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What Are Derivatives and Why Do They Imperil the U.S. Economy?

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The details: 

*  Even though the owners qualified for federal loan modifications, the banks seized 1.1 million homes, making 1.1 million families homeless . . after the loans were approved for refinancing.   Since the average foreclosed home was worth $191,000 , the banks (banksters) essentially stole $210-billion-worth of homes!   Under the "landmark settlement," these wrongfully evicted Americans will receive a measly $300 to $500 each, the value of a modest night out at a nice restaurant in Manhattan (amounting to two-tenths of 1% of their average housing loss). 

*  900,000 borrowers who were entitled to refinancing under Obama's Make Home Affordable program were denied help and lost their homes.   Their federally granted compensation:   $400 to $600 each. 

*  420,000 homeowners who lost their homes while the banks intentionally dithered and "lost" their paperwork get $400 to $800 each. 

*  28,000 families who were entitled to protection against foreclosure under federal bankruptcy law, but got thrown out of their homes anyway, get $3,750 to $62,500 each. 

*  1,100 soldiers entitled to protection against foreclosure because of their military status get $125,000 each. 

*  53 families who weren't late on their mortgages, never missed a payment, but got thrown out anyway, get $125,000 each.

See more of this story here .  

 

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http://www.crystalclearcommunications.net/

Several years after receiving my M.A. in social science (interdisciplinary studies) I was an instructor at S.F. State University for a year, but then went back to designing automated machinery, and then tech writing, in Silicon Valley. I've (more...)
 
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David Stockman, former budget director under Reag... by Richard Clark on Friday, Apr 19, 2013 at 1:11:03 PM
. . bankster-controlled ship-of-state, i.e. from t... by Richard Clark on Friday, Apr 19, 2013 at 1:55:26 PM
Paul Craig Roberts (and me, 3 years earlier) calle... by Scott Baker on Friday, Apr 19, 2013 at 3:55:10 PM
. . don't you think the very rational solutions yo... by Richard Clark on Friday, Apr 19, 2013 at 5:33:21 PM
Unfortunately, you both are in the realm of the re... by Dennis Kaiser on Saturday, Apr 20, 2013 at 6:03:46 AM
Thanks for the article Richard...... by Dennis Kaiser on Saturday, Apr 20, 2013 at 6:04:22 AM
...it's Reagan's former Assistant Treasury Secreta... by Scott Baker on Sunday, Apr 21, 2013 at 2:25:05 AM
  . . keep our solutions simple so that we ca... by Richard Clark on Sunday, Apr 21, 2013 at 8:41:37 AM
This is actually the Georgist solution, going back... by Scott Baker on Monday, Apr 22, 2013 at 2:16:56 AM
Outlaw "derivatives". Nationalize the firms that d... by Daniel Penisten on Saturday, Apr 20, 2013 at 11:53:03 AM