they walk away with millions, after robbing the till and you will do nothing because you have been pussified and feminized by you know who.
Lockhart also said Fannie Chief Executive Officer Daniel Mudd and Freddie CEO Richard Syron ``were a little surprised'' by the government's action, but ultimately consented. ``We went through them, what the alternatives were, and they did consent to the conservatorship,'' Lockhart said. ``They realize that it was the best solution.'' ------------------------------------------------ I'll translate for the brain damaged. They were told, gtfo or we lock you up for 30 years and confiscate the money you stole.
Typical. No accountability. On the bright side (if you are arguing the rich always win in this society), their actions actually funded a wealth transfer from investors to the poorest (subprime) class. Those poor who were to stupid simply overlevered and lost nothing except their credit rating for the next 7 years. The smart ones cashed out. Now the next years will be spent selling those properties at bargain prices (locking in on losses). Isn't it wild that lenders like countrywide are providing loans for their own REO sales? Thats like saying: I need to book this loss, but I'm still going to keep the liability. Ideally they make a little on the loan spread, but realistically they are better off changing the charter of these banks and becoming property managers. They are basically selling assets at prices with little downside risk to buyers that provide very high yields... But corporate buearocracy (and my spelling of it) is moronic by definition, thus providing opportunity for the little guy.