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Old 11-11-2013, 05:59 PM   #105
pricejj
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United In Orange

Join Date: Aug 2009
Location: Louisville, CO
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Want to know how many bad loans greedy banks KNOWINGLY sold to the American Taxpayers? You think they would have made these loans if they couldn't dump them on American taxpayers? Not hardly.



"In January 2011, Bank of America agreed to a $1.35 billion settlement with Freddie, but that deal included only loans sold by Countrywide. Bank of America's $11.6 billion agreement with Fannie earlier this year included $6.7 billion in loan repurchases. That followed a smaller $1.5 billion deal with Fannie in 2011.

During the third quarter, Freddie reached settlements with Wells Fargo, Citigroup Inc., and SunTrust Banks Inc. worth $1.3 billion combined. Last month, J.P. Morgan Chase agreed to pay $1.1 billion to resolve such claims."



Again, these banks NEVER would have made these risky loans had they not KNOWN that they could SELL these loans to American Taxpayers (Fannie and Freddie), via government programs to socialize losses in the mortgage lending industry.

Libertarians are explicitly AGAINST making American Taxpayers liable to greedy banks and their shady lending practices.

Progressive Socialists are not only IN FAVOR of American taxpayer liability in the mortgage industry, but they heavily promote it, while expanding FHA, Freddie Mac, and Fannie Mae....encouraging banks to sell toxic paper to American taxpayers.
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