TBTF owes F&F $60 Billion minimum to cover the losses at 11.9% (Globic). That is just from what they bought from WMB!
According to the FDIC; “WMB Securitized Two Trillion in RMBS of which $500 Billion was sold to F&F.” F&F bought securities (bonds/preferred) that paid two dividends and one Performance Payment. The dividends stopped, but the Performance Payments are accumulated in a DST.
The Performance Payment accumulation is calculated to be approximately 2.2X face value of the securities. $1.1 Trillion to F&F from the purchase of WMB securities ($500B*2.2).
The JPS operates the same way. Therefore the JPS are satisfied.
According the the US Treasury in 2008; $13 Trillion in residential mortgages. True not all of the mortgages were securitized into notes, but this doesn’t account for the Commercial Mortgages.
$13 Trillion at 11.9% loss ratio is $1.56 Trillion. TBTF owes $1.56 Trillion to RMBS/CMBS holders to cover losses of their securities. That debt has not been paid.
TBTF Warrants to SWF because TBTF doesn’t have the cash.
JPM wrote 57% of the 2008 Derivative Market Notables. Therefore $889 Billion.
F&F has paid off the governments SPS Claim. No reason to exercise the SPS warrants.
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