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More Bailouts Around the Corner?

Tue, August 24, 2010

It looks as if President Obama has another bailout planned for Wall Street investment banks. According to FoxNews, "The Federal Housing Administration (FHA) will offer financial institutions holding mortgages worth more than the value of the houses, so-called "underwater" mortgages, a guarantee on 90 percent of the mortgage value if the institution will write-off 10 percent of the mortgage." In short, investment banks will make large profits at the tax payer's expense. So much for President Obama being for Main Street instead of Wall Street. What do you think about another Wall Street bailout? You can read the full article here.

#1. Posted by Grant on August 25, 2010

Whats new? Hopefully, these guys(Congress) wont be here in November

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