Ref: Is there a time limit for disclosure of what's in safe harbor?
Does FDIC have any fiduciary duty to disclose final accounting of all assets in safe harbor? If so, is there a time limit?
Comment:
We are talking Off-Balance Sheet Assets - FDIC has not seized MBS in SPE's/ Trusts assets. They have no control or standing with such assets. The pooling & service agreements govern the disposition of all "Retained Assets" respectively within each Trust. Here - "WMI" in its sole capacity as Parent will the final recipient. That is why those in the know wanted "IT ALL" for themselves.
Off-Balance Sheet Assets are those sold and the only requirement of WMB was to reflect the following:
As of each Balance Sheet Date. - Monthly
1) Remaining Principal Balance of those sold assets as Off-Balance Sheet.
2) Risk Obligations such as Recourse Liability.
3) Trigger Events that might accelerated / increase obligations.
4) Description of Trigger events, etc.
Also in 8-k of the Risk Section such estimated obligations would be disclosed.