Saturday, May 11, 2024 7:55:31 PM
The losses are covered!
According to the FDIC; “WMB securitized $2 Trillion in RMBS of which $500 Billion was sold to F&F.”
To protect themselves from the Community Reinvestment Act, the banks like WaMu rolled her load portfolio into securitized trusts as bonds. The Bonds are then insured by Derivative Contracts.
Most all of the ABS Market is insured by the Derivatives.
The Derivative contracts are required to cover the losses. It’s a Contract!
The Derivative contract writer’s are buying time for the settlement, but at what interest rate? Just do the math at WMI bankruptcies FJR of 1.95%? Adds up fast. It’s now very painful to be a contract writer!!!
JPM owned 57% of the 2008 Derivatives contracts of $83 Trillion.
Yes F&F are whole!
Ron
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