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: Mortgage Lender Implode-o-Meter

Tastes Like Chicken: Hot New plan for Converting Taxpayer Dollars to Wall Street Banks

By Implode-Explode Heavy Industries

"So The Coop inputs whole mortgages (8 o?clock) and outputs Son of Agency Debt MBS (12 o?clock). Meanwhile Wall Street?s finest surround The Coop withdrawing fees and so on (Citi around 9 o?clock; JP Morgan at 1 o?clock; Bank of America at 4 o?clock; unidentified bank at 6 o?clock is probably Wells Fargo), and the fresh new government guarantee (the nice fat inward pointing arrow at 11 o?clock) pumps unlimited taxpayer dollars toward the event horizon as needed."

Full post as published by Mortgage Lender Implode-o-Meter on August 15, 2010 (boomark / email).