The below sounds reasonable - the amount and safe harbor - (and I repeat)
How much of those securitization assets remain for us as of today?
Only those directly involved would know but from WAMU's last 10Q in 2008, they held ~$24B-$27B in mortgage based investments.
- Are securitized assets same as Safe Harbor assets?
Yes once the assets is deemed to have been "sold" (transferred) to an SPE thus removing control of the asset from the originator ie WMB. In 2008 the standard for qualifying an asset for Safe Harbor was much less stringent so most securitized assets (loans) did qualify.
Question Is it not true that the assets in the above trust were sold to investors or other banks or ….? And the potential value to the Escrows or LT is (only) the (remaining) beneficial interest that WaMu may have retained and NOT the $24-27B
So If WaMu held say 5-10% of the above "paper" - as a profit margin (production and sales commission) or held 5-10 percent of the paper to demonstrate to investors the safety and reliability of the mortgages being sold ? that might suggest an original value of say $1B to $2B
Would that be correct ?
And if indeed the beneficial interest is the 5% - 10% held to show investors the safety of the "pool" would that not have been the money in what I will call Tranche One and burned up by bad loans --- as in these cases the issuer put their share in the front to buffer outside investors ?
And - I guess the assumption is that when these mortgages "died" and when payments were made on them - such proceeds when to the TTEE of each trust who disbursed to other owners and held on to the WaMu share for us - and is still sitting on it waiting for the 11 to end?
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