This makes no sense, whatsoever. It’s as if they want to bankrupt BAC.
$41 billion claim.
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Excuse me, it makes perfect sense. Main street is on the hook for Fannie and Freddie. Its about time the banks eat shit for breakfast, lunch, & dinner. Yes, the fat cat banksters and other derivative holders will eat it as well, but we need a new consortium of banks to rise out of the ashes. When BofA dealt otc derivatives to Countrywide on their REO portfolio, that was their choice. They all got super rich without any care to the longer term consequences of the inevitable, easy to recognize re collapse. When RE crashed, they were forced to bail out Countrywide because they were the counter party of the CDS they issued. Let them reap the consequences. Trying to subsidize and bail out the Real Estate & Banking industry is only possible via a complete monetization of public debt which will wipe out what is left of the middle & lower class via $20 toilet paper. Let Mad Max & the Thunderdome surface for 3-5 years and then we can all be cowboys again and rebuild this country like we were settling on the Platte River. This country is turning into one big subsidized zombie. We need to shake it the system upside down and start over.. Let Buffet go BK!
Sierra, normally love your thoughts, but you are wrong here. They banks should have gone bankrupt in 2008. When we bailed them out, we gave them a free pass and eliminated any right to claim future damages. You mean to tell me we give them billions in bailouts and then sue them to get some of it back? Seriously?
Worse, lets say that FHA actually wins…Who is going to pay, in the end? It will be the tax payer, again. We paid to bail them out, and we will again pay when they raise fees to cover the cost of the law suit.
Stupid.
Methinks there is something more sinister afoot which is orchestrated by the administration.
Remember Rahm’s credo, “never waste a crisis”. The corollary that follows would be, if no crisis is afoot, create one.
ditto on Wood and heaterman….this is a heist of public funds
U.S.A Does need to be shook up and to be rid of all the big cats sitting in the house ,They look at mid class ,poor as nothing ,Everything is just beggining to unfold again ,Obsama or obama Maybe he thought he could hit the ground running but he got tripped up real fast and now they will put in a new prezzzzz Making the prezz look like the bad guy which actually was the Bush man that finished off the american dream…..Obama just was at the wrong place at the wrong time poor guy lol …America we need to wake up and make these politicans pay up and pay up some tax instead of us mid class people Remember the American Dream ??Well we need to start dreaming again and start thinking of ways to make life better ,,Live within your means and buy what ya can and take care of each other were all in this together Peace and may you all find what you need in life