From Zero Hedge:
Plunging deeper into the farce-hole, the FT
reports tonight that Obama's foreclosure settlement with the banks over their improper seizure of tax-paying U.S. citizens' homes will in fact be subsidized by those very same U.S. taxpayers.
It is a hidden clause (that has not been made public yet) that allows the banks to count future loan modifications under the $30 billion (taxpayer funded) HAMP initiative toward their $35 billion agreement to restructure obligations under the new settlement.
As the FT
goes on to note, BofA will be able to...
Read full article...
More on the mortgages:
The real story on yesterday's "historic" mortgage fraud settlement
Unbelievable: The big banks are becoming desperate to avoid foreclosures
This could be the most outrageous fact about yesterday's mortgage fraud settlement