Posted on 07/28/2011 9:15:10 AM PDT by Edmunds mom
If “public-private partnerships” sound wonderful to you, please consider that the housing meltdown and the Great Recession we’re still struggling to escape were largely produced by a public-private partnership.
...the story’s essentials: oceans of tax dollars flowing to private groups – for-profit and nonprofit – that are praised by politicians who want credit for the subsidized housing boom, with the whole party lubricated by the dissolving of traditional lending practices, which in turn is justified by claims that unfettered lending will remedy racial disparities in housing.
Those disparities, of course, are Exhibit A for advocates of “structural racism” theory, who cite the disparities to claim that America unjustly privileges whites and discriminates against minorities.
(Excerpt) Read more at philanthropydaily.com ...
Dems funneled money from Fannie to Dem Orgs, which used the money for campaigning against the very taxpayers paying the bills.
And they cooked Fannie’s Books to hide the mounting losses, while pocketing HUNDREDS OF MILLIONS OF DOLLARS personally in bogus bonuses.
And many of the people involved are in the White House TODAY.
Who says crime doesn’t pay?
yes.
Bush and Paulsen and congress hand out $750 billion but they don’t know where it went. I have a suspicion of where it went.
The big mortgage companies got it to pay off their toxic assets (mortgages) yet were allowed to keep the properties.
They continue to collect payments as long as they can but fannie and freddie are gone under so the banks get to keep all they collect.
The properties are on the books as positive assets.
Those properties the banks know can never be re-sold they’ll tear down or “give” to the government to rent out. (How else can the government say they’ll rent out foreclosures unless they own them?)
The money the taxpayers keep giving to fannie and freddie are for new mortgages with more stringent guidelines.
And the American people are idiots.
There was a time when everyone politician in D.C., with exception to the tea party freshmen, would have been hung for this kind of corruption. Now they get re-elected and give themselves a raise. We’re done.
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