FDIC Publishes Public Comments On The Legacy Loan Program

The list is enough to provide enjoyable weekend long reading. Easily some of the funniest stuff seen in a long time, yet somehow it makes its way straight to the FDIC's website. One wonders if all these entities were aware their e-mails would end up for public viewing and amusement, and if so whether they would have submitted them in the first place.

Among the more serious funds/companies/individuals are:

- Investcorp's own Christopher Hoeffel, president of the Commercial Mortgage Securities Association and likely conflicted beyond repair.
- Mason Capital (Neale X. Trangucci, formerly of bankrupt WHX fame)
- Rolfe Winkler of OptionARMageddon
- Marathon Asset Management
- Osprey
- Chandler Management
- Clark Street Management
- Ramius
- FirstBank Holding Company
- Capital Legacy Partners
- Asset Loan Solutions
- Snowball Partners
- Hovnanian
- Stifel Nicolaus

I would like to highlight the following fabulous e-mails which collectively encapsulate the feelings of Zero Hedge, and don't hide their warm feelings toward miss Sheila Bair. Among these, the letter by Mr. Benn Dover III's is a truly inspiring missive.

Publish at Scribd or explore others:

Hat Tip David

Comments

[Anonymous (not verified)]

The Hovnanian letter was quite surreal. It seems that their plan is to have the federal govt buy up their holdings for them. This would allow them to have their cake and eat it too! After the fed buys the land they are holding, they can maintain control of that same land, at 6 cents on the dollar, and when they do build on it, they will keep all of the profits for themselves.

What a fascinating scheme to 'relieve' the big builders from the burden of tying up so much money buying the land. Of course, this program will need to be restricted to only a few major builders with the 'proper' federal credentials.

I wonder if Geithner/Obama got this idea from Tony Rezco?