Example; The WMB Notes were backed by $26 Billion in assets to cover ~$13 Billion in Bonds.
Using the 11.9% loss rate established by Globic is; $26B x (1-.119) = $22.906B to cover the WMB Covered Notes. The Notes assets paid for themselves. Hence; Covered! Job DONE!
Similar theme for the WMI Series R. I have already explained/proven the Series R performance payments.
The same thing for all F&F’s asset backed Preferred's. Covered and insured.
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