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Federal Reserve wild financial beast of Maiden Lane ? How the Fed silently helped Hilton and Waldorf properties for the benefit of JPMorgan while placing the cost on working and middle class Americans

By Implode-Explode Heavy Industries

``Many in the U.S. have no idea that their central bank has purchased and supports luxury products like multi-million dollar hotels in California. They would hesitate at calling it a purchase but they do own the liabilities securing the property. The bailouts were marketed and branded as a way of helping out the working and middle class... Of the $30 billion portfolio, the Fed put the fair market value at $28.478 billion as of October of 2010. Apparently this portfolio, a toxic wasteland that JPMorgan did not want to touch without a guarantee, has only fallen by 5 percent while the entire industry is down near 50 percent. ''

Full post as published by Mortgage Lender Implode-o-Meter on March 16, 2011 (boomark / email).