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Napanee, Ontario | A lot of the subprime junk they got to offload onto the central banks at near face value. Market value was obviously significantly lower. In EU their program was similar and was for banks to dump Greek, Spanish, Italian bonds ect.
in QE3, That was the ~45 billion portion of the 85 billion a month QE - mopping up Mortgage backed securities and other under-performing assets. QE 1 was the same thing, another trillion some spent there in the first round.
But of course, those were just replaced with even more speculative bets in other markets (first chart). Remember these are just for the derivative market on US commercials that are estimated. Total derivative exposure worldwide is estimated to be close to 1.5 quadrillion.
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 (global debt.jpg)
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