Another part of the big scam is that we really have no idea how deep the hole is and even whether it is growing or shrinking. So much for SarbOx. Until convincingly revealed otherwise, I continue to presume man behind curtain, Wizard of Oz. Perhaps a team of BS artists behind the curtain feverishly pulling levers.

This is no tale and when it all blows, the BS artists retreat into their well lined bunkers leaving the masses to suffer. They better have a good Republican Guard out front.

The biggest difference between a jumbo and subprime borrower is that a jumbo borrower has more access to lawyers, delaying the process, modification and multiple bankruptcies.

The biggest uncertainty is that many of these jumbos were tied to libor and 1 year t-bills or other low cost of funds index. As rates move up the payments will force many who are current to not make payments.

The extend and pretend on the upper end will create larger losses for the bank on those properties in the future

Hmm, I thought I was the only Frank posting here, although I notice you’re calling yourself “frank” instead of “Frank” with a capital F. (suite…)