Violating privacy one bank account at a time
"Democrats want to pay the feds to watch every penny you spend."
5/19/2010 12:00 AM
"This bill does nothing to address the problems created by Fannie Mae and Freddie Mac. Rather it makes permanent the failed risky lending policies of the past by paying banks to advertise and seek out low-income people who would otherwise not qualify for loans. The bank, backed by the government, issues risky loans and either the loan is paid back on time, in which case the bank keeps all the profits, or the loan defaults and the government uses taxpayer money to cover the bank's loss. Win-win for government-backed banks, total failure for taxpayers."
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