Seen on the street in Kyiv.

Words of Advice:

"If Something Seems To Be Too Good To Be True, It's Best To Shoot It, Just In Case." -- Fiona Glenanne

“The Mob takes the Fifth. If you’re innocent, why are you taking the Fifth Amendment?” -- The TOFF *

"Foreign Relations Boil Down to Two Things: Talking With People or Killing Them." -- Unknown

“Speed is a poor substitute for accuracy.” -- Real, no-shit, fortune from a fortune cookie

"Thou Shalt Get Sidetracked by Bullshit, Every Goddamned Time." -- The Ghoul

"If you believe that you are talking to G-d, you can justify anything.” — my Dad

"Colt .45s; putting bad guys in the ground since 1873." -- Unknown

"Stay Strapped or Get Clapped." -- probably not Mr. Rogers

"The Dildo of Karma rarely comes lubed." -- Unknown

"Eck!" -- George the Cat

* "TOFF" = Treasonous Orange Fat Fuck,
"FOFF" = Felonious Old Fat Fuck,
"COFF" = Convicted Old Felonious Fool,
A/K/A Commandante (or Cadet) Bone Spurs,
A/K/A El Caudillo de Mar-a-Lago, A/K/A the Asset,
A/K/A P01135809, A/K/A Dementia Donnie, A/K/A Felon^34,
A/K/A Dolt-45, A/K/A Don Snoreleone

Sunday, February 12, 2012

Hooray for the 2.4%!

That's basically how many homeowners will be helped by the banksters taking a haircut on the mortgages they hold. Under the terms of the settlement, the banks will reduce the balance owned on underwater mortgages* by $17 billion. The total amount of "underwater" balance nationwide is $700 billion. $17 billion is, in comparison, not even a drop in the bucket.

For closing their eyes to mortgage fraud and then engaging in their own acts of fraud in the foreclosure mills, the banks effectively will pay a fine of $2,000 per mortgage. They will pay nothing for loading up mortgages with excessive fees or overcharging for insurance.

And most homeowners who are underwater won't be helped. Remember that the banksters either unloaded those mortgages on Fannie Mae and Freddie Mac, or they "securitized" them into "collateralized debt obligations". Those mortgages are not covered by this deal with the banksters.

No wonder that the banksters love this deal.
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* Those mortgages where the amount owed is more than the value of the property.

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