Timothy Geithner is a Sniveling Scamster

[Donnachaidh]

http://www.informationclearinghouse.info/article25125.htm

April 01, 2010 "Information Clearing House" - -Whew. That was fast. It didn't take long for Wall Street to figure out how to game Obama's new mortgage modification program, did it? The plan was hyped as help for "struggling homeowners", but it turns out, it's just another stealth bailout for pudgy bank-execs. It's funny, the program hasn't even kicked in yet and, already, bigtime speculators are riffling through their filing cabinets looking any garbage paper they can find to dump on Uncle Sam. Take a look at this on today's Bloomberg report:

"Subprime-mortgage securities are rising at an accelerating pace as the U.S. begins to encourage reductions to homeowners’ balances, which may lead to fewer foreclosures and a quicker end to the housing slump....Senior-ranked bonds tied to borrowers with poor credit will mostly benefit after the Treasury Department said for the first time it would seek to cut the size of mortgages, reducing the likelihood that loan modifications will fail, according to JPMorgan Chase & Co., Morgan Stanley and Barclays Plc. (Bloomberg)

What does it mean? It means that Obama's mortgage modification extravaganza has touched-off a gold rush in toxic paper. Subprime securitizations, which had been worth next to nothing, are now the hottest trade on Wall Street. It's a subprime bonanza! The investment sharpies are scarfing up all the crummy MBS they can get their hands on, because they know they can trade it in for Triple A FHA-backed loans when the program get's going. It's another swindle cooked up by Treasury Secretary Timothy Geithner to keep the brokerage clan in the clover. Here's how a Wall Street veteran explained it to me:

"It looks like the investors in securitizations will be swapping underwater real estate for govt-insured paper... I think the scam here is just to provide some cover so the hedge funds and other high net worth individuals can trade their low grade paper for Triple AAA mortgages insured by the FHA at the taxpayer expense."


More at the link above --

[Name removed]

1. Deleted message

Message removed by moderator. Click here to review the message board rules.

[grasswire]

2. I noticed something odd about him.

It was an interview he did in the last couple of weeks. He has an odd way of not looking directly at a person, but always looking with his face turned to one or the other side rather like a bird does. I wonder what the body language experts call this trait and what it means. It's kinda creepy if you watch closely.

[taught_me_patience]

3. He is a piece of shit who should be fired

Was there ever any doubt that the mortgage modification program's (nearly) sole purpose was to line the pockets of bankers?

[amborin]

4. k and r Geithner needs to be fired, along with quite a few others....

[DJ13]

5. Geithner represents Obama's policies

I'll let that sink in....

[Hugabear]

6. Reason # 9,456 that the financial industry needs to be nationalized

The banks and financial institutes have NO interest in helping anyone but themselves. And they will lie, cheat, steal, kill, do whatever it takes to fatten their wallets.

[troubledamerican]

7. A Kissinger sleeper cell.