I had a mortgage with Washington Mutual. Chase was bankrolled (by us) to buy WAMU. The mortgages went to Chase for pennies on the dollar. No one asked me (nor any other WAMU mortgagee) if we wanted to buy our own loans at this fire sale rate. But Chase got something for nothing. Likewise, those folks around the country who are losing their homes are not being offered "deals" that would make sense. They are being offered 40 and 50 year loans. The banks won't negotiate the principal, but by god they will take everything and sell it for pennies on the dollar to big monied firms.
Barney Frank is disappointed, but the system is doing just what Frank (and virtually everyone else in Washington and on Wall Street) wanted - increase their coffers and increase their death grip on valuable assets and the money supply.
This is not disappointing. IT IS DEVASTATING!
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