SHHH , you must never speak of falsified collateral … of course it’s true ,, that was EXACTLY how the Savings & Loans “fixed” their books ,, trading junk between illiquid banks but booking it at full face value to show they had a solid asset base … someone might have gone to jail if all the SEC enforcers weren’t jerking off to porn in their private cubicles.

So I can understand, if the US Corp. is making BofA pay out $17billion for all them bad loans, what happens to the liar loans that got securitized but the notes never made it into the trust, wouldn’t BofA have to buy back all those COuntrywide unsecured debts? Wouldn’t this mean they have assets on the books they don’t own?

As we have learned individually and learned without the assistance of the mass media, some ‘People’ are ‘more equal’ than “others”. The crumbs thrown to those who experience these frauds and financial ruin obtain a financial pittance in the mail without any true action of justice, nor will they ever.

Most importantly, the three arms of the U.S.A. government (the House, the Administration and the Judicial system) will never regain the trust nor allegiance of each individual touched by these fraudulent and criminal entities of foreclosure which was backed, financially supported and defended by the likewise fraudulent and criminal government.

Just another farce: a light, humorous play in which the plot depends upon a skillfully exploited situation rather than upon the development of character.