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Message Subject THE ECONOMY & YOU # (Daily Updated Videos & Articles)
Poster Handle RoXY
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Why Banks Deserve Preferential Treatment While Millions of Homeowners Are Denied Assistance And Are At Risk of Foreclosure?
By: Washington's Blog
2011-11-28

“Many Americans Are Struggling To Understand Why Banks Deserve Such Preferential Treatment While Millions of Homeowners Are Being Denied Assistance And Are At Increasing Risk Of Foreclosure”
The Fed Threw $7 Trillion at the Big Banks, Without Telling Congress or Shareholders

The Hill notes:

A top House Democrat is calling for a hearing with Federal Reserve Chairman Ben Bernanke following a report that the central bank secretly committed more than $7 trillion to save banks during the financial crisis.

House Oversight and Government Reform Committee ranking member Elijah Cummings (Md.) sent a letter on Monday to panel Chairman Darrell Issa (R-Calif.) requesting the committee look into how banks “benefitted from trillions of dollars in previously undisclosed government loans provided at below-market rates.”

“Many Americans are struggling to understand why banks deserve such preferential treatment while millions of homeowners are being denied assistance and are at increasing risk of foreclosure,” Cummings said.

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