Watch out-Bank of America is about to pick your pockets…all of our pockets, in fact.

Jolted by its enormous losses resulting from the subprime mortgage crisis (which turns out to be a clever coverup for what this really is–illegal bank dealing)–the BofA actually has the nerve to propose to Congress what amounts to a bail out of the banking industry (make that read–Bank of America).

The Bof A is proposing a Federal Homeowners Preservation Corporation…an agency that would, at taxpayer expense, purchase billions in mortgages at huge discount rates.In other words, the government—taxpayers–would help Bank of America service its debt resulting from bad loans.

According to a New York Times account, the BofA’s proposal “warns that up to $739 billion in mortgages are at ‘moderate to high risk’ of defaulting over the next five years and that millions of families could lose their homes.’”

Nice scare tactic guys. Probably true, of course. Still, to use this as a way to justify a taxpayer bailout of the bank is outrageous.