Thursday, January 26, 2012

Romney profited from mortgage lenders that foreclosed on thousands


Republican presidential candidate Mitt Romney

Source: Press TV
http://www.presstv.ir/usdetail/223103.html

Republican presidential candidate Mitt Romney and his wife, Ann, saw profits by sinking millions into a Goldman Sachs fund that invested in mortgage-backed obligations, which were owned by lenders who foreclosed on thousands of Floridians.

By examining the candidate's May 2011 financial disclosure forms, Think Progress determined that Romney and his wife invested at least $2 million in the Goldman Sachs Strategic Income Fund (institutional class). In 2011, about 24.5 percent of that fund was invested in mortgage-backed obligations. Another 8 percent was invested in banks.

Between April 2010 and March 2011, the fund grew by 7.88 percent. Raw Story

HIGHLIGHTS

The former private-equity executive and Massachusetts governor earned more than half his income from capital gains and dividends, which are taxed at a top rate of 15 percent, rather than the 35 percent top rate for ordinary income, the filings showed. He donated $7 million to charity in the last two years, including $4.1 million to the Mormon church. sfgate.com

Since Romney did not list the fund on his 2007 financial disclosure forms, it is safe to assume he made the investment - and reaped the rewards - after the financial meltdown that began in late-2008. santarosademocrats.com

In October, Romney suggested that the solution to the foreclosure crisis was "don't try and stop the foreclosure process. Let it run its course and hit the bottom." While that process is bad for Florida homeowners, these investments show it may have been good for the Romneys. thinkprogress.org

Think Progress' Josh Israel concluded that "these and the other owners mortgage-backed securities included in this fund likely have attempted to foreclose on tens of thousands of Floridians." thinkprogress.org

An examination of civil cases filed in Miami-Dade county alone, by just the current owners of the mortgage obligations for now-defunct Washington Mutual and Countrywide, suggests more than 5,000 foreclosure cases were filed in 2010.

http://www.thinkprogress.org/

No comments:

Post a Comment

Thanks for commenting on this post. Please consider sharing it on Facebook or Twitter for a wider discussion.

Russia Today (Live)

World News 2017

South Front Military Review 2017

Syria - News 2017

US News 2017

The Russian Perspective

Debate – Global Issues 2017

Current Affairs - Important Interviews – 2017

Important Information 2016 - 2017

Yemen News 2017

Turkey News 2017

Ukraine News 2016 - 2017

Palestine & Israeli Crime 2017

Iraq News 2017

Iran News 2016 - 2017

Important Documentaries

Viewpoint, Discussion & Opinion - 2017

Abby Martin – Empire Files

Global Economic News 2017

Egypt News 2016 - 2017

Libya News 2016 - 2017

Bahrain News 2016 - 2017

Sheik Imran Hosein - Islamic Eschatology

George Galloway – Comment & Opinion

English FA Cup 2016 – 2017

New Age Weather

Space News

Music for the Revolutionary Mind

Global Revolution LIVE!

Watch live streaming video from globalrevolution at livestream.com

Japan’s 3 Nuclear Meltdowns STILL ongoing (News Censored)