Thanks I wasn't running. If the shareholders needed a good rep other than Mike, they would go looking. As for the potential.
When it was decided that WMMRC was nothing but a run-off model and not writing new business as per the lawyers and BK plan, it was forseeable that values on LTV's on Gov backed mortgages would not rise in relation to appraisals within districts.
So in essence if you have a mortgage that has MPI on it and it is put into run-off mode, many thought the housing market would filter out the MPI over a set period of time. "Not anymore!"
Example.
In 2007 I bought a house for 400K with 5% down. Mortgage 380K. I was required by the govt backing contract for MPI to add $400 per month to my monthly payment. In 2008 I lost 40% of the value of my home. That translates to my owing more than my home was worth. Instead of ruining my credit I decide to pay my mortgage like a good citizen and hope housing values come up to 400K again. It has been 5 years and my home has regained 60% of the lost value. 96K added to the value of my home. 240+96K= 336K. After paying 5 years on a 380K mortgage at 5% for 30 years , I owe in Principal 348K. Now how does that translate to my MPI being lifted when I hit the 80% LTV rate? It doesn't and the BK plan did not take any of this into consideration. They were saying WMMRC was in run-off mode. As it stands 60-70% of all mortgages in WMMRC coverage protection could well being paying past 10 years. I think WMMRC was only 8 years and then done. Look into it BOD!
WHO GETS THE MONEY? If it goes to WMILT, then good, because it will trickle to the parent eventually.
WMMRC IS A GOLDMINE BECAUSE OF THE CURRENT REAL ESTATE APPRAISAL VALUES.. That is all!
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