News Channel Mortgage

I’m glad Hank Paulson is standing firm on his $700 billion bailout that he’s burdened us with. In his speech today he said that the bailout doesn’t protect every bank from failing. Phew, now I feel better that the $700 billion is not just the first round of drinks, but rather the entire bar tab. I mean, granted, it’s a bender - but maybe it’s like a bachelor party - once in a life time type of thing. Excessive, yes. Excusable? Maybe with a forgiving bride who’s too embarrassed to say anything.

Except I’m not stupid or too embarrassed, and I hope you aren’t either.

It has quickly become clear to anyone paying attention (and finally it seems people are waking up) that the $700 billion is just the first round in this debacle. How do I know? Well let’s look at the fine folks at AIG who needed a tidy $85 billion loan from the Federal Reserve to keep from going bankrupt are doing.

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While smaller players fail in the market, the largest banks and mortgage companies grow bigger.

While smaller players fail in the market, the largest banks and mortgage companies grow bigger.

While smaller players fail in the market, the largest banks and mortgage companies grow bigger.

While smaller players fail in the market, the largest banks and mortgage companies grow bigger.

While smaller players fail in the market, the largest banks and mortgage companies grow bigger.

While smaller players fail in the market, the largest banks and mortgage companies grow bigger.

THE Dow soared 200 points in a Christmas rush on Friday that belied emerging details that US banking, mortgage companies and credit rating faced collapse while the nation’s mortgage insurance industry plunged into chaos. Nearly 180,000 US local councils were placed on credit watch, with the credit agency Fitch releasing another $US5.3 billion in credit downgrades [...]