Sixty Minutes explains Credit Default Swaps, a leading cause of parallel foreclosures.

Parallel Foreclosures are probably caused by credit default swaps in which wall street makes money when homeowners are foreclosed upon. The 60 minutes credit default swaps video came out just before the 2008 presidential election. 


Barack Obama responded by hiring several wall street insiders to key financial positions within his own administration.

Credit Default Swaps are a big reason why banks have not been motivated to work with distressed homeowners. The U.S. government should be backing home mortgages, not wall street.

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