I stand corrected. But I asked several times about the percent of securitization and nobody gave me any number but everybody seems to talk about safe harbor which nobody has any proof to what they are and so I assume that it is close to zero.
So Dmd seems to imply that the securitization rate is 26%. What is your estimate?
If however WMB "transfers" those same loans along with 1000's of others to SPE's which then securitizes them and places them into Trusts,
would you agree one could say ---
if however WMB SOLD those loans to a trust that paid cash for them (and indeed WMB may have sold loans and/or PLMBS paper to the trusts) ---
the key is that a time of bankruptcy WMB owned the CASH (from the transfers - sales) and the trusts were the owners of the loans and/or the PLMBS written on them .... and if these were typical such trusts - the eventual down the road owners were preferred share holders holding preferred shares in the TRUST (not anything starting with a W ) .... and WMI had some interest as an owner in part of such trusts
(either the deals included a 5% or 10% off the top free ownership to the parent company - or WaMu purchased shares)
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