Ok, I concede. It appears the FDIC did not tapped the 500 billion emergency credit line from last year like I thought it did. Point taken.
Still, that loss-share program is a guaranteed profit program and the FDICs budget projections are very shaky on already optimistic projections. We’ll see if the crafting of the program gets to the point that it starts eating taxpayer money. However, you are correct. Technically, it has not.
I also don’t accept the FDIC and premiums are a closed system exactly. Money flows like water.
