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The US Federal Reserve Bank announced today that it will auction another $75 billion in securities for huge investment banking corporations.
This is the latest move by the federal government to prop up poor investments related to subprime mortgages awarded under highly questionable business practices and unusual lending standards.
The government's response to assist individual homeowners--targeted by questionable lenders--has been tepid. Home prices are in decline and many homeowners are facing foreclosure because of the unwillingness of lenders to renegotiate fair mortgage terms.
GIVEN THE SIZE AND FREQUENCY OF THESE BILLION DOLLAR AUCTIONS, THE QUESTION ARISES: WHO EXACTLY IS PAYING FOR THESE SECURITIES?
