Rosen makes the official statement that WMI holds no Safe Harbor, or off balance sheet assets.....if that statement is true, then the GSE's own them when they were sold off and placed in Trusts , which service them to maturity...WAMU was not in the business to hold MBS to maturity... it was more profitable to write, and sell them off to generate more capital for continuous lending....Civil War General said it best of how WMI was paid off for them in the GSA agreement... the GSA allowed the future value of what they would be worth in servicing rights to maturity....remember, WMI was allowed 4 billion in cash, 2.5 billion in Tax refunds, plus 5.8 billion in NOLS, PLUS 1.89 BILLION FROM JPM CHASE FOR THE BANKING ASSETS, PLUS BANKS....this sum works out to be 14.2 Billion dollars in recovery for the 20 Billion dollar lawsuit they threatened the FDIC and JPM for illegal taking of assets... this is 14.2/20= 70% recovery for their claim...
also, remember, WMI presented in court a balance sheet of 32 billion in assets, - 8 billion in liabilities ,or 24 billion dollars in Equity... so, 14.2 billion in recovery, divided by 24 billion in stated equity is 14.2/24= 60 % recovery....My conclusion.... the GSA owns those Trusts, and are held by the FDIC until the receivership is closed....WMI will not see any recovery for them, as they were all sold off according to Rosen.... Lodas
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