madasiwannabe

Proposed Homeowner Bailout Plans are Loaded With Problems

Why do we need more money for McCain's plan? We have a bill already.... It's called the housing bill. The majority of the bill focused on refinancing destressed homeowners into managable loans. There was 200 Billion allotted to accomplish it. For some reason Paulson and Lockhart think it's a slush fund for the GSE's.... READ THE BILL.

Another point, if the GSE's needed the money so bad, why haven't they used it? Probably because they didn't need it in the first place. Paulson doesn't want to help the homeowners, he want to help his friends on Wall St. He wants the GSE's to buy loans from the banks so that no one has to pay out for the swaps. Biggest winner: Goldman Sachs.

I won't even get into how AIG's bailout saved GS 20 Billion in Swap payouts and when LEH was allowed to fail, GS also made Billions. Funny how GS is always on the right side of Paulson's decisions.

Please go find and report the whole story on this. The public deserves to hear the truth.