hotmeat, that's right, the MBS investors are...
...protected once the FASB requirements for securitization are met and the FDIC can't touch them.
...so, for example, the in process securitizations at seizure that met the requirements (and WMB recorded the sale of the mortgages and the income) were allowed to be completed.
...this is a protection for the owners/investors of the mortgage-backed securities.
...FYI, it doesn't even apply to closed transactions on the hundreds of billions of MBS sold by WMB and subsidiaries that are backed by mortgage pools in Series and Tranches; sold by sponsor WMB and subsidiaries.
...FYI, they security investors paid for them.
...FYI, they needed protection from the FDIC.
...FYI, they didn't need protection from equity holders or others.
...FYI, these MBS are "secured" by the underlying mortgages in Series and Tranches (i.e., pools).
...FYI, there "are not coming back."
...simply ask any banker, consolidator, servicer, Fannie, Freddie et al.
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