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The total cost to rescue and then overhaul mortgage giants Fannie Mae and Freddie Mac could reach $685 billion, according to estimates published Thursday by Standard & Poor's. Fannie and Freddie have already cost taxpayers nearly $134 billion, but S&P analysts said Thursday that the government could ultimately be forced to inject $280 billion into the firms because of a slowdown in the housing market. Any entities that might replace Fannie and Freddie would need new start-up funding that would go beyond the money already committed. A consensus of academics, industry officials and investors has coalesced around the idea of...

"The latest ugly news for Bank of America is actually coming from Europe, where big institutional money managers and other mortgage securities buyers are now beginning to organize for an assault."

The Crisis Is Over: Bank Of America Is Set To Begin Foreclosures Again Joe Weisenthal | Oct. 18, 2010, 3:27 PM | 1,658 | Bank of America says it plans to start re-submitting foreclosures in 23 states next week, and that all in all the foreclosure-gate stuff will affect about 30,000 mortgages. A spokesperson told WSJ that it had not found a single case of a foreclosure without justification, which is key.