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Injection of capital using taxpayer funds appears to be the administration’s choice for the near future. The trouble is that funds are being given to banks with no control over their use to the same managers who drove those banks into near bankruptcy.
The Internet is abuzz with the recent revelation that Citibank, Countrywide and other major mortgage and home equity lenders have arbitrarily frozen or reduced funds available in their home equity lines of credit. Citibank, for one, claims that they have done this only after a review of each account and a determination that the current [...]
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