these numbers work....
when the FDIC says they have 299 billion, that is not cash.... it is the total value of the MBS that WAMU sold off to the GSE, and they retained 20.7 billion from disposing these MBS....then when the receivership occurred, WMI filed a 20 billion dollar claim for these assets from WAMU...now, lets look at the numbers:............20.7 billion dollars in Shareholders retained equity is claimed by WMI, but, the receivership says there is a 14.6 billion dollar deficit in the balance sheet... so ...20.7-14.6= 6.1 billion in equity that belonged to WMI... however, they would have had to sue the FDIC to get this money, and the Litigating trust of the WMIL-T had limited funds available to pursue these assets in court, as Rosen stated.....so, how was it resolved?... the GSA allowed 4.2 billion in depositors funds returned to WMI, plus a part of the tax refunds, about 2.4 billion.... so 4.2 BB+2.4BB= 6.8BB, which what WMI got from the GSA... in closing.. the FDIC balance sheet shows a positive 6.1 billion in WMI equity, and the GSA settled for roughly 6.8 billion...the result? WMI did not have to expend money to pursue a court action, and they just quietly settled these figures through a GSA action... pretty neat, and clean...everyone won, except the shareholders who suffered a loss in retained earnings... but that was the result of malfeasance by corporate executives... Lodas
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