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Monday, February 20, 2012

Another bailout for Wall Street, no I'm not kidding

Get your pitchforks ready, people...

These people have to be the most tone deaf people on the planet. I want to know what kinds of drugs they're taking. The business end of their crack pipes must be hot to the f*$&*#g touch.

CBS:

(MoneyWatch)  U.S. taxpayers may be on the hook to bail out big banks -- again. The Financial Times is reporting that taxpayers will subsidize a large portion of the $25 billion mortgage settlement, which was broken down into two distinct pieces:
1. $5 billion in cash payments, of which $1.5 billion would go directly to approximately 750,000 borrowers who were wrongly or illegally foreclosed on between September 2008 and December 2011. This is the part where you have heard that borrowers who were wrongly foreclosed on could receive up to $2,000.
2. $20 billion in "credits" the banks will receive for principal write-downs and other aid to nearly 1 million homeowners at risk of default, up to $20,000 per loan.
It's part two that's coming under scrutiny. A clause in the provisional agreement allows the banks to use the government's Home Affordable Modification Plan, or HAMP, to cover the principal reductions. Neil Barofsky, the former special inspector-general of the TARP, described the clause as "scandalous." Says Barofsky: "It turns the notion that this is about justice and accountability on its head."
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