Bill GreenUS BANKS ON THE NOSE FOR DECADES
October 14th 2008 02:29
US banks will be on the nose for decades. They've been bailed out and yet they're still benefiting from the sale of sub-prime stock. The houses they fraudulently convinced the purchasers to buy - at exorbitant interest rates - are now returned to the banks for re-selling, despite the fact that have been bailed out. They get money twice, and those that have been conned by mortgage brokers who the banks paid more more for sub-prime mortgages with the high interest rates, get nothing despite having lost so much.
Please tell me it is not the case that governments are saving the very wealthy.
The banks have a new way to go in the US - reverse mortgages. Retirees mortgage their houses and don't have to pay off their debt until they die and then the house is sold. Sounds great, freeing up the capital to live a little. However Australians found this to be a problem for their mortgages were sold on to companies that hit the bottom and wanted their money immediately, evicting the retirees. Another bank scam they weren't prepared to guarantee.
Now we discover from experts on Four Corners that the sub-prime thing won't peak in all its horror for several more months. Why then? Because that's when the sub-prime mortgages have another rise in repayments and more people will be homeless.
Please tell me it is not the case that governments are saving the very wealthy.
The banks have a new way to go in the US - reverse mortgages. Retirees mortgage their houses and don't have to pay off their debt until they die and then the house is sold. Sounds great, freeing up the capital to live a little. However Australians found this to be a problem for their mortgages were sold on to companies that hit the bottom and wanted their money immediately, evicting the retirees. Another bank scam they weren't prepared to guarantee.
Now we discover from experts on Four Corners that the sub-prime thing won't peak in all its horror for several more months. Why then? Because that's when the sub-prime mortgages have another rise in repayments and more people will be homeless.
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