If you are a renter and pay taxes, congratulations – you are now experiencing homeownership, and it’s not a pretty sight. In a great article by Gretchen Morgenstern of the New York Times called:
The Joys of Ownership
Make no mistake: we, the American taxpayers, are amassing quite a portfolio of flotsam and jetsam in the mortgage bust. It certainly brings new meaning to the notion of an ownership society, doesn’t it?
Here are the costs of the bailout of “Frannie”:
- $24M parachutes for former CEO’s Mudd and Syron
- Cost of lawsuits against Frannie
- Cost of legal bills of former CEO Raines during the accounting scandal
- Billions in potential losses $200B?
- May not decide not to return fraudulent loans because lenders may collapse prompting a bigger bailout