Bankers Bust the Economy, Borrow Money, Blame You

See if you can follow the logic. Banks knowingly make high risk mortgage loans, market them deceptively within the financial community, taking out insurance bets against foreclosures and loss of value in the securities they created from the bad, bundled mortgages. They bust the world economy – and these captains of laissez faire capital accept unprecedented financial assistance from the federal government, from, that is, you. Should work for the lowly homeowner too, no?

“If you didn’t pay your mortgage, you shouldn’t be in your house. Period. People are getting upset about something that’s just procedural,” said Walter Todd, portfolio manager at Greenwood Capital Associates.

Some said the issue is one of personal responsibility for one’s own debts.

“Everyone’s responsible for following the law. If we all don’t have to pay our mortgage, should we just stop paying taxes, too?” said Anton Schutz, president of Mendon Capital Advisers. “Your mortgage didn’t get to a robo-signer by accident, it’s because you’re not paying.”

via Wall St. pins foreclosure fiasco on homeowners – Business – Real estate – msnbc.com.

Apparently not. Mendon Capital Advisers, by the way, owns shares of Bank of America, which received $45 billion in TARP funds. I wonder if there is any record of Mendon objecting to BOA accepting the funds – or did Mendon buy in at a low share price after the bailout, hoping to benefit from the uptik in share price that would come with a rescued company.

Bad homeowner.

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