Obama's Trillion Dollar Giveaway Funding Predatory Bank Frenzy
US banks step up home foreclosures
"One day after President Barack Obama defended the multi-trillion-dollar bailout of the banks and pledged to funnel more taxpayer funds into their coffers, the Wall Street Journal published a front-page article headlined “Banks Ramp Up Foreclosures.”
The article reported that some of the country’s largest mortgage companies and banks, including those that have received billions of dollars in government handouts, have sharply increased their foreclosure filings since Obama announced his “Homeowner Affordability and Stability Plan” last month. Among the firms mentioned were JPMorgan Chase, Wells Fargo and the mortgage finance giants Fannie Mae and Freddie Mac. These four companies alone have received upwards of $450 billion in government cash and loans."
"Obama is providing massive subsidies to the very banks and financial firms that are boosting their profits by intensifying their assault on the working class.
The Journal article followed a report Tuesday on “NBC Nightly News,” broadcast within hours of Obama’s speech at Georgetown University, that millions of Americans are being notified by banks and credit card companies which have received government bailouts that their credit card interest rates and fees are being sharply increased."
And the dough is flowing in only one direction.
Lending By Bailout Recipients Falls Again
"Lending by the nation's largest banks fell 6 percent in February from the previous month, continuing a downward trend that began in October with the financial crisis, according to data published yesterday by the Treasury Department.
The 21 banks in the survey have received more than $211 billion in federal funding to support new lending with the aim of stimulating the economy. The money has not accomplished its purpose."
Very quietly.
Fed Shrouding $2 Trillion in Bank Loans in ‘Secrecy,’
"The Fed refuses to name the borrowers, the amounts of loans or assets banks put up as collateral under 11 programs, arguing that doing so might set off a run by depositors and unsettle shareholders."
"One day after President Barack Obama defended the multi-trillion-dollar bailout of the banks and pledged to funnel more taxpayer funds into their coffers, the Wall Street Journal published a front-page article headlined “Banks Ramp Up Foreclosures.”
The article reported that some of the country’s largest mortgage companies and banks, including those that have received billions of dollars in government handouts, have sharply increased their foreclosure filings since Obama announced his “Homeowner Affordability and Stability Plan” last month. Among the firms mentioned were JPMorgan Chase, Wells Fargo and the mortgage finance giants Fannie Mae and Freddie Mac. These four companies alone have received upwards of $450 billion in government cash and loans."
"Obama is providing massive subsidies to the very banks and financial firms that are boosting their profits by intensifying their assault on the working class.
The Journal article followed a report Tuesday on “NBC Nightly News,” broadcast within hours of Obama’s speech at Georgetown University, that millions of Americans are being notified by banks and credit card companies which have received government bailouts that their credit card interest rates and fees are being sharply increased."
And the dough is flowing in only one direction.
Lending By Bailout Recipients Falls Again
"Lending by the nation's largest banks fell 6 percent in February from the previous month, continuing a downward trend that began in October with the financial crisis, according to data published yesterday by the Treasury Department.
The 21 banks in the survey have received more than $211 billion in federal funding to support new lending with the aim of stimulating the economy. The money has not accomplished its purpose."
Very quietly.
Fed Shrouding $2 Trillion in Bank Loans in ‘Secrecy,’
"The Fed refuses to name the borrowers, the amounts of loans or assets banks put up as collateral under 11 programs, arguing that doing so might set off a run by depositors and unsettle shareholders."
posted by nolocontendere at 10:27 PM
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