Barney Frank is on CNBC touting his plan to spend between $40 and $100 bln on foreclosure avoidance (which has failed utterly so far). He also says that any TARP funds dispersed to banks would come only after the recipients disclose how the funds will be used.
Also crossing the wires is news that Fitch has affirmed the AAA rating of Spain. They also have several nice CDOs on Las Vegas subprime mortgages at AAA if you have interest….
