Posted by JackE on October 03, 2008 at 12:41:13 from (74.92.77.173):
In Reply to: Done deal , Bail -out posted by j heitkemper on October 03, 2008 at 10:59:14:
The corruption comes from our own government. The foundation of this fiasco was laid back in the mid 70s with the community reinvestment act. Banks were forced to make loans to less credit worthy people. Years later the scam artists got involved with their sub-prime loan operations. Crooks at Fanny-mae and Freddy-mac cooked their books, so they would get their big bonuses. Government failed to do anything to fix the problems. Remember all the government bragging about home ownership at all time highs? This was nothing but a big ponzi scheme doomed to fail. And now we are all stuck holding that big crap filled bag. Well, maybe not all of us, alot of those people who got themselves in over their heads with mortgages they could not afford. This bailout will allow judges to LOWER their loan pricipals and interest rates. So they can stay in their homes at our expense. We have been sold out on a massive scale. I bet this bailout scam won't be enough, they will come and pick our pockets for alot more. Jack
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