Oh the banker apologist arrives did you forget to ping your buddy he hasn’t shown up yet on the thread?
Did you also read how they offloaded (sold)Billions on to us the taxpayers this way? Or did you conveniently ignore that?
You know what I’m not the foreign banks keeper I could care less if they fail they made stupid loans just like our banks did they developed those liars loans, etc. out of greed and should have been allowed to fail. What’s that about the government picking winners and losers I always hear about, how about all the smaller US Banks that failed and are still failing.
“The measure, initiated in Jan. 2009 to stimulate the flow of credit and keep household borrowing costs low, led the nation’s central bank to purchase more than $1.1 trillion in mortgages packaged into the form of securities. The mortgage bonds are backed by Fannie Mae and Freddie Mac, the twin mortgage giants now owned by taxpayers.
Deutsche Bank, a German lender, has sold the Fed more than $290 billion worth of mortgage securities, Fed data through July shows. Credit Suisse, a Swiss bank, sold the Fed more than $287 billion in mortgage bonds.
The data had previously been secret. It was released Wednesday per the recently-enacted law overhauling the federal financial regulation. The Fed, ferociously backed by the Obama administration, fought lawmakers’ desire for full disclosure throughout the financial reform debate.”
So they sold our mortgages back to us. Again I don't see the problem. Did we pay an unfair price for the mortgages? Are there no houses or real estate backing those mortgages, that can be liquidated if the mortgages are not paid? Did we buy mortgages that weren't Fannie Mae and Freddie Mac issued? Can we not sell the mortgages now that the market is calmer?
TARP was originally sold as an asset purchase program. Then they went all secret on us. It's not clear to me if these purchases were done with TARP funds or not.