Complete FCIC Report

Tyler Durden's picture



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unwashedmass's picture

yeah, and,...

i'm sure the calls are already into the media to make sure that this is a one day story.

ain't no way these boys are parting with a dime of the multi-generational wealth they stole.

hedgeless_horseman's picture

Trichet Says ECB Will Do What Is Needed on Inflation

Bernanke Asks 'Are You Threatening Me?' 

Mr Lennon Hendrix's picture

Stock Market crashing!!!!!!!

I hope the bears are hungry.

unwashedmass's picture


if bank of america is cratering and there are no buyers, does it fall?

good question in this market....

take a look.

MiddleMeThis's picture

So if BAC is my mortgage lender and they fail, does that mean I no longer have to pay my mortgage?  *sigh*  I really need to get out from under those criminals.

Alcoholic Native American's picture

Screw waiting, you don't even have to pay your mortgage now!

Think of it has hush "discretionary spending" money. Everybody's doing it.


*****stares at the float*****

downrodeo's picture

lol, exactly! You gave them plenty of bailout money already, albeit unwillingly. They have enough from you as it is; just tell them to suck it.

MachoMan's picture

Not as easy when the federal government is a shareholder...

Vashta Nerada's picture

FNMA has been buying all of the mortgages they can.  They have bought virtually all loans closed in the past two years. 

unwashedmass's picture


I trade BAC on a daily basis, against the computers, i know....

but today, the unloading is truly stunning, massive sells going on

did something happen or come out that i missed?

MachoMan's picture

My home loan was purchased by fannie and is serviced by BAC!

MiddleMeThis's picture

True, true; so then technically THEY owe me!  Right?  LOL!

downrodeo's picture

Well, of course. They don't exist without your business and/or bailout money. However, as MachoMan pointed out above, it will be difficult to get them to see it that way...

MachoMan's picture

Offhand, my guess is that your note/mortgage have been offloaded to third parties (probably plural) and BAC is still your servicer...  if so, another servicer will be appointed and you'll likely get to keep paying.

However, practically speaking, if the invalid assignments (ibanez) trail back to BAC, then through the ensuing chaos of BAC's failure, your little case might get lost in the plot.  If you were to say, contest the new servicer's ability to collect your note payments, then it may just be that the real party in interest can't be found (since it won't exist)...  In short, there would have to be a determination amonst all the assignees as to who owns the shit after putbacks ensue...

My guess is that a bankruptcy trustee will be more than happy to keep collecting your payments...  and, when BAC is sold via firesale to a principal actor in the fraud and/or the federal government (not sure that isn't redundant), then they'll come pounding on your door for the payments...  However, that is not to say that you cannot work out an arrangement with them for a significant reduction in principal for the trouble they caused you :)

The debt remains long after the car (or house in this case) is forgotten.

downrodeo's picture

The main question in my mind on this subject is who would be able to afford to buy B of A and all of their toxic crap? I suppose it would just be split up into a million little pieces and sold off like you said. The price would probably have to be pennies on the dollar though. Much pain and confusion ahead.

MachoMan's picture

This is the last act of the play, where the spoils from the wealth gap get converted to real assets and/or are directly convertible to real assets...  obviously they have balanced portfolios of real wealth, but this is the last act... 

MiddleMeThis's picture

I have no intention of defaulting.  I was just making an off-handed joke.  Although I certainly wouldn't mind NOT having a mortgage payment.

snowball777's picture

The only relevant seven words:


"We conclude this financial crisis was avoidable."


Misean's picture

Probably had to do with snow...

Oh regional Indian's picture

Maybe it has something to do with the fact that all four top "staff" are jewish?

Edelberg, Cohen, Seefer and Feldberg.......???

Monkey threw 4 darts to head up the "Investigation" and all four turned out to be Jewish?

Come come! Dead give-away right there.




hardcleareye's picture

Lots of valid reasons to be critical of the report, Jewish sounding names is not a one of them. Is that the extent of your intellectual abilities?

taraxias's picture

And the most relevant words missing:

"we conclude the next financial crisis is unavoidable" 

hardcleareye's picture

That is implicit in the report.

buzzsaw99's picture

I don't have to read it. Nobody at the tbtf are going to jail. zirp 4evah. bailouts when needed. Bonuses to continue. That is all.

Andrewoldbullionjackson's picture

i already read it in "The Panic of 1819" by Murray Rothbard

downrodeo's picture

and they explained it all in only about 555 pages? They must have had the best minds in the world working on that one!

Oh regional Indian's picture

It's called Brevity down. 

Which of course is the soul of wit.

To Whit, this is a witty report.

A malter witty report as it were.

Pocketa pocketa ta pocketa...


downrodeo's picture

wit indeed. they didn't hold back on that at all. The best way to reinforce a lie: form a commission.

SpeakerFTD's picture

Hard to make out the small words in the cloud on a blackberry but I don't see the word "fraud" at all. That pretty much sumd up the value of the report for me.

Mr Lennon Hendrix's picture

Where is, "Piece of sh*t collateralized mortgages"?

Caviar Emptor's picture

This report is as relevant today as a detailed study of the South Sea Bubble of 1720. 


slow_roast's picture

Did Angelo Mozilo pen this report?

downrodeo's picture

Not unless they're installing word processors in the tanning beds these days...

nate28jf's picture

"Fannie Risk" - what these crooks should be feeling if anybody ever prosecuted them.

DonnieD's picture

The government calls the protests "illegal". I don't think the deomonstrators are too concerned with following the governments rules at this point.

Bob's picture

US soldier on another thread said that Egypt had requested US assistance and a short time later posted he had received "new orders",  sounded like he was shipping out . . .

Alcoholic Native American's picture

No doubt off to go fight for freedom and democracy.

Bob's picture

Our involvement while the whole world is watching will put al qaeda and muslim antipathy into a whole new perspective.

New perspective for most of us, at least.

Contra_Man's picture

Judge orders treatment for drug addiction for Stanford | Business | Dallas Business, Tex...

So remember, the next time you wish avoid going to trial after being accused of stealing FIFTY BILLION in a ponzi scheme here or over there, just state for the courts psychological representative how you're "feeling a little blue" and "down in the dumps" and how being depressed requires access to prescription medication prescribed to you in such high doses you become not fit to stand trail (anywhere) and get moved to a nice medical facility.  Nice plea bargaining if you can get it!   

Most likely you won't get that choice of plea option, but maybe it is just another way for the STreet(s) to hide incompetent feeder-funding counter-parties who are still stuck holding the invisible bag of loan losses that likely will never see the "unsealed" light of day.

Michael's picture

I saw the picture of the beating he got in prison. Beat the living shit out of that guy.

One can only hope the bigger ponzi schemers on Wall Street get the same.

FunkyMonkeyBoy's picture

"S&P's Chambers says US fiscal situation is better than Japan, says US is more willing to rein in deficits than Japan"

- I nearly laughed my ass off. The US is willing to rein in deficits???? What a joke, they've literally done the opposite, print and spent, print and spent...

... black is white, white is black.


Alcoholic Native American's picture

Well to be fair, the huge majority of our spending got cuked into wallstreet blackhole of profits for a global investor class and CEO bonuses. So it was almost like Austerity!