09 Jan 2009
Bank industry slams lawmaker-Citi mortgage deal

I'm sure the banks don't like it - but then, packaging loans into securities is inherently fraudulent in the first place, so perhaps we should just retroactively declare all such "derivatives" null and void. And forbid their creation in the future.

But I'll bet the banks wouldn't like that, either. Poor babies - whining for bailout money then complaining about the terms. He who pays the piper calls the tune, boys, as my momma was fond of saying. And with the amount of money the taxpayers are feeding you, you'd better get used to dancing some pretty bizarre jigs.

Reuters - A top bank industry group said on Friday that it opposes an agreement between Citigroup Inc and Democratic senators that would rewrite U.S. bankruptcy law to help troubled mortgage borrowers avoid foreclosure, saying it could make home loans more expensive.


(link) [Yahoo! News: Top Stories]

21:58 /Politics | 0 comments | permanent link