Of COURSE the mortgage giants are sticking it to us even more than we thought...!
why would we think for a moment that they would do otherwise...? privatize profits, socialize costs - that's the american way of capitalism... bend over and grab your ankles...
of COURSE it was "a closely guarded secret"... why make a big deal out of announcing that our routine screwing is even more painful than we already thought...?
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Mortgage Giants Leave Legal Bills to the Taxpayers
Since the government took over Fannie Mae and Freddie Mac, taxpayers have spent more than $160 million defending the mortgage finance companies and their former top executives in civil lawsuits accusing them of fraud. The cost was a closely guarded secret until last week, when the companies and their regulator produced an accounting at the request of Congress.
The bulk of those expenditures — $132 million — went to defend Fannie Mae and its officials in various securities suits and government investigations into accounting irregularities that occurred years before the subprime lending crisis erupted. The legal payments show no sign of abating.
of COURSE it was "a closely guarded secret"... why make a big deal out of announcing that our routine screwing is even more painful than we already thought...?
Labels: bailout, banksters, Fannie Mae, financial coup d’etat, Freddie Mac, taxpayers
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posted by profmarcus at
1/24/2011
