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2010-04-06 — nakedcapitalism.com
Readers may have taken note that the Treasury has launched a son of HAMP, its ineffective program to get banks to provide undertake mortgage modifications, called 2MP. As far as I can tell, 2MP is a farce. It is simply another back door way to recapitalize troubled banks. Mike Konzcal performed a simple analysis of the portfolios of the biggest second mortgage holders, Bank of America, Citi, JP Morgan, and Wells, and using conservative loss assumptions, estimated the gang of four had a total $150 billion hole on their balance sheet among them. source article | permalink | discuss | subscribe by: | RSS | email Comments: Be the first to add a comment add a comment | go to forum thread Note: Comments may take a few minutes to show up on this page. If you go to the forum thread, however, you can see them immediately. |