http://www.zerohedge.com/article/alan-grayson-demands-capital-buffer-tbtfs-absorb-title-insurance-liabilities-asks-new-stress
A real stress test should have been used in the first place,had they none of the banks would have even made it this far.
Full Grayson letter to Geithner and the Financial Stability Oversight counsel (pdf):
Dear Secretary Geithner and members of the Financial Stability Oversight Council,
I'm writing concerning the foreclosure fraud crisis and the resulting potential need for a special capital buffer for large systemically significant institutions. I'm particularly worried about the title insurance market, and attempts to lay off title liability onto large banks without corresponding changes in capital requirements.
Recently, Bank of America struck a deal with Fidelity National Title Insurance to indemnify the title insurer should legal problems with foreclosures create unanticipated title liability.
