There is an anonymous ID that was trotted out after the mortgage DD started years ago on another MB. They claim to have worked for WMB as a partial cog in the securitization chain.
Their claimed experience ignores that 1) WMI assets and 'mortgages held in portfolio', as well as 2). the FDIC P&AA section 3.2 saying assets owned by WMI/WMB subs, are not sold to JPM nor included in the Purchase and Assumption Agreement. So really any assets of Assets within WMB, were not sold to JPM in the PAA.
Further, my DD of "bulk loan purchase and sale agreements" show WMI legally sold to itself from one pocket to another, hundreds of billions worth of "loans held in portfolio" (as shown in WMI consolidated entities, consolidated 2008 10-k).
In the sale, these assets were effectively only "pledged" to WMI's own subs as buyers, and parent WMI retained title to these assets to hold in its portfolio. REMEMBER, assets within Assets (certain WMI/WMB Subsidiearies) were absolutely NOT sold to JPM, unless they want to pay for them as the PAA provides.
Therefore, ONLY certain whole bank assets were sold to JPM, excluding assets (such as portfolio mortgages) of the Assets (WAAC, WMMSC, etc which JPM getting the shell only for mortgage servicing). Then, for the sake of a 'public' bankruptcy and political flogging to hide a 5th Amendment Taking of WMI consolidated to save JPM, the FDIC in 2010 renewed and made retroactive all provisions of "safe harbor and legal isolation" of mortgage assets, which stripped WMI of one of its largest assets, the $278 Billion in portfolio held loans.
Legal isolation and safe harbor gives the public impression of diminished assets, allows the FDIC script to continue of the 'largest bank failure in history', and solidifies the legitimacy of the Delaware chapter 11 filings (2).
This Value eventually returns to the WMI estate and only to those who released, after remaining claims.
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