Relevant:
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- How Citigroup Incompetence Squanders Taxpayer Money
- Mortgage Investors Join Outcry Against Banks
- Keeping Banks Honest: Protect Yourself During Foreclosure
- Take the Money, But Don't Fill the Toilets with Concrete
2009-12-17 — market-ticker.org
"Though the four are not in all the same businesses, they were caught in one of the same traps: They sold mortgage guarantees — in some cases to each other. Now when homeowners default, as they are doing in record numbers, these companies are covering the losses. Essentially, taxpayer money to these companies is being used partly to protect banks and other investors who own the mortgages."
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