Free Republic
Browse · Search
News/Activism
Topics · Post Article


1 posted on 02/17/2013 7:31:42 PM PST by Lorianne
[ Post Reply | Private Reply | View Replies ]


To: Lorianne

I remember Obama or someone wanting these bailouts to be automatic, or am I getting that wrong?


2 posted on 02/17/2013 7:33:37 PM PST by GeronL (http://asspos.blogspot.com)
[ Post Reply | Private Reply | To 1 | View Replies ]

To: Lorianne
This is unbelievable. Or maybe it isn't.

Didn't Warren Buffet invest a sizeable amount into BofA way back when? If memory serves, the stock was at $8.00, or thereabouts.

Grandpa Warren just happens to be a major player in the NWO/’gen21 takedown of the middle class of the U.S., along with other traitors such as Bill/Melinda Gates.

I think this is simply quid pro quo, or your garden variety crony capitalism.

I could well be wrong, Lorianne, but that's my initial impression here.

3 posted on 02/17/2013 7:53:41 PM PST by MichaelCorleone (A return to Jesus and prayer in the schools is the only way.)
[ Post Reply | Private Reply | To 1 | View Replies ]

To: Lorianne
To anyone interested in holding banks accountable for mortgage improprieties, the Fed’s actions are bewildering

Why is it bewildering? The FED is the Daddy of the money-center banks and primary dealers. Its main responsibility is to them.

As a side note, conservatives will never make any progress in rolling back the Left as long as the Federal Reserve continues to operate as is. It is the main pillar of Progressive plans for Government.

4 posted on 02/17/2013 9:04:56 PM PST by PGR88
[ Post Reply | Private Reply | To 1 | View Replies ]

To: Lorianne

Let me try and clarify. When BOA took over Countrywide Credit that institution was teetering on Bankruptcy. Days,maybe hours away. BOA could of waited and purchased that company afterwards,after negotiating with the creditors and paid much much less. Instead they assumed the liabilities and dutifully have paid off billions and billions in bonds that CC had issued. Had CC defaulted we get back to that old bogeyman credit default insurance. Whatever the $$ figure on CC’s debt outstanding,over 20 billion i’m pretty sure, there was a multiple of that outstanding in insurance on that debt.
So we have a major financial institution ready to fail which is going to cost the banks maybe 50 billion plus all of the chaos involving all of the mortgages placed by CC. Many were owned by Fannie and Freddie Mac.
Countrywide was in a sense the other piece of AIG Much of the garbage AIG insured came from CC.
So we get to the point of just why did BOA buy them? Nothing i’ve said wasn’t known by the time everything started unwinding in 2008. What wasn’t known was the ultimate cost of CC failing, of all the mortgages repackaged, sliced and diced up into their principal and interest components. Nobody knew just how tangled everything was and that was intolerable considering how things already were.
Now we get to the point. Nobody working on wall Street at the time believed that BOA decided that taking over a company with untold legal liability of which precious little would have been recovered, of a company with billions of doubtful loans on their books, made sense. The exposure wasn’t quantifiable. The Fed itself arranged that marriage. Nothing else makes sense. With that marriage came some assurances that CC wouldn’t be an endless albatross around the neck of BOA. Nothing and i mean nothing else makes any sense at all.


8 posted on 02/18/2013 2:29:18 AM PST by wiggen (The teacher card. When the racism card just won't work.)
[ Post Reply | Private Reply | To 1 | View Replies ]

To: Lorianne

Bank of Amigo...didn’t they give mortgages to illegals?


9 posted on 02/18/2013 6:25:39 AM PST by FES0844
[ Post Reply | Private Reply | To 1 | View Replies ]

Free Republic
Browse · Search
News/Activism
Topics · Post Article


FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson