The Obama Administration’s mortgage bailout for irresponsible borrowers (including wealthy borrowers with modest mortgage payments) provides a bounty for reckless sub-prime mortgage lenders like Countrywide to rip off your retirement plan. Countrywide sold its junky mortgages on Wall Street, where they ended up being owned by mutual funds that probably are in your 401(K). But it continued to service the mortgages and make money doing so.

Now, the Obama Administration is offering Countrywide $1000 to cut each of those mortgages — which it…

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Freddie Mac & Fannie Mae were the catalyst for our current financial crisis. By buying up risky sub-prime mortgages, Freddie & Fannie encouraged banks to make risky loans to folks who otherwise wouldn’t have received mortgages.

Freddie & Fannie did this because they had the backing of the U.S. Treasury.  The executives at Freddie/Fannie knew that if they made a bad move and lost billions in the market, the government would bail them out.

This notion was laughed at a few years ago…

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