Government Accounting Office (GAO): Bailout was $16 TRILLION

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EDITOR’S ANALYSIS: Let’s do the Math.

The total of ALL Mortgages in the mortgage mess was $13 Trillion.

That includes all the mortgages that went into default AND all the mortgages that didn’t go into default (assuming we accept the word “default” as simply meaning that the borrower didn’t pay and we forget about the fact that the creditor was probably paid anyway). The Bailout was $16 Trillion, which means that the bailout was $3 Trillion more (just as I predicted by the way) MORE than the amount loaned.

So here are some simple questions:

1. Assuming a “default” rate of 30%, that would mean that around $4 trillion of mortgage loans went unpaid, but the Banks grabbed the property.
2. If the property was worth 50% of the loan, then the “loss” on the “defaults” was $2 trillion.
3. WHY DID THE BAILOUT COST EIGHT (8) TIMES THE LOSS?
4. WHEN ARE WE GOING TO REALIZE THAT SOMEBODY MADE A KILLING HERE CLAIMING A NON-EXISTENT LOSS: THE TAXPAYERS PAID $14 TRILLION MORE THAN THE ALLEGED LOSS, WHICH IS A PROFIT, RIGHT?
5. IF THERE WAS A KILLING, WHO WAS THE VICTIM (ALL OF US?)
   
6. WHERE IS THAT MONEY NOW?
7. WHEN DO WE GET THAT MONEY BACK?
8. IF THE BANKS RECEIVED AND KEPT $16 TRILLION OR SOME SUBSTANTIAL PART OF THAT, THEN WHY ARE ANY OF THE MORTGAGES IN DEFAULT?
9. IF THE BANKS RECEIVED AND KEPT $16 TRILLION OR SOME SUBSTANTIAL PART OF THAT WHY DOES ANYONE WHO RECEIVED A MORTGAGE DURING THAT PERIOD OWE ANYTHING TO THE SAME BANKS?
10. DIDN’T WE ALREADY PAY THEM IN OUR ROLE AS TAXPAYERS?
11. WHY SHOULD WE PAY THEM AGAIN?

Tags: bailout, bankruptcy, borrower, countrywide, disclosure, foreclosure, foreclosure defense, foreclosure offense, foreclosures, fraud, LOAN MODIFICATION, modification, quiet title, rescission, RESPA, securitization, TILA audit, trustee, WEISBAND
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