ... Note the beginning values weighed against the current values' ...
Group 1 30YR JB A, NON-ALTA 2016
Group 2 30YR JB A, NON-ALTA 2017
Group 3 30YR JB A, NON-ALTA 2018
Group 4 30YR JB A, NON-ALTA 2019
Group 5 30YR JB A, NON-ALT
Now, Here is the result of the Trusts activity having been being diminished over the years, by paid off loans, refinanced loans, forclosures, etc. ... as the 03/25/2020 "Beginning Loan Count" is a mere fraction of the "Trusts" original offering' or loan count'
LOAN COUNT
Original Loan Count 2,201
Beginning Loan Count 20
Loans Added 0
Loans Paid-in-full 0
Loans Prepaid-in-full 0
Loans Liquidated-in-full 0
Loans Repurchased 0
Ending Loan Count 20
PRINCIPAL BALANCE
Original Scheduled Principal Balance $999,488,420.01
Beginning Scheduled Principal Balance $5,285,784.66
Scheduled Principal Received or Advanced $18,307.73
Unscheduled Principal $2,557.35
Prepayments-in-full $0.00
Liquidations-in-full $0.00
Repurchases $0.00
Principal Losses $0.00
Forborne Principal Recognized as Loss $0.00
Ending Scheduled Principal Balance $5,264,919.58
INTEREST
Accrued Interest at Gross Rate $22,164.05
Unscheduled Interest $0.00
Uncollected Interest $0.00
Uncompensated Interest Shortfall $13.15
Other Interest Shortfall $0.00
FEES
Servicing Fees $1,181.10
Other Fees $0.00
ADDITIONAL FUNDS / (EXPENSES)
Excess Liquidation Proceeds $0.00
Subsequent Recoveries $0.00
Prepayment Penalties $0.00
Interest Portion of Realized Loss $0.00
Advances Recovered $0.00
Trustee Legal Expense $0.00
Other Fees / (Expenses) $206.98
So, you can see why I do not believe all of the sloppy and poorly researched pie in the sky numbers, and / or material that simply is not accurate' ... the longer this process has gone on, the lower the amounts of loans remain within the functioning ABS-Cert WaMu Related Trusts'
once an ABS-Cert "Trust" has diminished in size to less than 10% of its original valuation at the time of its offering, ... the "Trust" can be dissolved' ... This is the reason I chose this particular Trust as an example' ...
"ALL" of the WMI related Trusts have diminished in size' ...
"it is what it is"
AZ
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