Budwick Announces Mortgage And Car Loan Forgiveness

@JimBeam The feds ought to get out of the student loan game. It would wise up many college aspirants who very likely would take out loans. The possibility of fraud and theft in massive programs like this is very likely.
The feds want to use our tax dollars? Bailing students out isn’t the only answer.
Oh yeah…you take a federal loan out, then you will take THESE courses…engineering, medicine, economics and others benefitting others.

@soar2newhighs Politicians damn near pushed the US into another depression just 15 years ago with their manipulating of mortgage backed securities in the FNMA/GNMA debacle. The US government itself created mortgage entities that lied to the investment community and almost brought the banking system down.

Banks and financial institutions bought FNMA/GNMA mortgage blocks that the government insisted were as good as US Treasury notes but instead were junk bonds. When the secret broke and all those FNMA/GNMA bonds suddenly lost values it suddenly put banks upside down, meaning the banks assets at market value were worth less than their deposits.

And just a few years before then, congress created the Savings and Loan debacle. Remember that, the one where the Clintons helped clean out the Morgan Guarantee and John McCain helped that Keating guy shake bank regulators from his tail?

@Heartlander

I was watching a show like 60 minutes (or something)

A black woman had a negative income. Yes, less than zero. This qualified her to buy four condos. Her monthly mortgage total, was $10,000. 10K per month is rough, especially when you make less than zero.

The banks foreclosed on her, and she was crying on camera. She said it was not her fault, and she was tricked into it by the banks. They told her she could afford the $10,000 per month, even though she made less than a penny per year. She believed them, so it wasn't her fault.

@JimBeam Mortgage brokers make their money off of making loans, not from the loans themselves. They make the loans, then bundle them into multi-million dollar securities and sell the security (bond) to banks. Banks liked them because they came with the good faith of the US Government (so they thought) and that belief was fortified by bank regulators and laws that required less equity by the bank's owners. Asset classes are used to determine how much equity the bank owners have to have, i.e. "skin in the game". So mortgage brokers had incentive to cheat since the individual mortgages would be eventually be buried in a $billion FNMA bond and sold to bank, and banks had incentives to buy them because of favorable treatment by bank regulations.

It's the same game repeated over and over. When the government sticks it's claws into the market place, the need for due diligence/buyer beware goes out the window and it's like a single for white collar crooks to start picking at the locks.