9 votes

GOT to Hand it to Obama, These Guys Are That Sick!

Plunging deeper into the farce-hole, the FT reports tonight that Obama's foreclosure settlement with the banks over their improper seizure of tax-paying US citizens' homes will in fact be subsidized by those very same US taxpayers. It is a hidden clause (that has not been made public yet) that allows the banks to count future loan modifications under the $30bn (taxpayer funded) HAMP initiative towards their $35bn agreement to restructure obligations under the new settlement. As the FT goes on to note, BofA will be able to use future mods made under HAMP towards the $7.6bn in borrower assistance it is committed to provide - which means, in a (as TARP inspector general Neil Barofsky describes) 'scandalous' turn of events the bank will receive payments for averting a borrower default and be reimbursed by the taxpayer for the principal write-down. We have much stronger words for how we are feeling about this but Barofsky sums it up calmly "It turns the notion that this is about justice and accountability on its head". Are the Big Five banks truly beyond the law?


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"...These Guys are that SICK!"

would be more apropos.

this is nothing but an out in the open THEFT, FRAUD, and in my view TREASON, but more specifically it's #3,023,145,573th reason WHY oBUSHma clearly qualifies for impeachment, as it is "High Crimes and Misdemeanors."

Predictions in due Time...

"Let it not be said that no one cared, that no one objected once it's realized that our liberties and wealth are in jeopardy." - Dr. Ronald Ernest Paul

My economics professor jumped all over this

In a nutshell, government intervention and capitalism rarely mix well.

These kinds of bailouts send mixed messages to both banks and borrowers.

Also of interest is which banks get the short end of the stick...probably not the ones who got in bed with the government. So this is yet another way to drive out businesses from the lending industry.

Just as agriculture, auto-manufacturing, media, etc were first nationalized then monopolized...now its happening to the bankding industry AND the housing industry. In the near future, we'll only be able to buy houses and land from a small set of businesses.

Frankly, this sort of thing has been happening throughout time.

+1 bumo

To keep thread active.
And Ron should out this crap asap !

Drew, by the very grace of GOD through the blood of Christ Jesus.
"there shall come after us men whom shall garner great wealth using our system, and having done so shall seek to slam the door of prosperity behind them." George Washington

Dr. Paul

Needs to bring this out!!!!! Immediately!