Mortgage Mess Explained

August/01/2008 0:55AM
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If you click on the following you will get a simple explanation of the mortgage mess: /storage/presentation.pps 1  

Use your arrows to move forward in the power point presentation. Hit escape when you are finished. I apologize for the language but this was sent from a major bank in the US. It’s the inside story that they used to explain the mess to each other. It’s the factual story of the sub prime mess.

God Bless the greedy little devils. Now we must bail them out. This shows all the culprits. The mortgage broker who brought the marks to the table. The banks that dumped the bad paper as fast as they could. The investment bankers who packaged the bad loans into investment vehicles. . They bought the bond insurers into the picture. Tons of commissions and bonuses were made from this activity. Most who benefited will feel no pain. The people who never should have bought a house will move out. Fannie and Freddie will go on giving millions to politicians. And, probably give them low cost mortgages.

This is what your government let happen. Now, they want you to pay to fix it. I am reprising this entry from a few months back because it has come to a head.This PowerPoint presentation was an actual computer generated story that was circulated by employees of one of the major banks that is in big trouble. It was an inside joke. Do you think  it’s funny? I don’t. It’s the tip of the iceberg. Your tax dollars are going to fix this. Why?

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