wahi we know that the caddy banks only had to
give up five billion dollars in hard cash as part of the settlement it’s been
announces a forty billion dollar settlement it’s actually a twenty six billion dollar settlement with about seventeen billion dollars presumed to have a a mole double or a little more than
double of that uh… of of relief impact so it’s a seventeen billion dollar uh…
right down on principle that will supposedly have
alone twice that much relief when it by the time he goes to the homeowners well it turns out that all of that seventeen billion dollars that are
sensibly going to provide uh… principal cram
down the banks can actually simply use the credit and i don’t mean buying terms of the
credit the sense that i have the uh… you can borrow money from me but can get uh… their engagement in the pre-existing much of hip of home of portable modification program i think it’s called um… anything that they’re using the through
that program will actually be wold into their requirements under this new agreement and i think about half days that it’s taxpayer funds i think this came out of tart taxpayer
funds that actually subsidize these principal write downs so instead of getting the benefit from
both which is taxpayer funded the banks having just a he the printable cram down said they would
do under the uh… mortgage deal it turns out those things are one in the
same and the banks will get credit for eating
that principle of mm crammed out even though it’s financed by a camp to the
tune of at least sixty three cents on the dollar so in other words this is a d almost the twice over bailout for the banks and for the people who about those uh…
securities its uh… pretty horrible and you know a at eg i don’t know i’m trying
to find the silver lining here and uh… i don’t really think they were is one all other
then the how limited the how limited they’d get out of free g l card is there but you know sometimes all it takes is a
limited get out of free jail card to sort of dissuade prosecutors in going
after him i had a house-senate