Now This is Delay and Pray:

Now THIS is Delay & Pray:

The Fed, FDIC, OCC & OTS issued a joint policy clarification which has more than a few people in the mortgage investment industry concerned as it appears to say that lenders with non-performing loans need not treat them as such and that bank examiners will be flexible in this regard when reviewing banks portfolios. We don't understand what the "Plan" is, as non-performing loans are piling up at ever-increasing rates. This leaves us to wonder how and when it will be possible for the banks to clear these loans from their books, and under what circumstances. If the "Plan" is that the economy will grow its way out of this overhang of bad loans, then the Fed & Co had better get some stimulus(ae) going soon that will create organic demand and resultant growth.

Charles Cecil

Opin Partners, LLC