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This morning on CNBC, Rick Santelli and the traders on the floor of the Chicago Board of Trade echoed the sentiment of millions of Americans everywhere concerning Obama’s new housing bailout package…

You and I (THE TAXPAYER) who followed the rules and paid both our taxes and our mortgages,  will now get to subsidize and bailout not just the Bad Bank - Bankster Gangsters who pocketed hundreds of millions in salaries, bonuses, and golden parachutes from this fraud… but, also the “Bad Actors” who used these loans to buy more house than they can now afford.

And you won’t just be bailing out  homeowners who are delinquent or in foreclosure…  but also homeowners who are current on their mortgages, but who may be… “at risk.”

At risk?

What the hell does does that mean?!?!

Here’s what you and I are going to be paying for…

4-5 million people who will be able to refinance at reduced (TAXPAYER SUBSIDIZED) mortgage rates through Fannie Mae, or Freddie Mac.

3-4 million people who are current on their mortgage payments, but who may be “at risk.” The banks will write down these mortgage payments to 38% debt to income levels, and the government (READ: THE TAXPAYER) will pay for reducing the payment down to a 31% debt to income ratio.

The U.S. Treasury (READ: THE TAXPAYER) will share in the cost of mortgage writedowns.

And both bad banks, and bad actors, will be rewarded with (get this)…

“Success Fees!”

Bad banks, in addition to being paid $1,000 for each loan they re-write,  will be rewarded with $1,000 cash bonuses for each at risk loan they keep from going bad.

And bad borrowers will be rewarded with a $1,000 “success fee” (paid every year for five years) for keeping current on their newly “TAXPAYER SUBSIDIZED” lowered mortgage payments!

And the U.S. Treasury (READ: THE TAXPAYER) will DOUBLE the  guarantee to Fannie & Freddie to $400 Billion from $200 Billion.

You would think the least they could have done, is to have sent every American who played by the rules and paid their taxes and their mortgage payments — a jar of vaseline.

Rick Santelli is spot on… it’s Tea Party time!

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