Citizens carry the load for bad loans by Wall Street
In a February regulatory filing with the SEC, Fannie Mae and Freddie Mac, now owned by the federal government, say they intend to return $21 billion in home mortgages to banks in 2010. Four commercial banks now dominate the home mortgage market: Citigroup, JP Morgan Chase, Bank of America, and Wells Fargo, and they will receive the bulk of these repurchases. Since the banks sold these mortgages to these agencies for full value, they must buy them back at full value, but at least one bank, JP Morgan Chase, says these mortgages will then be immediately written down by 50%.
Walking into any “court” of late one might have a distinct impression that one has walked into a monarch's domain. The rule of law only applies at the discretion of the monarch. And that would be the judge sitting in that particular court.
|Your donation helps provide a place for people to speak out. thepeoplesvoice.org P.O. Box 159113 Nashville, TN 37215 Not tax deductible. firstname.lastname@example.org|
|Articles and Writers||Old TPV|
|<< <||> >>|