Thursday, October 14, 2010

Mortgage Crisis Blues: Their Own Mistakes As Basis For Compensation

"It could be 2008 all over again." Ariana Eunjung Cha & Jia Lynn Yang of the Washington Post: "For more than a decade, big lenders sold millions of mortgages around the globe at lightning speed without properly transferring the physical documents that prove who legally owned the loans. Now, some of the pension systems, hedge funds and other investors that took big losses on the loans are seeking to use this flaw to force banks to compensate them or even invalidate the mortgage trades themselves."

Will the taxpayer again ride to the rescue of banks?

I'm sure all those lightning fast transfers around the global banking and mortgage industries were forced by poor people given risky loans. That's what the Conservatives and Tea Baggers would have you believe.

Corporations are out to destroy socialistic policies, yet socialism and taxpayers always bailout corporations. It's so masochistic, yet it happens every time.

"Buyer beware" work for hedge funds, too.

Posted via email from liberalsarecool.com

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