Timmy “Turbotax” Geithner came up, yet, with another plan. This plan is call TALF/PPiP/FDIC-Term Asset-Backed Securities Loan Facility/Program Protection Implementation Plan/Federal Deposit Insurance Corporation.
The Term Asset-Backed Securities Loan Facility (TALF) provides loans to investors who are interested in buying asset-backed securities (ABS).
What PPiP means eludes me and we all have heard and know what the FDIC is. But what ever acronyms the government uses it is still C.R.A.P.
This plan will bestow billions of dollars to the same bankers who got rich on the mortgage bubble.
Enter Stanford L. Kurland.
Stanford L. Kurland was the Robber Baron president of America’s largest mortgage lender at Countrywide during its hay days. Kurland was part of the predatory lending practice of low introductor teasers. Countrywide inflated mortgage portfolios from $62 billion to $463 billion. Countrywide practiced fraud with thier hidden fees and deceit like “no closing costs.” Many of the loans had inflated income, at times without the borrower’s knowledge.
Last year before the housing market crashed, Kirland got out just in time to cash in $200 million worth of shares.
This Robber Baron and other’s just like him are the ones that helped take down America economically, morally and ethically.
My question is-Why isn’t this Robber Baron, Stanford L. Kurlank, sharing a cell with a guy named Bruno who’s only purpose left in life is to kick the ass of some greedy, rich guy until he complied with his wishes of “love, honor and obey?
Pfft! As if.
This rapacious cretin now has a firm called PennyMac. PennyMac is buying back those same toxic mortgages (that he help create) from the US government and ailing banks for pennies in the dollar. Kurland will be making millions all over again.
What does this all mean? It means that PennyMac will be buying delinquent home mortgages that the government took over so cheaply that it can offer attractive repayment terms to struggling homeowners. In turn Kurtland and the rest will be collecting the repayments and if the house happens to go into foreclosure PennyMac, in turn, will get the house. It will all go back to them with no “skin off their noses.” They will already have made millions/billions?
“Turbotax” Tim plans on making Stanford Kurland and some of his Crew rich again. He seems to believe that these fat cat, elitist bankers should make money at any cost to our nation and it’s people.