NY Times Op-Ed re: Taking the Toxic Out of Assets

Yes, a catchy title in today’s op-ed section of the NY Times caught my eye. For anyone interested in the FDIC’s Legacy Loan Program, a good read on this humid, rainy D.C. morning. Having cut my teeth at a company that counted former FDIC chair Bill Seidman as a partner, the parallels between the 80’s S+L crisis and today’s challenges is pretty dramatic. Consider that “the same principles that worked for the Resolution Trust Corporation could be adapted for bank loans seized by the Federal Deposit Insurance Corporation, foreclosed properties owned by Fannie Mae or Freddie Mac, and even for toxic mortgage-backed securities that require loan modifications.” I’m not a banker, but its good to know what’s possible as the Treasury, Fed, FDIC, OCC, etc. works to clean up the banking industry.