Thursday, April 30, 2009

The slaughter continues

From Reuters: "The U.S. Federal Deposit Insurance Corp (FDIC) may let investors buy bank assets in the Public-Private Investment Program without sharing an equity stake with Treasury, Bloomberg said, citing people familiar with the matter.

Treasury capital likely will not be applied to the FDIC program to buy as much as $1 billion in "legacy loans," both real estate loans and real estate-backed securities, but no final decision has been made, the report said."

As I have warned several times... once this occurs the increased slaughter in foreclosures will commence... $1 billion equates to potentially 5-7,000 in new foreclosures...

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