Faber has an update on bank exposure to potential put-backs and interviews David Grais, lawyer for the FHLB who is currently suing pretty much every big bank out there.
For background see the following from yesterday:
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Funny clip from earlier this Summer, in case you missed it the first time around.
Watch this. Relevant comments come in the first 30 seconds.
Also included inside is the 6-minute QE gift of life collector's edition.
Video: A deflationary deathmatch...
Brand new video, uploaded to youtube yesterday, with just 6 views when I found it. I have a feeling this will go slightly viral.
Video: Tim Geithner with Charlie Rose -- Oct. 12, 2010
This is a 6-minute summary clip covering some of the highlights. At the bottom of the story is a different 6-minute clip that focuses exclusively on China. Transcript and links are inside. I had to use this screenshot. Geithner looks high as pie, no?
CNBC Video: Faber from earlier today -- Watch this one -- Runs 2 minutes
This is NOT foreclosure fraud. The issue is loan putbacks at par -- MBS investors forcing the underwriters, the banks, to take back ownership of the underlying mortgage. Court cases as early as tomorrow will help determine the extent of the liability, but we're potentially talking about hundreds of billions out of total private label RMBS of $1.5 trillion.
Foreclosure fraud could be the culprit. Unclear at this point. Interesting that the police chose to let them stay.
Oct 16, 2010 at 8:44 PM
