From what I understand, the Federal Reserve purchased a lot of the really bad stuff on the banks' balance sheets and parked it in one of the Maiden Lane "credit facilities" on the taxpayers' dime. Recent reports indicate that the Fed is in no rush to sell this junk. There are no greater fools to be found anywhere.
in reference to:"So how in the world can these banks make all this money when they have stuff like this on their balance sheet?"
- Real Homes of Genius – 1 out of 7 homeowners not paying mortgage or in foreclosure. Examples in Pasadena. 672 square feet apartment for $385,000. 676 square feet home became equity machine. » Dr. Housing Bubble Blog (view on Google Sidewiki)
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