I have to say, I'm still shocked a thread concerning this hasn't reached the front page. This is one of the biggest slaps in the face to the american people to date, and it really seems like very few (respondents excluded) are all that concerned.

read the whole news..you can't have a fannie or freddie loan which eliminates almost everyone

scam bailout

Originally posted by mutatismutandis
I have to say, I'm still shocked a thread concerning this hasn't reached the front page. This is one of the biggest slaps in the face to the american people to date, and it really seems like very few (respondents excluded) are all that concerned.

the simple fact is that economics are intentially boring to make it easyer to "pull a fast one"
first it is so boring no one in the pblic takes notice,
second they make it needlessly complicated to confuse people trying to understand,

third
IF PEOPLE KNEW HOW THE SCAM WORKS
THEY WOULD REALISE
sub prime was a SCAM set up years ago
they KNEW it would emplode the housing markets,
THEY MAKE THE MOST MONEY,
because of the "free money from the fed"
and because everybody is trying to "escape" their morgages,
banks clean up on the morgage reposesion market.

this is the most profitable part of the scam,
they pay 0.025% for a loan TO BUY YOUR BUSINESS
while you PAY 7.5% INTEREST ON YOUR LOANS.

while everyone is loosing money,
the big banks are buying everything up at 0.025% interest

and why the robosigning?
because MOST of the morgages are owned by hedge funds and retirement funds world wide.

the bail out money can "overcompete" with loaned money for comercial use,
so the big banks can buy and run the new business with a 7.25% advantage on credit costs.

the fed is supplying AMERICAN BACKED FULL FAITH AND CREDIT FED DOLLARS FOR FREE TO THE BIG BANKS,
and the people pay 7.5% or higher
the comerical businesses pay 7.5%

a bank with credit costs of nothing can buy compete and own every thing
just by borrowing at zero, because their credit costs are tiny

the fed is screwing you and my country by suppling volume of credit at no cost that dwarfs our entire economey.
they can BUY US ALL AT NO COST

xploder

I can't seem to find it now but a little while ago there was an article about this settlement on Yahoo. As far as I can remember, near the end it said this settlement wouldn't affect personal/state lawsuits. I'll keep looking for that article.

Originally posted by thov420
I can't seem to find it now but a little while ago there was an article about this settlement on Yahoo. As far as I can remember, near the end it said this settlement wouldn't affect personal/state lawsuits. I'll keep looking for that article.

If you find that please do share, because from what I was reading it sounded like one of the reasons this was puhed through this way was so it would block the civil suits. I would be really interested in reading that.

The strange part is i have a friend that had a mortgage and he paid on time and never missed a payment and one day the shierff was at the door to evict him.

What happened was the company that held his loan sold it to another company and never told him so he kept paying the company he always had.
The company that sold his load had given the new company a bad address or the new company had miss recorded his address and the loan transfer information had never got to him. and his old company kept taking his payments.

he does not know if this was intentional or not but the new company never did due diligence in checking if he had ever been notified of the change.

he filed a lawsuit against three companies and has been waiting 4 years for a trial date as of now but the courts are so backed up that it may take another year or two for him to get to court.

His lawyer tells him he has a no lose case if it ever comes to trial.
By the way the company that bought the loan was Countrywide and part of the slowness in getting to trial is that that bank of America now owns Country Wide and most of the old Countrywide employees do not now work for BOA.