Fannie and Freddie: Banks Should Return the Favor
From the AP wire:
WASHINGTON — The nation’s largest banks have an obligation to pay some of the cost for bailing out mortgage buyers Fannie Mae and Freddie Mac because they sold them bad mortgages, a government regulator said Wednesday.
Edward DeMarco, the acting director for the Federal Housing Finance Agency, said the banks this summer have refused to take back $11 billion in bad loans sold to the two government-controlled companies [...]
Really? Private banks have an obligation to help out the so-called government “sponsored” monstrosities that were largely responsible for bringing down the financial system and starting the recession America is still in? Really? They need to “return the favor”?
Is this a bad joke?