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

By   Follow Me on Twitter     Message Richard Clark     Permalink
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opednews.com Headlined to H2 4/19/13

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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. 

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*  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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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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