The mortgage settlement agreed to by 49 state attorneys general seems to be yet another stroke of good luck for the banks. Ostensibly, the settlement commits the banks to pay $26 billion to the government and homeowners to compensate for improper conduct in the foreclosure process. Continue reading...
Here's the rub, the banks WON'T PAY SHIT. All of these article MISS THE F'ING point, which is not an accident to be sure. The banks won't pay a penny, because the banks don't own the mortgages! The mortgages are owned by PRIVATE INVESTORS and are... drum roll... GUARANTEED BY THE US GOVERNMENT, AKA TAXPAYERS. The banks only SERVICE the loans. They have no skin in the game, never have. What we are seeing here is another stealth bank bailout by Obama. Obama isn't done either, QE3 is right around the corner. Obama just cannot stop throwing free money at his bank buddies and the MSM provides cover.
