CDO's - THE RIDGEWOOD BLOG.

October 11,2016

the staff of the Ridgewood blog

Ridgewood NJ, Josh Gottheimer has picked up the support of another special interest looking to scam the US taxpayer out of more money. Gottheimer and his “Bailout Nation” are getting help from the National Association of Realtors Congressional Fund which is looking to spend $1.3 million supporting Gottheimer, including $146,000 for online ads, $529,000 for mailings and $590,000 for TV ads .

Congressmen Scott Garrett in an effort to end bank bailouts crossed the Realtors group by pushing a bill in 2013 that would have scaled back the role of Fannie Mae and Freddie Mac, the government-backed agencies that buy mortgages from lenders.

The bill, known as the PATH Act, (Protecting American Taxpayers and Homeowners), would have ended the government guarantee that stands behind mortgage-backed securities issued by Fannie and Freddie and relieve taxpayers of the burden of among other things of bailing out subprime mortgages issued by banks.

In 2013 Garret called the PATH Act a bill that would create a sustainable housing finance system, saying, “Approximately five years ago our nation was hit with an unprecedented financial crisis. Today, I am pleased to be introducing legislation that continues the process of addressing the core cause of it—the government’s misguided efforts at allocating mortgage credit through Fannie Mae and Freddie Mac.

“The federal government’s domination of the housing finance market has left taxpayers on the hook for $5.1 trillion in mortgage guarantees. The PATH Act finally takes control away from Washington bureaucrats and allows the American people the freedom to have more choices in determining which mortgage best suits their needs.

“The PATH Act will finally end the largest bailout in history and will put our country back on a path to a sustainable housing finance market that benefits both taxpayers and homebuyers. I urge its swift passage by Congress and look forward to it being signed by the President.”

October 2,2016
the staff of the Ridgewood blog

Ridgewood NJ, just days after Hillary Clinton trolled two White House opponents with a single response, according to the main stream media ,”dinging Gary Johnson and Donald Trump by naming Angela Merkel as her favorite world leader.”

The Ridgewood blog found it more interesting the 30 years in politics and this is who Hillary Clinton singled voluntarily out without being asked .

Angela Merkel could use some friends about now , like Clinton’s immigration proposal Merkel has continued to defend her decision to admit more than a million migrants to Germany last year has left her increasingly isolated from other leaders coping with anti-immigrant, anti-Muslim sentiment in their electorates, especially after terrorist attacks.

Worse yet ,Merkel also currently finds her self in “deep do do” as fears of a Deutsche Bank collapse have rattled financial markets across the globe. Under capitalized Deutsche Bank shares were hit first by a demand for up to $14 billion from the U.S. Department of Justice for mis-selling mortgage-backed securities, then a reported Berlin lead rescue plan seemed tenuous at best.

In Italy six current and former managers of Deutsche Bank, including Michele Faissola, Michele Foresti and Ivor Dunbar, were charged in Milan for colluding to falsify the accounts of Italy’s third-biggest bank, Monte Paschi (which itself is so insolvent it is currently scrambling to finalize a private sector bailout) and manipulate the market. Two former executives at Nomura Holdings Inc. and five at Banca Monte dei Paschi di Siena were also charged.

On September 24th Chancellor Angela Merkel ruled out any state assistance for Deutsche Bank AG in the year heading into the national election in September 2017, a magazine called Focus magazine reported.

So does this imply that Deutsche Bank’s likely recapitalization effort while asking German Tax Payer Bailout or German Bank Depositor Bail-in? Let face it ,Deutsche Bank is going to need some money ASAP. Remember in a concerted effort to reduce or potentially eliminate the risk of taxpayer-funded bail-outs of European banks, the EU implemented a new “bail-in” regime beginning on January 1, 2016.

Or perhaps her new friend Hillary Clinton will come to the rescue with some kind of a US sponsored US taxpayer subsidized bailout?

It is not so far fetched with the Obama Administration setting the precedent with the Iranian payoff earlier this year.

Gottheimer with help from the National Association of Realtors Congressional Fund push for more bank bailouts

Is Hillary Clinton Hinting at Riding to the Rescue of Angela Merkel With a US Sponsored Tax payer Bailout?