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“The Senate Banking Committee on Thursday heard from regulators and industry players on the progress of foreclosure prevention efforts including the Making Home Affordable Program, which has been criticized for what seems to be a slow start.”
It would be one thing if Goldman and JPMorgan would have escaped the crisis, and applied real smart -legal- techniques to make a killing in the face of adversity. They haven’t. They can stand up straight the way they do today, they can pay their hefty salaries (hefty in the real world), simply and only because the tax revenues collected from the people who are now thrown out on the street, both at their jobsites and at their homes, have been used to prop up Goldman but not the very people who’ve paid those taxes.
There is something so inherently wrong about this that there is no chance at all that it will turn out good. We’re not talking some kind of honest mistake here.
Radio Free Wall Street 7/16/09
Lee Adler, Russ Winter, and Aaron Krowne discuss the CIT collapse, Calpers suit against the ratings agencies, the impact of the lack of accountability, and the outlook for the stock market.
Banks and other firms that provided such loans in the past have sharply curtailed lending. That has left many developers and construction companies out in the cold. Over the next few years, these groups face a tidal wave of commercial real estate debt some estimates peg the total at more than $3 trillion that they will need to refinance…. Factoring in construction and commercial loans you arrive at a stunning 26 percent of all loans in FDIC banks and thrifts. This is a staggering figure and the U.S. Treasury is well aware of this. The question isnt whether there will be major defaults here but who will shoulder the cost? ”
“For years, one of the most important ways to finance affordable housing has been through the sale of housing tax credits to wealthy individuals. The buyers got the tax benefits, and developers of housing for workers got the upfront cash to subsidize housing that working people could afford. Enter the recession, and the tax credit market dried up.”
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