Tuesday, Dec 11, 2007
Sole goal of US mortage freeze
San Francisco Chronicle: Mortage Meltdown Interest rate 'freeze' - the real story is fraud
The sole goal of the US mortgage freeze is NOT to keep families in their homes but to prevent owners of mortgage-backed securities, many of them foreigners, from suing U.S. banks and forcing them to buy back worthless mortgage securities at face value - right now almost 10 times their market worth. Similar articles can be seen on patrick.net
Posted by a saver @ 02:25 PM (327 views) Add Comment
7 Comments
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1. Sp@cemonkey said...
An interesting article, which pulls no punches.
Assuming that similar levels of fraud have occurred here in the UK, perhaps the next property boom will be in a niche market : HM Prisons !
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