Hi Gail: Is it a fraud ?

Now this was a fraud,, the only difference now this bail-out  is in Residential Real Estate.

 This last go around included commercial real estate and much more about the savings  and Loan Scandal

Here are some facts on the infamous S&L scandal of the eighties which we are still paying for.

The Savings and Loan scandal is the largest theft in the history of the world.

Deregulation eased restrictions so much that S&L owners could lend themselves money.

The Garden Institute of Finance, named after Senator Jake Garn, co-authored the deregulation of the industry and received $2.2 million from industry executives.

Neil Bush, George Bush's son, never served time in jail for his part in running an S&L into the ground.

Representative Fernand St. Germain, who was head of the House of Representatives banking, co-authored the deregulation and was voted out of office after other questionable dealings and was sent back to D.C. as an S&L lobbyist.

Charles Keating, when asked if massive lobbying efforts had influenced the government officials, he replies "I certainly hope so."

The rip-off began in 1980 when the government raised the federal insurance on S&L's from $40,000 to $100,000 even though the typical savings account was only around $6000.

Some of the seized assets were a buffalo sperm bank, a racehorse with syphilis, and a kitty litter mine.

James Fail invested $1000 of his own money to purchase 15 failing S&L's. The government reimbursed him $1.85 billion in federal subsidies.

It sometimes took over 7 years to close failing S&L's by the government.

When S&L owners who stole millions went to jail, their sentences were typically one-fifth that of the average bank robber.

The government bail out will cost the taxpayers around $1.4 trillion dollars when it is over.

If the White House had stepped in and bailed out the S&L's in 1986 instead of delaying until after the 1988 elections, the cost might have been only $20 billion.

With the money lost from the S&L scandals, the government could have provided prenatal care for every American child for the next 2,300 years.

With the money lost from the S&L scandals, the government could have purchased 5 million average homes.

The authors of "Inside Job", a book about the S&L scandal, found criminal activity at every S&L they investigated.

My opinion it is both  a selection of Greedy Home Owners,Greedy Mortgage Lenders and Greedy banks, and now it was there time to get burned !! sooner rather then later is was bound to happen.

Now We have yet another bail out that once again "We all Will Pay For"

Yes It's A Fraud.

VancePinion

Is it real or is it VancePinion?  I agree with Vance!!

So, how do you really feel, Vance? You don't think our representatives in Washington sold us out, do you? I mean look at our standard of living! We must be on the right track.

Ha, Ha Nate:)

Did someone mention could it be Fraud?

Click on this link and choose your state, you won't see any of the fat cats being sent up the river sort of speak.

http://www.mortgagefraudblog.com/index.php/C9/

Nice huh? widespread or what, every trick in the book and then some.

this go around.

I guess if you steal big you can get away with it and we have to pick up the tab...

Gregory now why would our representatives sell us out ? Greed you know it, Hey with that boat you have we can send ourselves up the River.... ha ha ....

Vanceahoy!

The mind set..

http://www.youtube.com/watch?v=K53bnpds3bM

FRAUD, TO DEFRAUD - The term 'fraud' is generally defined in the law as an intentional misrepresentation of material existing fact made by one person to another with knowledge of its falsity and for the purpose of inducing the other person to act, and upon which the other person relies with resulting injury or damage. [Fraud may also include an omission or intentional failure to state material facts, knowledge of which would be necessary to make other statements not misleading.]

So homeowner, without intending to rent their property, tells lender they will (intentional misrepresentation) so they can get funds to buy and bail (for the purpose of inducing action) resulting in the house supposedly being rented going into foreclosure (resulting injury or damage)

Walks like a duck!

PS. HAHAHA Vance yep, the more things change the more they stay the same . . .

Freddie and Fannie

Are getting married ! our government is going to support the newlyweds with dipping into our pockets !! for billions $$$ in wedding gifts and bail out the investors , fund managers and wall street , the honeymoon will last years...... sound familiar ( RTC) bailout?

Together they own or guarantee more than $5 trillion of mortgages.

They have suffered combined losses of about $14 billion over the past four quarters as they make provisions for a wave of defaults.

Investors worried that a government bailout would wipe out the value of existing stock, and those fears have sent the shares down about 90% from a year ago.

Many U.S. banks as well as foreign governments own stock or debt in the two giants, meaning their financial woes could cause broad problems beyond the housing market.

The "B" word can it be that we are finally bankrupt ? keep an eye on China $$$ cashing in should do it.

Vanceruptcy

Candice, It's nice to see someone that still beleives that words have meaning and carry a profound impact on our society. You can teach someone the meaning, but after age 8, you can no longer instill the character needed to walk the walk.

Ethics is just a word - kind of like that old saying: patriotism is the last refuse of the scoundrel.

Keep the Faith!