Banks Lobby to Game PPIP

[Donnachaidh]

http://www.calculatedriskblog.com/2009/05/banks-lobby-to-game-ppip.html

From the WSJ: Banks Aiming to Play Both Sides of Coin

... Banking trade groups are lobbying the Federal Deposit Insurance Corp. for permission to bid on the same assets that the banks would put up for sale as part of the government's Public Private Investment Program.
...
The lobbying push is aimed at the Legacy Loans Program, which will use about half of the government's overall PPIP infusion to facilitate the sale of whole loans such as residential and commercial mortgages.

Federal officials haven't specified whether banks will be allowed to both buy and sell loans ...


More at the link above --

[Oregone]

1. this will result in disaster (or rather theft)

[high density]

2. No. I hope sellers cannot be involved in buying

We can't solve debt pyramiding with more pyramiding.