FedUpUSA

Here's What You Bailed Out: Bank of America, $850 Billion

 

And this is just one bank:

Bank of America plans to shrink its $850bn portfolio of troubled home loans by about half over the next three years as it seeks to quicken the pace with which it resolves problems related to the housing crisis and its disastrous purchase of Countrywide Financial.

So now we have one number, for one bank: $850 billion.

Of that, $118 billion is owned outright.  How does this compare against BOA’s reserved amounts and exactly how is that $118 billion marked?  At what price are these loans being carried?

Remember, there’s $9 trillion in valuation loss (and that was $9 trillion in bogus valuation gains) which has occurred.  The banks made hundreds of billions of dollars in fees, costs, and other forms of skimming originating and servicing these unpayable loans.

Only $530 billion of that $9 trillion in loss has been recognized in reduced indebtedness at the consumer level.  The rest has “magically” disappeared.

Or has it really been swept under the rug with firms claiming to be perfectly fine and solvent when in fact they’re walking around with a load of dead and rotting fish slung over their back, professing to have many good, tasty and nutritious fish for sale as their “assets”?

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