It's been explained way too many times, including by those who actually worked at at the bank, and actually were involved IRL. It's a securitized instrument, already sold. The "safe harbor" protects the purchaser of the instrument, not the bank.
I understand it, and that's satisfactory for me. If you're not satisfied with your understanding, that's fine. It's OK even to mis-understand it.
deek, good information but this is really only relevant to those who have Escrow Shares. Actions generally speak the TRUTH! Sometimes the decisions on investments made are for life with no recourse and can be EXTREMELY painful!
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