[American in Israel]

This ignores the fact that when the seller sold the home, the bank gave the full price in cash to the seller. The borrower when he defaults SCREWS the bank for the remaining cash. The government prints the money in the fed, borrows it at interest, buys the mortgages and then owns the house. The bank gets a percentage of the mortgage value as it has been bundled and the package value has dropped considerably on the market.

So in the end, the bank gets a percentage, the fed gets a percentage and the home owner gets screwed because he FAILED to uphold his end of the deal.

Who really get screwed is the taxpayer, because the Government, who now owns the land, just printed the money and forced the taxpayer to pay rent on the money to the Fed.

So the tax payer, pays for the land, and pays for the loan to buy the land, but does not get squat.

The real criminal is not the Bank, it is the Government, who intentionally collapsed the system to get their man in office and cash in on the peons homes.

[Neidermeyer]

FNM and FRE bought “assets” of the failing banks at par ,,, STUPID MOVE ,, they were “known” to be worth 15% of par at the time ... we now know that the liens were never perfected , they are unsecured (at best) and that they are truly WORTHLESS.

The banks blew the bubble , created the false valuations and now you are upset that the valuation model is screwed?

Yes the taxpayers are getting the short straw ,, we have each and every year since 1913 .. THAT’S THE FEDS JOB ... To Make Sure the Banks that make up the Fed never feel any pain ..

I agree that the gov’t is trying to own all the homes ,,, but the banks set it all up ,, they just figured they could juggle it forever and keep printing that big fee based money..