Wednesday, September 19, 2007

The Creditor Thieves of American Home Mortgage

Truth is indeed starnger than fiction. Can you believe this one?!?
American Home Mortgage pushing to seize $27 million in employee retirement savings.

Ok, we all know the system has been rigged for a long time in favor of what blogger Bill Cara has called "HB&B", or Humungous Bank and Brokerage, as well as what he calls "friends and family" of HB&B. That rigging was evidenced in yesterday's bailout Fed rate cut which will only diminish the buying power of the dollar, but do little to enable a painful but needed cleansing of the financial system . But, you'd think that these HB&B creditors would have at least a little deceny not to try to filch retirement money from former American Home employees now without jobs. Of course, I am not so naive and idealistic not to realize that it's a creditor's prerogative to go after every stinkin' cent within the realm of the company's finances, but still... it seems like a travesty that retirement benefits are not shielded.

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