Another Government-Bank Bailout Conspiracy
The jerks from Bank of America have another plan to try and fleece taxpayers in order to bail itself out of its own, stupid decisions. Make the us taxpayers directly buy the crummy loans that no one else wants.
(We're already doing this, of course, more indirectly, via taxpayer-backed shenanigans for Freddie and Fannie, as well as that Fed "borrowing" window that lets banks put junk assets up as collateral -- and we know they'll fail, sticking us with that toxic crud.)
If this more direct Welfare for the Rich, Risky, and Stupid happens, how long until the silent majority of responsible Americans grabs for the torch and pitchfork?
Hat tip to Housing Panic.