Profit for the Banks, and your Still Losing you Home in their Fraudulent Real Estate Market
"Investment banks and hedge funds are once again making money from a sector that was defunct only 18 months ago: US mortgage-backed securities, reports Wall Street Journal. Only two years later, securities have turned into one of the most lucrative profit areas for banks, such as Credit Suisse Group, UBS AG or Société Générale. On Wednesday, SocGen said a recovery in the U.S. mortgage market helped the bank turn its toxic-unit losses into a profit in the fourth quarter. The bank's legacy assets made a profit of €113m ($153.3m) in the fourth quarter, compared with a loss of €776m over the same period last year."
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