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Investors to put toxic loans back on B of A

No wonder B of A is accelerating foreclosures. They will need the cash from the sale of REO’s to repurchase about $47 Billion of bad mortgage bonds that were sold with, shall we say, less than pristine origination paperwork. This is where the robo signing mess matters. If the chain of title can be challenged and your friendly union pension fund can recover part of the loss on the investment, some one will be making up the loss. Any guesses who? Rest assured it will not damage the administration’s bankster contributors’  bonus pool.

Dig deep, taxpaying America.

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  • 5 comments

    5 Comments so far

    1. [...] This post was mentioned on Twitter by Real Estate Feeds and Tom Hunter, My REALTY. My REALTY said: Investors to put toxic loans back on B of A: No wonder B of A is accelerating foreclosures. They will need the cas… http://bit.ly/cDdBqo [...]

    2. Jeff Brown October 19th, 2010 7:51 pm

      “Dig deep, taxpaying America.”

      ‘Course, that’s barely over half of us as it is.

    3. Tom Johnson October 19th, 2010 9:47 pm

      Jeff- And our kids and their kids…

    4. Jeff Brown October 20th, 2010 2:26 am

      Agreed — but there will be some drop off in the percentage of folks even paying taxes, given the current ideology and trend. The tipping point is at hand. 53% now pay taxes. What will happen to our kids when it dips to below 50%?

      The cliff’s edge is awaiting. As Margaret Thatcher said so well, “Socialism always fails cuz the run outa folks with money from which to steal.” (paraphrasing)

    5. Chris Allington October 27th, 2010 5:57 pm

      I wonder if at some point all of this is going to collapse into a different form of government rule. Jeff Brown: I like that quote.