Fed bailout not favored by all

Many consumers who already have lost their home to foreclosure are dismayed at the government action now to freeze mortgage rates to avoid massive defaults on home loans. One man interviewed in a Reuter’s story put it this way, “They’re trying to keep the you-know-what from hitting the fan until after the election,” he said. “The rhetoric is ‘We’ve got to help homeowners,’ but the reality is it’s designed to help the fat cats, Wall Street. It’s bailing out the lenders.” Full Story.

Of course, the man is right. This is not about helping the little guy, it’s about protecting those who have already made a fortune on an ill conceived mortgage shell game. The culprits hope to avoid scrutiny from State Attorney Generals looking for potential fraudulent activity.