@ AZ Cowboy.....think about this...... WAMU/WMI leveraged every penny from common stock, preferred stock, Bonds, Fed money, Euro sales of securities, Heloc loans, Real estate loans to make 309 billion in loans to the public... some were secured loans, most were UNSECURED LOANS.... when the FDIC seized the banks, and sold them, JPM wrote down the banking assets they took down to negative equity... this wiped out the secured bond holders... Remember , JPM did not take the Unsecured preferred debt....my point.... the stock values supporting the loans were drained by 16.5 billion dollars in negative Deposit runs on the bank.... short sellers took all the liquidity from the stock from about 54 dollars down to pennies.... this stock price, and preferred stock was supporting the TIER 1 values that supported those 309 billion in loans that WAMU made....now, the aftermath of the receivership, and my point:.........with the FDIC holding a 14 billion dollar shortfall in the balance sheet currently, do you really believe that they will return any values until this is paid off....now, IMO, the FDIC is holding the 299 billion in loans , and milking them down to maturity ...remember, Rosen said WMI held no Safe Harbor assets as they were all sold off to GSE's... so, WMI does not own them anymore, THE FDIC TOOK THEM AND IMO, JPM IS SERVICING THEM FOR THE FDIC, NOT FORMER OWNERS OF THOSE INSTRUMENTS!!!!!! ..... as you say, they show up as being extant, and being serviced, but THEY DO NOT BELONG TO FORMER SHAREHOLDERS...this is why the FDIC said that they do not foresee any recovery for former share holders of equity and preferred shares....Lodas
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