You know, whenever I hear the phrase, "bipartisan financial reform", I check my wallet.
When the two authors of suck a "bipartisan financial reform" bill are two corporate sellouts like , "Tennessee Republican Bob Corker and Virginia Democrat Mark Warner," I don't even bother to check for my wallet, it is gone.
I just try to find some lube because I know that I am going to get screwed:
A bipartisan group of U.S. senators is putting the final touches on a plan to liquidate Fannie Mae and Freddie Mac (FMCC) and replace them with a government reinsurer of mortgage securities behind private capital.
The proposed legislation, which could be introduced this month, would require private financiers to take a first-loss position adequate to cover price declines as steep as those seen during recessions over the past century, according to a draft obtained by Bloomberg News.
The bill, which is being written by Tennessee Republican Bob Corker and Virginia Democrat Mark Warner with input from other senators, is still being drafted. As the first serious bipartisan effort to shape a new housing finance system, it could frame a discussion that is heating up as the housing market rebounds.
“A bipartisan bill that’s thorough becomes, at a minimum, a good baseline to begin the process of the full debate that could go through Congress,” David Stevens, president of the Mortgage Bankers Association, said in an interview.
The translation of the MBA's statement is, "
Bwahahaha. We will skim the profits and to make lots of money, and when we fuck it up, like we
always do, the taxpayer will hold the bag.