August 26, 2009

US taxpayers pick up the tab for the economic meltdown yet again

It turns out that over $21 billion of federal money aimed at preventing home mortgage foreclosures is going to the same lenders who fueled (and made big bucks as a result of) the subprime mortgage meltdown. Or, to put it another way, the very lenders who gave out mortgages that a responsible lender never would have written are getting taxpayer money to change the terms of those very same bad mortgages. Nice work if you can get it, eh?

The Center for Public Integrity has the sordid details here.

Posted by Magpie at August 26, 2009 10:44 AM | Economy | Technorati links |