Elsewhere this week—
The White House says Obama will vacation in Martha's Vineyard soon.
How very, very Dubya.
I do so hope he enjoys his vacation. How delightful a little get-away is! In the midst of all these pesky annoyances he really could use a little light fun. I hope he gets a chance to catch up with his buddies like Jamie Dimon and Brian Moynihan.
Here's an interesting little tidbit from Forbes:
Bank of America Sold Mortgage Pool
To Fannie Mae
08.10.11, 11:50 AM EDT
WSJ says bank agrees to sell 400,000 home loans to government-backed firm.The Wall Street Journal is reporting that Bank of America has agreed to sell a portion of its home loan portfolio to Fannie Mae. The Journal said the deal to sell a pool of 400,000 loans to the government-sponsored mortgage holder was finalized last Friday.
The purchase price for the pool of loans, with an unpaid principal balance of $73 billion, is more than $500 million, according to one of the unnamed sources cited in the report.
The paper said the move is part of Bank of America's strategy to sell noncore holdings to rid itself of mortgage problems and preserve capital.
Nice little cash infusion, and I'm sure they need it. We wouldn't like BofA to feel the pain of being low on cash, would we? I know they are having a rough time with that nasty little fraud lawsuit.
Meanwhile, the Emergency Homeowner's Loan Program, AKA, the Totally-Random-Lucky-Duck-Lottery, which will assist a very small percentage of homeowners in foreclosure is now closed. Yes, it was actually a random lottery drawing, with lucky winners receiving up to 2 years of help on forestalling foreclosure. As we know, "too big to fail" only applies to the banksters, not the millions of Americans soon to be homeless.