http://www.bloomberg.com/news/2010-10-20/bank-of-america-sues-fdic-over-taylor-bean-mortgage-s-1-75-billion-losses.html
Oh crap
The FDIC is broke already
TARP III soon to be a reality if BoA wins this one.
Does this whole situation unraveling now seem like a childhood game of
"Hot Potato" to anyone else?
The Federal Insurance Deposit Corp. was sued by Bank of America Corp. over $1.75 billion in investor losses stemming from an alleged fraud by failed lender Taylor Bean & Whitaker Mortgage Corp.
The FDIC has denied claims by Bank of America against Colonial Bank and another financial institution in receivership that bought fake mortgages from a Taylor Bean unit, Ocala Funding LLC, according to a complaint filed Oct. 1 in federal court in Washington. Bank of America was the trustee for notes issued by Ocala Funding, according to the complaint.
