Nope. If WAMU made between 484M to 1B from securitization while WAMU was in business, it cannot make more when it was bankrupted and WMB was stolen by JPM.
It was stated on page 259 from WAMU own horsemouth that WAMU sold ZERO mortgage securities in 2008 due to market condition and so all of WAMU income from securitization came from securities it sold years ago and that's why the income dropped from 1B to 484M.
You have to understand that WAMU financed the mortgages by selling securities. All mortgage assets sit over WMB which was stolen by JPM. Only the securitization part sits over WMI. And so you cannot add up all MBS assets and say that it is all WMI,
If WMI made 484M in securitization in 2008, how can it make more after it went bankrupt?
Also on page 259, it was stated that an astounding 38% of subprime are in default. Actually this may be a silver lining for us because JPM did not want to take those bad loans. A bad loan in 2008 may not be bad anymore in 2018 with a better economy and higher real estate price. And so there may be more mortgages that JPM didn't take beside the 40B retained by FDIC.
I am also no expert to say whether it is the same mortgage assets or not between securitized and safe harbor assets. It may be the same or it may not. I leave it to experts like HM or Justice or others (no ZZZZ of course) to comment on.
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