WMIIC Is the Big Distribution.
All protected by Stu in the first first filing.
No one but Stu, Mary, and lead counsel could see the contents of WMIIC.
WMBfsb was WMIIC’s bank. That is why WMBfsb had $40 Billion after the “bank run”.
“According to the FDIC “WMB Securitized $2 Trillion in RMBS of which $500 Billion was sold to F&F”.”
We also know that the WaMu enterprise didn’t have $2 Trillion in offerings to the market.
Proves that WaMu over capitalized the offerings. We know that the WMB Notes and Preferred Funding was over capitalized by a factor of ~2.
WMI was required to hold at least 15% of their offerings to the market. WMIIC was the sub that held the purchased securities, their own and securities offerings from others like F&F.
I will keep it simple.
Math Time;
The home purchaser will pay ~3X during the lifetime of the mortgage.
$2,000*3*.15=$900B
And my numbers are conservative.
Similar situation for F&F and Lehman’s.
Ron
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