TV News LIES

Friday, Jul 25th

Last update02:22:45 PM GMT

You are here News Economy Congress Giving Millions of Foreclosed Homes To Wall Street Slumlords

Congress Giving Millions of Foreclosed Homes To Wall Street Slumlords

E-mail Print PDF

Great news, everybody: After deliberately failing to help millions of American families stuck in vulture mortgages, the U.S. government is now giving those foreclosed homes to Wall Street for pennies on the dollar so that Wall Street can then rent the now-vacant foreclosures back to the same people pushed out during the Wall Street-caused housing bubble collapse. Wall Street stands to make an immense profit by becoming, overnight, the “largest improved real-estate owners in the world.” Who says capitalism doesn’t work, with a little help from the government by taking away the property of the working class and giving it to billionaires who pay no taxes? Who says that?

The largest transfer of wealth from the public to private sector is about to begin. The federal government will be bulk-selling the massive portfolio of foreclosed homes now owned by HUD, Fannie Mae and Freddie Mac to private investors — vulture funds.

These homes, which are now the property of the U.S. government, the U.S. taxpayer, and U.S. citizens collectively, are going to be sold to private investor conglomerates at extraordinarily large discounts to real value. You and I will not be allowed to participate. These investors will come from the private-equity and hedge-fund community, Goldman Sachs and its derivatives, as well as foreign sovereign wealth funds that can bring a billion dollars or more to each transaction.

In the process, these investors will instantaneously become the largest improved real estate owners and landlords in the world. The U.S. taxpayer will get pennies on the dollar for these homes and then be allowed to rent them back at market rates.

More...


Most Recent Related Stories...


Bond trader could face nine years in prison in rare criminal prosecution

Blond trader to faced jail timeJesse Litvak was ecstatic.  It was March 31, 2010, and the mortgage bond trader at Jefferies...

This Nonexistent Social Network With No Revenues and No Assets Is Worth $4 Billion

Nonexistent tech companyIf you thought the potato-salad Kickstarter story was a crazy example of free markets run amok,...

Microsoft to cut 18,000 jobs this year as it trims Nokia

MicrosoftMicrosoft Corp said on Thursday it will slash up to 18,000 jobs, or 14 percent of...

Citigroup may pay $7 billion to resolve U.S. mortgage probes

CitigroupCitigroup Inc is close to paying about $7 billion to resolve a U.S. probe into whether...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!