Cooked Books

ROFL! FDIC "Tells Banks" To Quit Cooking The Books!

“ From: The Tickerguy To: Ms. Sheila Bair, FDIC Chairwoman Regarding: Your FDIC Statement Nonsense Dear Ms. Bair; You know full well that essentially every bank in the nation, including the largest ones that went through the so-called "Stress Tests", have been intentionally mis-marking loans "held for investment" at or near par even when there is essentially no chance these loans will be satisfied in full, and that this practice has been going on since the housing crisis began. These include defaulted loans; there are literally millions of Americans that are living rent-free, right now, because their lender has sent out a NOD and then done nothing else, despite never paying another penny toward their mortgage. Why is the bank doing this? That's not hard to figure out. If the banks foreclose and sell the property then the sale price becomes the indisputable mark to market on that paper, and avoiding that mark is absolutely critical or these banks would be forced to recognize their own insolvency. Thus we have people who live in their houses for more than a year with nothing more than a NOD in the mailbox, we have people who have had their homes foreclosed upon and then the bank has refused to perfect title ... (sigh) ” Hell with gold.  I'm stocking up on black marketable stuff.  Spam, soap, women's panty-hose, jam, canned chicken, tuna, salmon and hams.  AA, AAA, 9 volt batteries.  Night vision equip.  OTC drugs.  Typewriters, paper, and mimeo equipment.  Fleet enemas and Musk for Men.