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(Dmdmd1)IMO...my conclusions as of November 14, 2019 @ 1549 CST:
1) My numbers above regarding securitization of loans into MBS Trusts created by WMI Subsidiaries are directly from the FDIC website
2) The WMI retained interests in MBS Trusts are directly from quarterly and annual reports from 2000 to 2008
3) Per the US Congressional Subcommittee Hearing in 2010 PDF Page 125 of 646; footnote 434:
"434 April 13, 2010 Subcommittee Hearing at 53. Washington Mutual Mortgage Securities Corp. (WMMSC) and WaMu Asset Acceptance Corp. (WAAC) served as warehouse entities that held WaMu loans intended for later securitization. Mr. Beck explained in his prepared statement: “WMMSC and WAAC purchased loans from WaMu, and from other mortgage originators, and held the loans until they were sold into the secondary market. WCC was a registered broker-dealer and acted as an underwriter of securitization deals for a period of time beginning in 2004 and ending in the middle of 2007.
The securitized loans were underwritten by WaMu Capital Corp. (WCC) starting from 2004 to 2007,that means that the Underwriters (i.e. GS, MS, CS) knew exactly what the percentage of WMI retained assets were in MBS Trusts because they were the ones doing the unwriting before 2004.
Thus between 2000 to 2003, WMI retained as low as 5.48% to as high as 40.33% of the MBS Trusts created. (Red Font below).
IMO...The Underwriters are fighting hard to keep their Class 19 claims ($72 million indemnification claim) because they knew exactly how massive the WMI retained interests were.
____________________________________
Loans securitized into MBS Trusts by WMI Subsidiaries from 2000 to 2008
Date Total WMB + WMB,FSB Retained Interests (MBS only) MBS Only Percentage Participation
12/31/2000 $48,867,997,000.00 $3,980,000,000.00 8.14%
3/31/2001 $37,875,384,000.00 0.00%
6/30/2001 $33,455,900,000.00 0.00%
9/30/2001 $30,387,433,000.00 0.00%
12/31/2001 $23,860,943,000.00 $6,880,000,000.00 5.48%
12/31/2002 $25,985,307,000.00 $10,780,000,000.00 41.48%
3/31/2003 $24,695,659,000.00 $9,960,000,000.00 40.33%
6/30/2003 $23,140,923,000.00 $9,200,000,000.00 39.76%
9/30/2003 $13,033,122,000.00 $4,180,000,000.00 32.07%
12/31/2003 $9,859,346,000.00 $2,360,000,000.00 23.94%
3/31/2004 $9,927,200,000.00 $2,120,000,000.00 21.36%
6/30/2004 $9,267,663,000.00 $1,770,000,000.00 19.10%
9/30/2004 $10,945,651,000.00 $1,790,000,000.00 16.35%
12/31/2004 $35,372,051,000.00 $1,620,000,000.00 4.58%
3/31/2005 $20,148,028,000.00 $1,770,000,000.00 8.78%
6/30/2005 $18,860,180,000.00 $1,830,000,000.00 9.70%
9/30/2005 $24,328,779,000.00 $1,940,000,000.00 7.97%
12/31/2005 $49,093,601,000.00 $2,800,000,000.00 5.70%
3/31/2006 $28,516,765,000.00 $2,260,000,000.00 7.93%
6/30/2006 $27,076,691,000.00 $2,270,000,000.00 8.38%
9/30/2006 $25,952,098,000.00 $1,980,000,000.00 7.63%
12/31/2006 $36,970,584,000.00 $1,900,000,000.00 5.14%
3/31/2007 $19,558,227,000.00 $2,710,000,000.00 13.86%
6/30/2007 $23,631,618,000.00 $2,920,000,000.00 12.36%
9/30/2007 $22,561,634,000.00 $2,290,000,000.00 10.15%
12/31/2007 $37,506,963,000.00 $1,710,000,000.00 4.56%
3/31/2008 $18,595,217,000.00 $1,440,000,000.00 7.74%
6/30/2008 $35,599,007,000.00 $1,230,000,000.00 3.46%
Total from 2000-2008 $725,073,971,000.00 $83,690,000,000.00 11.54%
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