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» Obamascam:

Obamascam

Posted by on November 8, 2010 at 2:27 am.

With all of the refinancing of troubled mortgages going on in this country, I had to ask what’s in it for the banks? Here’s the best answer I could come up with. Under the Obama program (Home Affordable Refinancing) banks can refinance your property if the  the loan is guaranteed by the U. S. government. This leaves the taxpayer on the hook for the mortgage if the homeowner defaults. This also helps to re-establish the paper chain which would make foreclosing much easier. The other hidden incentive is the bank may have purchased credit default swaps on the mortgage. Some properties have as many as 5 or 6 swaps placed on them. That is, if a mortgage is defaulted ( and the bank has 6 default swaps on the property) the bank may collect 1,200,000 on a 200,000 dollar house it forecloses on. This leads us back to the AIG bailout and 2008 trillion dollar bankster bailout. AIG guaranteed a lot of the default swaps but unfortunately didn’t have the cash to cover their bets. Fortunately for them (not for you the taxpayer) the government guaranteed the default swap payoffs. The government guaranteeing the mortgage loans and default swaps has encouraged banks to foreclose. So if you see banks rushing to foreclose on a friend or relative’s property, keep in mind that you are helping to feed the beast by paying your taxes and also by acquiescing  to the tyrannical federal government. That’s my take. I welcome any comments from bankers or brokers that could prove me wrong.

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