“This is the Fed as the Yucca Mountain of securitized debt, but it is no doubt necessary,” said Terry Connelly, dean of Golden Gate University’s Ageno School of Business, referring to the government’s underground dump in Nevada for nuclear waste.
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So basically this is the beginning of what we will see over the next period of time. Basically the consolidation of the investment banks and/or lenders sponsored 110% by (insert either fed and/or your tax dollars here) where the entity acquiring the turd entity will get the liability pretty much taken care of. So BofA and JP Morgan are the first winners of the lotto.
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