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Foreclosure-Gate Repercussions: BofA Takes Hit As Sheila Bair Talks

• ZeroHedge.com
 
Finally the FDIC acknowledges the shitshow: BAIR: LITIGATION FROM SERVICER ISSUES COULD BE `VERY DAMAGING' BAIR SAYS FORECLOSURE PROBLEMS WILL REQUIRE `GLOBAL SOLUTION' BAIR: CRISIS REQUIRES `DECISIVE' ACTION FOR MORTGAGE SYSTEM BAIR: FDIC SECURITIZATION RULES `CONSISTENT' WITH DODD-FRANK And the kicker: BAIR SAYS CRISIS REVEALED `CRITICAL FLAWS' IN MORTGAGE FINANCE Oh, so there are flaws??? As a result, Bank of America takes out 10/20 lows And Bair continues being on a roll: BAIR SAYS GOVERNMENT SUPPORT MUST BE EXPLICIT IF OFFERED BAIR SAYS `MORE PROBLEMS' WILL ARISE IN MORTGAGE SERVICING

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