The Fins. Oh those fins. During this latest melt up in the S&Ps, there’s been one fly in the ointment, and that is the financials. Looks like folks knew what troubles lay ahead all along, regardless of what QE2 or TARP2 would bring, and that’s that banks had a foreclosure mess coming their way. Imagine that.
BofA has now been sued in what is surely just the beginning of years of legal BS regarding illegal foreclosures on potentially thousands, if not millions, of homes. I’m wondering who is running the show at this point, and who is in charge.
Personally, I think it’s time to see some failures. Wash the system, punish those who got us into this mess, and start with new rules altogether. The lawsuits will continue for years as nobody seems to know who owns clear title on billions of real estate in this country. Unbelievable.
See below for a look at the BKX – not seeing a whole lot of mojo in the banks, and now we know why. As go the piggies, so goes the poke.