Wednesday, January 12, 2011 3:13 PM

US Banks Report Phantom Income on $1.4 Trillion Delinquent Mortgages; Purposeful Delays to Inflate Earnings?

Robert Lenzner at Forbes writes US Banks Reporting Phantom Income on $1.4 Trillion Delinquent Mortgages http://blogs.forbes.com/robertlenzner/2 ... gechannels

The giant US banks have been bailed out again from huge potential writeoffs by loosey-goosey accounting accepted by the accounting profession and the regulators. They are allowed to accrue interest on non-performing mortgages â€