toxic home loans

rollingstone.com
From an Unlikely Source, a Serious Challenge to Wall Street | Matt Taibbi | Rolling Stone

But there’s something brewing that looks like it might be a blueprint to effectively take on the financial services industry: a plan to allow local governments to take on the problem of neighborhoods blighted by toxic home loans and foreclosures through the use of eminent domain. I can’t speak for how well the program will work, but it’s certaily been effective in scaring the hell out of Wall Street.

Under the proposal, towns would essentially be seizing and condemning the man-made mess resulting from the housing bubble. Cooked up by a small group of businessmen and ex-venture capitalists, the audacious idea falls under the category of “That’s so crazy, it just might work!” One of the plan’s originators described it to me as a “four-bank pool shot.”

America: Where no Wall Street bankers were charged or arrested for knowingly selling the toxic home loans and derivatives that caused a worldwide economic meltdown. No CEOs or top executives from BP were charged or arrested for causing the worst oil spill in American history. And no CEOs from Bank of America were charged or arrested for foreclosing on and then evicting thousands and thousands of homeowners from homes they still legally owned 

America: where more than 10 Black school teachers in Georgia were charged with racketeering and sentenced up to ten years in prison…for cheating 😒