ForeclosureGate

First Bank of America and others announce a suspension on foreclosures, then suddenly B of A says they're back on line to foreclose. Quickly, PIMCO and the New York Federal Reserve are suing Bank of America over $47 billion worth of toxic assets in Countrywide Bank, owned by B of A.

It all goes back to the article months ago from Florida, when banks wishing to foreclose discovered that the proof that they may foreclose - the actual mortgage note - had disappeared. No one knew how it had been sliced and diced, and no one knew whose derivative-hamburger it had been put on top like sliced onions.

PIMCO and the FED are apparently tired of being stonewalled by B of A, and they want to get on record and start the process, because they know that the mortgage notes of that $47 billion have probably flown the coop. (PIMCO had also assisted the government evaluate B of A's holdings starting in 2009, so they have a privileged view.)

No foreclosures without proof. Period.