When asked about the lawsuit, Bank of America played dumb, kind of like when they agreed to buy Countrywide, the originator of those loans. I'll bet there is some serious buyers remorse related to that purchase. If you think you over paid for that big screen that the wife yells at you about? I'll bet Bank of America has it ten times as bad.
Like most hero's Frey has his flaws. He thinks you and I, the tax payers should have to pick up tab, another half trillion dollars, on these bad bonds. I can't say that I am a fan of that course of action, but as I continue to beat my drum here at The Last Good Idea, I will repeat my mantra. Support the banks, everyone benefits. Only our idiot, fool neighbors benefits from bailing out the individuals.
So, like the old saying ... the enemy of my enemy is my friend. So while Mr. Frey seeks to put off bailing out the individual morons who bought too much house and continues to wave his ink pen sword at the likes of Representatives Barney Frank, Maxine Waters, etc. I will call Mr. Frey our hero today. Especially since he has given Barney Frank another opportunity to make himself look like an ass. He can't really help it, it’s his nature. Barney Frank asked Mr. Frey to discuss alternatives, but quickly withdrew the invitation. I am sure he knew he was standing on the wrong ground.