>>> They'll put the influx into Ginnie and Fannie.
>> And that's bad exactly how?
> Not from my point of view. But all these people who think that
> by putting their money in a CU they're keeping it local, they ain't.
Since the GSEs are now 90+% of the residential mortgage market, giving it to them is in some sense keeping it local as opposed to where BofA is using their capital.
Besides, I didn't see anyone saying "put it in a credit union, keep it local!" ... I saw it more as "put it in a credit union, don't reward the bastards who almost completely fucked us" ...
Also: perhaps the biggest impact on banks like BofA in this has been perceptions that have helped drive their stock price down to historic lows. BofA trades at less than 25% of book value! Woo!