Our nation's debt is literally indenturing our children to our international debt holders, but most Americans don't care because they are more concerned about the latest saga involving Snooki on Jersey Shore rather than what really matters, our country’s future.

Tuesday, October 19, 2010

Frightful Housing Forecast- April Charney, a senior staff attorney for Legal Aid in Jacksonville, Fla., tells CNBC housing losses could total a trillion dollars

The banks have really screwed this country up and if this attorney is right we have a whole lot more pain ahead of us rather than behind us.

In other news it looks like some of the bank's investors on Wall Street, including the NY Federal Reserve are saying its time to pay the piper for their misdeeds. Today, PIMCO, BlackRock Inc. and the Federal Reserve Bank of New York as well as 4 other investors are seeking to force Bank of America Corp. to repurchase soured mortgages packaged into $47 billion of bonds by its Countrywide Financial Corp. unit.
I guess we will be seeing further write downs by Bank of America in the next quarterly report. Ouch. I expect that the other mortgage lenders will also be getting similar notices from their investors for the other worthless bonds peddled by the banksters during the housing boom.

No comments:

Post a Comment