Brace yourselves, taxpayers of America. You're going to help Bank of America finance its $4 billion buyout of Countrywide.
A friend of mine has his mortgage through Countrywide so I've been paying closer attention even when I have not blogged about this issue. I recommend reading the article for all of the full details but I really do have to wonder about our current tax code when it comes to situations like this one.
1 comment:
I say let 'em sink or swim.
No need for us hard working, earning, and mortgage paying people to put penny one towards the foolishness that is the sub=prime market.
We don't owe it to those who overextended themselves willingly, nor for the greedy lenders.
The lenders should learn a lesson from their foolish greed and not be handsomely rewarded for their foolishness.
This "bailout" sends the message that no risk is too big because we will alway bail them out, which is the wrong lesson. . .
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