That may be so but it doesn't change the fact that an official report on FDIC Receiverships stated that "Whole Bank" sales are on average resolved in an 8-10 year period. WAMU being this large and complex may indeed take longer but 20 years is quite a stretch.
As long as the interest keeps piling up on the money the FDIC owes us ($299 billion) I’m ok with it (sort of!). It’s already been ten years, what’s another ten years!
Kate, first you admit that FDIC has escrow money and it just take time to distribute.
Secondly, FDIC is just like any private company. It has a budget and limited staff and not counting liabilities. It has to close down the seizure it made so that it can make the next seizure. WAMU is the largest and most known seizure but there are hundreds of seizures made by FDIC per year and nobody has ever heard of.
The reason it takes so long to close WAMU seizure is that it is a complex bank which hided money everywhere and then FDIC has to use a war of attrition to wear out the bondholders for instance so that they will accept a settlement.
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