Interest rate 'freeze' - the real story is fraud

[RobertB]

Bankers pay lip service to families while scurrying to avert suits, prison

Sean Olender

Sunday, December 9, 2007

Mortgage Meltdown. The Denver Post Graphic

New proposals to ease our great mortgage meltdown keep rolling in. First the Treasury Department urged the creation of a new fund that would buy risky mortgage bonds as a tactic to hide what those bonds were really worth. (Not much.) Then the idea was to use Fannie Mae and Freddie Mac to buy the risky loans, even if it was clear that U.S. taxpayers would eventually be stuck with the bill. But that plan went south after Fannie suffered a new accounting scandal, and Freddie's existing loan losses shot up more than expected.

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2007/12/09/IN5BTNJ2V.DTL

[jds6958]

This is an absolutely great article...thanks for posting!

[light4mypath]

it has nothing to do with U.S. house prices, with "working families," keeping people in their homes or any of that nonsense.

The sole goal of the freeze is to prevent owners of mortgage-backed securities, many of them foreigners, from suing U.S. banks and forcing them to buy back worthless mortgage securities at face value - right now almost 10 times their market worth.

Ohhhhh what a tangled web they have woven.......:tsk

[HisAlways]

Ahhhh yes......more "foreigners" suing US institutions. How can that be when THEY signed on the dotted line?