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ChangnoiPlaza

10/24/25 2:45 PM

#749463 RE: FredMiller #749459











































































































































Forensic Asset Valuation — Washington Mutual Estate
Asset Category Claimed Estimated Value (USD) Description (from filing) Verification Risk Notes
Residential Mortgage-Backed Securities (RMBS) $150 billion Loan pools securitized via REMIC trusts (e.g., WAMU 2006-AR16, 2007-HY1) with ongoing cash flows allegedly unreported. 🟡 RMBS exist; attribution to WMI post-2008 is hard to prove.
Commercial Mortgage-Backed Securities (CMBS) $50 billion Institutional loans in off-balance-sheet vehicles, allegedly rerouted to JPM-controlled trusts. 🔴 Complex structures; limited public traceability.
Collateralized Mortgage Obligations (CMOs) $29.9 billion RMBS tranches allegedly misclassified as non-performing and withheld from liquidation schedules. 🔴 Would require deep accounting and liquidation records.
Asset-Backed Securities (ABS) $80–90 billion Bundled consumer credit (auto, card, student) issued via secondary trusts. 🟡 Partly checkable via SEC/trust filings.
REMIC & REIT Trusts $650–700 billion Blind REMIC/REIT vehicles held off-ledger; later redistributed through ETFs (alleged). 🔴 Extraordinary scale ? very high evidentiary burden.
US Treasuries & GSE Securities $45 billion Short- and long-term government/agency holdings allegedly reassigned to JPM investment arms. 🟡 Bonds traceable; beneficial ownership attribution is difficult.
Derivatives (options, swaps, CDS) $9–12 billion Hedging and speculative positions allegedly monetized post-seizure. 🔴 Limited public disclosures; hard to substantiate.
Structured Equity (TRuPS, TIPS) $12–15 billion Trust Preferreds and TIPS (e.g., series K/Q/X) allegedly blocked from shareholder recovery. 🟡 Issuances exist; recovery rights are complex.
Real Estate Owned (REO) $25 billion Residential/commercial properties written down near zero at transfer. 🟡 Some verification via land records is possible.
Digital Assets, IP & Blockchain $150–250 billion Fintech IP, licenses, payment rails, and custodial rights allegedly in offshore trusts. 🔴 Highly speculative; difficult to verify publicly.
Tax Refunds & Deferred Tax Assets (DTAs) $4.5–6 billion NOLs and tax credits allegedly transferred/improperly denied. 🟡 Documentable but legally contentious.
Subsidiary Valuations $2–4 billion WMBfsb, WaMu Capital Corp, and Cayman SPVs used for asset segregation. 🟡 Entities identifiable; valuation is disputed.
Deposits at Time of Seizure $188 billion Customer and institutional deposits transferred immediately at seizure. 🟢 Well documented via FDIC and P&A agreement.
Mineral Rights & Ground Leases $1.3 trillion Extraction/lease interests in gold, copper, lithium, uranium, etc. (alleged). 🔴 Very large amount; not publicly evidenced.
WAMPQ Series Q Preferred (par) $28.9+ billion Alleged to remain active in brokerage systems; never extinguished/converted. 🟡 Securities exist; entitlement remains disputed.
Total (estimated) $4.89 – $5.1 trillion Sum of claimed asset values as presented in the filing.
Key Risk Indicator — Legend
🟢 Low Well documented / publicly traceable.
🟡 Medium Partly verifiable but legally/forensically complex.
🔴 High Highly disputed / limited public evidence.