California Real Estate Fraud Report

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14
Mar

Corporate Welfare Lives – but No Bailouts for the Home Buyer

In a move that should surprise no one accustomed to hypocrisy by the Bush Administration, the Fed (that means you, the taxpayer) has stepped in to bailout Bear Stearns, one of Wall Street’s oldest investment banks. After finally admitting today that the economy is in trouble, President Bush, who has resisted bailing out homeowners under the guise that that would be “overreacting”, opened the taxpayers’ pockets via the Fed:

“It was strong action by the Fed and they did so because some financial institutions that borrowed money to buy securities in the housing industry must now repair their balance sheets before they can make further loans,” the president said.

Bear Stearns is the nation’s fifth-largest investment bank. Its troubles stem from having levereged itself heavily in mortgage-backed securities, resulting in its accumulating an astounding $2.75 billion in write-downs since last year.

Apparently, the Administration is comfortable with homeowners going out of business (being foreclosed) but not its corporate contributors.

Read both articles here and here.

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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