Oh, sorry, you thought I meant borrowers were going to be treated fairly and that the man on the street was going to get a break, right? Not so fast folks. This is Amerika after all where those at the top of the pyramid get all the breaks while all of us suffer immensely.
There is a major deal pending that would result in massive principle reductions of the obligations the major banks owe to you and me as taxpayers. But just as with all the previous bailouts, the man on the street GETS ABSOLUTELY NOTHING!
This should come as no surprise because this is the absolute pattern that permeates the entire crisis from beginning to end. The Wall Street Fat Cats continue to cut billion dollar bailout deals while you and I get left holding the bag…
Bank of America, the biggest U.S. lender by assets, agreed to pay Fannie Mae and Freddie Mac a total of $2.8 billion to settle claims stemming from the 2008 purchase of Countrywide, which was then the largest mortgage company in the U.S. The government-backed entities have been pressuring lenders to make good on so-called representations and warranties, in which they vouched for the accuracy of loan documents.