Per the P&A, WMI consolidated never lost the mortgage assets pledged to the MBS pools ($240B "held in portfolio 2007 WMI 10-k, pledged to various MBS, managed by Trustee DB, USBANK, BofA, LaSALLE, etc sponsored by WAAC, WMMSC, Thackeray which JPM per DOJ $13B settlement agreement, did not become successor in interest to).
The pledged $240B pool of "WMI held in portfolio", as with every FDIC receivership, the FDIC sequesters and protects in "safe harbor and legal isolation" these bankruptcy remote assets - carefully created as "true sales" from holding co to itself - from creditors in bankruptcy. The corporate veil of each WaMu MBS/ABS/RMBS trust (hundreds) can not be pierced.
Per the P&A, if JPM wants these WMI "held in portfolio" assets pledged for temporary use by these securities, they have to pay "BOOK VALUE" for them. Per Purchase & Assumption Agreement.
So, Legacy WMI who released gets the value of these assets, through 1) JPM purchase at BOOK VALUE or 2) they return to legacy WMI estate who released.
Under ZERO circumstances did JPM get anything mortgage related from WMB/WMBfsb unless they pay book. Anything WMI, can never be sold, and belongs to the WMI holding co estate. Any residual value from WMB/WMBfsb returns back to legacy WMI.
WE have always been golden.
News 
Market Data 
Discover 
