According to the FDIC “WMB securitized $2 Trillion in RMBS of which $500 Billion was sold to F&F.”
• Globic; DB as Trustee for ~$625 Billion WMB RMBS. • $13 Billion in WMB EURO Notes. • $4 Billion TPS. • $3 Billion Series R. • $.5 Billion Series K. • Other?
That accounts for $645.5 Billion.
$2,000 - $645.5 Billion is unaccounted for. Sort of!
The MBS pools were over stuffed with loans. Therefore the bank WMB never needed to supply put-backs to the pool.
The WMI senior notes were simple debit and not backed by assets and paid.
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