Washington Mutual Preferred fka WAMPQ

[kirby96]

I only had time to flip through it. Can you point out where it explicitly refers to a 0-1% recovery?

EDIT: OK, I see it: page 26. That however is the CYA estimate, not a 'real' one (note all the classes with estimated recoveries of 0-100%). If I had to guess I'd say the real recovery will be well above 1% but probably still single digits w/ say, 10-12% as an upside. That complete guess is based on 1) supposition that they lowball this to make subsequent numbers seem 'good', and my high-level waterfall.