BuffalloBill

Citi's Flip-Flop on Mortgage Cramdowns: A Really Bad Idea

'Remember what go us into this mess, a lot of idiotic lenders who lent money to people who didn't deserve it'. Yeah, like WaMu, Lehman Brothers, Citicorp, BofA, and every other greedy Wall Street Banker. They want to keep their absurd bonuses (using the taxpayers money), and screw the homeowner who got pulled down in this downdraft because of the bankers. I say the cramdown law makes alot of sense. It finally gives power to the borrower to negotiate a reasonable interest rate with the banks. The banks pay almost 0% for fed funds but lend it out at 7-10% to subprime borrowers or 30% for credit cards. I'm a conservative, but I've lost all sympathy for these loan sharks who are destroying the American middle class for their own greedy self interests.