Congress is about to sell us the biggest fraud in American history.
Higher loan limits will lead to Fannie Mae, Freddie Mac bailout.
"Increasing Fannie''s limit is like going on a spending spree with your credit cards because you know you are going to file for bankruptcy in a few months. Only here the taxpayer is left holding the bag. Our children will pay interest on this debt in perpetuity. It is our debt. It is inescapable. In the coming months, Fannie and Freddie will buy up mortgages based on old, fraudulent appraisals. Many of these loans will still default. Brace yourself for another wave of faxes, phone calls and junk mail urging you to refinance at only 1 percent. With zero new regulation, the same bad actors that caused this crisis can once again ... begin a new cycle of fraud." -- San Francisco Chronicle, 2/3/08
Dear friends,
President Bush and Congress are putting the finishing touches on an "economic stimulus plan", purportedly to ward off recession in the United States. But, as this superb article in San Francisco''s leading newspaper makes very clear, the deeper, hidden purpose of this "stimulus" plan is to create a smokescreen which further enables the same mortgage lending scams that have already wreaked havoc to continue at ever higher levels. This will likely lead to a taxpayer bailout of Fannie Mae and Freddie Mac and endless future debt payments flowing into the pockets of the bankers and their friends. By spreading the word, we can avoid this and build a brighter future for us all.
With best wishes,
Tod Fletcher and Fred Burks for PEERS and the WantToKnow.info Team
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