Geithner Admitted Administration Sacrificed Homeowners to ''Foam the Runway'' for Banks

[KT2000]

69. Guess what

I would like to see an in-depth analysis of these figures because I no longer believe numbers that financial institutions generate - as in how did the foreclosures come about.
I know people who tried to go through the modification process. First of all they were contacted by law firms that wanted to "assist." They were frauds.
Then they had to deal with their banks only to find out their paperwork was repeatedly lost. They were dinged for fees while they endlessly submitted the same paperwork over and over again.
There were people who lost their homes in the meantime after having gotten bad advice from the banks.

In other words - the foaming of the runway for the banks seems only to have opened more pathways for them to abuse everyone! They and the government have engendered cynicism and lack of faith in the banking system and the economy in general.

Bottom line - they made bad loans to people who should not have gotten the loans in the first place. They falsified the loan applications in some cases in order to generate more securities to bundle while some institutions invested in insurance that paid them off when they failed. They did this KNOWING they would fail. No one has been prosecuted for fraud and the same CEOs are still calling the shots.