Americans Brace for Next Foreclosure Wave

[Nec5]

You would not accept the bailout the banks got in TARP. They had to repay the loans in a short time or have the rates rise to a punitive level. They also issued warrants that allowed the US Treasury to claim a multi-billion dollar profit. Even AIG will soon be able to repay the government. They also had the President and other politicians tell them how to run their businesses in the meantime. Remember the war against business jets and meetings in Las Vegas?

The institutions that will likey be long term losers for the government are General Motors and GMAC which renamed itself Ally Bank and runs all those TV ads telling you what good guys they are.

Keep believing that fairy tale. The banksters control much of the decision making in this country.

 

[Trader]

Keep believing that fairy tale. The banksters control much of the decision making in this country.

Have you taken your meds today? My brother is an officer at a community bank with 22 branches in 2 states. His bank turned down TARP funds because of the high costs of that program. They also had hard times because so many borrowers failed to keep their word and make loan payments, but now they have mostly recovered. I owned some bank stocks in 2008 and I know personally that the stockholders lost a lot of money in that period, but the government got all its money back from the big banks plus a profit in only a few years. The Obama era deficits would have been significantly larger, but the true size of the deficits was masked by the repayment of TARP after he took office.

You are the one who wanted the same bailout the banks got. I am just saying that if you knew the facts, very few individuals would accept the same terms the banks got. Individuals who got loan adjustments under several government programs redefaulted at a rate of more than 50%. None of the banks have defaulted on TARP yet, and only a few failed to pay back their loans early. One of those is GMAC which was renamed Ally Bank.