Tuesday, January 31, 2012
Fannie & Freddie & JP Morgan
Pro Publica has a very interesting story on how Freddie Mac was betting against OMOTS inability to re-pay mortgages.
And JP Morgan was involved in the war against OMOTS, veterans included.
Almost 50% of loan modifications WERE CANCELLED by JP Morgan Chase or 128,000 OMOTS!
Loan modifications are visually displayed here:
BAC, the bailed out crappy bank cancelled 54% of loan modifications, 217,120 OMOTS! So this is what happens when banks are bailed out, they TOSS OUT families onto the street.
So much for economic recovery.
Freddie Mac, having been BAILED OUT by the taxpayer, now goes and BETS AGAINST those that BAILED IT OUT!
According to Freddie's CEO, Charles "I'm in the corner of the OMOTS" Haldeman JR. speaking to Congress recently, he said that Freddie was:
“helping financially strapped families reduce their mortgage costs through refinancing their mortgages.”
Total fictitious statement! Charlie is earning a nice chunk of change from the TARP and other bail outs from the OMOTS, the people HIS GOVERNMENT AGENCY is betting against.
Here's Charlie's "Bail out" Haldeman's bio ---
And an interview with "SMART" Money!
HDD wonders how much $$$ this charlatan gets for CHUCKING FAMILIES out of their homes by betting against them?
Here's a quote from "Smart" Money:
"Of course, it's not as if the even-keeled, sandy-haired Haldeman didn't know what he was getting into when he took the $5 million-a-year job in 2009."
This guy is being paid $5 million!
Freddie Mac was set up to ENCOURAGE and MOTIVATE people to buy houses THEY COULD AFFORD. The idea that a government agency would BET AGAINST OMOTS in a bid to limit credit access is SCANDALOUS.
The mortgage model needs to be TURNED around as we attempt to get the economy back on track and home ownership available to THOSE WHO HAVE PUT DOWN a deposit.
Houses SHOULD NOT BE SPECULATION VEHICLES! They are for LIVING IN!
And as the "S-election" goes on into November one of the Republicrats, Newt, was a lobbyist for the same group of people who MIS-MANAGED tax payers' money, bet against those taxpayers and are now "fixing" the problem!