Johnny, what I understood about FDIC Safe Harbor is a prequalification process that approves certain loans packaged by the bank to operate in runoff mode in case of a bank seizure..so that it wont be under threat of untimely forced liquidation by the bankruptcy courts.
What is not clear to me is if assets in Safe Harbor are under the control of FDIC or under the control of the orginal trustees of the asset trusts.
If Safe Harbor is nothing but a prequalification status of these asset trusts then FDIC technically do not control any assets in "Safe Harbor" trusts due to WMB receivership.
The "Safe Harbor" assets are continually controlled by their original trustees pre bank receivership..The safe harbor status simply allows the trustee to continually operate the trusts in safe harbor stealth mode until they are required to distribute at the end of safe harbor protection status.
The multi-billion dollar question is what triggers the end of safe harbor status...and is WMILT required to file a disclosure statement spelling out what triggers end of safe harbor status or is FDIC-C or FDIC-R responsible for that declaration?
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