Thursday, March 15, 2007

The tax payer gets it in the end, literally

This from itulip.com

“The most toxic risk pollutants are the first to seep up, related to sub-prime loans, but soon enough risk pollution will spraying out of every fissure in the financial system.

Let's guess how this is going to go:
The Wall Street Investment banks and commercial banks that sold the mortgage backed securities get to keep the fees they earned, the drug addicts and old ladies the lenders went after as borrowers get stuck with loans they can't pay–not to mention Joe and Jane home owner who got talked into a badly structured loan because it was more profitable for the lender–and as with the S&L Crisis of the early 1990s, the tax payer gets stuck with the tab.”

Read the complete article at itulip.com http://www.itulip.com/forums/showthread.php?t=1078

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