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Government Backing for Toxic Mortgage Securities? The Economic Scam of the Century

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It means that the government can't get its money back if the loan blows up. The qualified mortgage actually protects the banks, not the consumer. That's why it's such a farce, just like Dodd Frank is a farce. Nothing has changed. Nothing. In fact, it's gotten worse. Now we're on the hook for whatever losses the banks run up peddling mortgage credit to anyone who can fog a mirror.

We'll leave the last word for Dean Baker, since he seems like the only guy in America who has figured out what the hell is going on:

"In short, the Corker-Warner plan to privatize Fannie and Freddie is essentially a proposal to reinstitute the structure of incentives that gave us the housing bubble and the financial crisis, but this time with the added fuel of an explicit government guarantee on the subprime MBS. If that doesn't sound like a great idea to you then you haven't spent enough time around powerful people in Washington."

The Johnson-Crapo bill doesn't have anything to do with "winding down" Fannie and Freddie or "overhauling" the mortgage finance industry. It's a bald-face ripoff engineered by two chiseling senators who are putting the country at risk to beef up Wall Street's bottom line.

It's the scam of the century.

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Mike is a freelance writer living in Washington state.

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By now I dont know whether to laugh or cry. ... by Paul Easton on Saturday, Mar 29, 2014 at 5:17:04 AM
This is the biggest financial scam of our century... by richard thompson on Saturday, Mar 29, 2014 at 2:17:00 PM
Interesting article and comment ___ the biggest sc... by urb musak on Monday, Mar 31, 2014 at 8:32:01 PM
I think the senator from Idaho should drop the O f... by Mark Oetting on Saturday, Mar 29, 2014 at 3:24:14 PM
The lack of intention to do anything positive to s... by Theodora B Crawford on Saturday, Mar 29, 2014 at 6:52:38 PM
That's an understatement.Corruption in DC dwarfs t... by George W.Reichel on Sunday, Mar 30, 2014 at 9:15:29 AM
Just one more example of politicians serving their... by George W.Reichel on Sunday, Mar 30, 2014 at 9:12:02 AM