Tag: mortgage-backed securities

The Wall Street Journal reported on Jan. 19 that the Obama administration was pushing heavily to get the 50 state attorneys general to agree to a settlement with five major banks in the “robo-signing” scandal. The settlement would let Wall Street bankers off the hook for crimes that would land the rest of us in jail.

1) Lennar paid federal lobbyists $240,000 to win them a $320 million cash bailout characterized as a retroactive tax refund. 2) In the accounting for its fourth quarter report, announced on Jan. 7, 2010, Lennar used $284.9 million of the $320 million to offset its quarter losses. 3) Lennar then reported the remaining $35.6 million as profit, earned income. 4) Taxpayers, yet again, footed the bill.