Yes, JPM owns most of the portfolio's principal value plus 1.9% interest (liability to deposit base). It does not own the rights to the interest profit marfin of 2.9%. Those rights are somehow structured under the subs to flow back to WMI. You should read my post from 2 days ago.
The profit margin on that portfolio is very valuable. Some were securatized into various ABS certs. FDIC simply cant write down the value of the value of thag 2.9% profit margin as zero and gift it to JPM. First WMB didnt own it and hence FDIC cant touch it. Second, if they did gift it to JPM, there would be no need for safe harbor and no need for off-balance sheet assets and everything can be reported under JPM balance sheet -especially after nine years.
Go read my post from 2 days ago if you reallt want to understand my opinion on this.
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