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WE GIVE LOANS TO ANYONE -NO ONE CAN DO WHAT COUNTRYWIDE CAN DO
THE REFI INVITATION
AND THEN THE FIT HIT THE SHAN, THE PARTY ENDS, ACCOUNTS FROZEN
SOMEONE WAS PSYCHIC! Thomas Tann
The failure of CFC would also transfer all the credit risks to semi-government agencies of Fannie Mae and Freddie Mac, which would force Fed and federal government to bail them out by using taxpayer's money, similar to the S&L crisis in the late 1980s - except this time the amount is probably 10 times larger. I don't even need to mention what that would do to other fixed income products, the general credit market, equity market and the US economy.
As I indicated in many of my previous blog posts, I think 2008 is the year banks will face a lot of legal challenges. We see today that the city of Cleveland has filed lending practice suits to 21 banks including BAC and CFC. We should see a lot more of this type of suits being filed by both local and state attorney generals' offices for the whole year. We should also see number of suits from homeowners facing foreclosure growing to sky high this year. If CFC files for bankruptcy, this kind of law suit would not be able to be compensated monetarily even if they win. However, by BAC stepping in buying CFC, it creates a deep pocket situation that all the suits now will target BAC.
PRESIDENT OBAMA ASKS "WHAT'S WRONG WITH THIS PICTURE?"
What's wrong is that Mozilo is a Kazilo-Air while millions of Americans have/are losing homes and jobs.
And what is really wrong is that these same American's are paying for the bailout of Bank of America, who is evicting them from their homes and causing them to lose their jobs.
What is wrong with this picture, President Obama, is that your Senate just rejected a bill to help homeowners. And that Credit Card legislation? Wonderful. It may go into affect next year.
TOO LATE PRESIDENT OBAMA. HELP US NOW!!!
WHAT IS WRONG, PRESIDENT OBAMA, IS THAT WASHINGTON IS OWNED BY THE BANKS!