It is apparently above the head of most of the sheeple, but today the majority of OTC derivatives known as securitized mortgage debt ended.

The presence of the NY Fed in this potential litigation says that the Fed is holding paper which does not qualify for holding according to its own indenture.

This is the end of the majority of a pile of garbage two trillion dollars high. This is one of the best reasons to own gold, regardless of the mindless actions of algorithms impacting price today.

The New York Fed, Pimco and others threaten litigation via demand letters to force the Bank of America to buy back $47 billion in OTC derivatives known as securitized mortgage debt.

Because the OTC derivative cannot stand the light of day in court, a demand letter is a powerful first tool.

Respectfully,
Jim