RED STATE-
The cost of the bailouts seems never-ending and more of the mounting evidence that it didn’t work, like a bailout recipient laying off 16,000 workers this year, continue to make the news.
Tied to the root cause of the financial meltdown of 2007-2008, are mortgage giants Freddie Mac & Fannie Mae in light of their penchant for bundling sub-prime mortgage securities in the years preceding the collapse. Since those dark times, they have continued to be the recipients of multiple bailouts and government assistance even as taxpayers and critics pleaded for an end to their long overdue folding.
The government however, seems determined to screw taxpayers just a little more on the way down.
On Aug. 17, 2012, the Treasury Department announced it was changing the terms of its bailout agreement with Freddie & Fannie in a way that will shrink the holdings of the two mortgage giants more quickly and will require payment to the government of all quarterly profits the companies earn.
Here’s the translation: the government is pretending that they are helping the taxpayers out by taking all of the profit generated by Freddie & Fannie, rather than continuing with the fixed 10% dividend that had been written into the tax bailout. Instead, they are guaranteeing that we won’t get paid back nearly as much from the bailouts as we could’ve been.
© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.
The taxpayers are being protected by removing people from their homes so that they can be harvested by wealthier Wall Street firms. By allowing these pirates (associated closely with the original loan shark subprime predators) to steal homes for pennies on the dollar, this somehow returns fairness, morality, profitability, truth, justice and the American Way to the “free market”. Yes, of course it does.