I honestly don't have any concrete answers, it's all speculation based on limited facts. The $1.484B in profits is gone since it would have been used for funding WMB or WAMU in general. Hopefully when the bankruptcy and receivership closes we'll finally get some answers.
Quote pg 259: "During 2006 and 2007, WaMu sold loans and retained servicing responsibilities as well as senior and subordinated interests from securitization transactions. WaMu received servicing fees equal to a percentage of the outstanding principal balance of mortgage loans and credit card loans being serviced. Generally, WaMu also received the right to cash flows remaining after the investors in the securitization trusts have received their contractual payments.
Confirmation that WAMU did indeed retain interests in it's securitizations and was entitled to receive the cash generated by those interests in Trust assets. Subordinated interests would be paid after the other investors were but the Senior interests would have been paid simultaneously.
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