You will never see that asset list. Thats why is called "Safe" Harbor. The purpose of safe harbor is to keep the large loan portfolio from being forced to liquidate to meet creditors demands in a bankruptcy. Forced liquidation of the loan portfolio would have spooked the MBS market further more and could have caused further mark to market mark downs at other banks. Additionally, once you start artificially marking down paper losses (mark to market) you would have threathend the deposit base that the loan portfolio had to pay back with potential solvency issues. The deposit base guarantee is FDIC #1 concern and that is why safe harbor exist.
So do you doubt that such an important protective tool as Safe Harbor was not employed to shield the $330 billion Wamu portfolio? the largest savings and loan in history to be taken over by FDIC?
Also, why didnt a single BOD member sell a single WMIH share when the stock was over $3? Or a single share as the price tanked to 60 cents?
With series B coming due in early January, and the lack of panic dumping (large volume) by any large funds, is it not reasonable to expect that people in the know may know something?
Gees, I wonder if its because WMIH has such unique valuable assets on its own that all the hedge funds and BOD members are confident that there are public companies lining up to merge with it before January...or is it because they know a sure thing like returning safe harbor assets that it will merge with for tax deferment reasons.
Again, I will list my probable theory. Safe Harbor assets (collecting interest with tax deferred since 2008) will return through WMIIC and go to Wamu 1031 Exchange. WMIH will offer shares for value exchange to Wamu 1031 Exchange for the assets. Then Wamu 1031 Exchange will flow the 3.5 billion shares back to escrow markers via utilizing WMILT as a pass through entity.
News 
Market Data 
Discover 
