How the LIBOR rate fixing scandal may affect you…

Do you have a mortgage? If so, the apparent fraud that is being revealed in the LIBOR rate fixing scandal, a scandal affecting hundreds of trillions of dollars of transactions, and potentially even more through its affects on the derivatives markets, may have influenced the interest rate you have obtained for your home mortgage. The Justice Department has taken note, and municipalities, such as Baltimore and Oakland, Ca., are seeking court relief from swap deals they entered into with banks involved with the LIBOR fixing scandal. These cases should be watched; court cases oftentimes reveal the rot infiltrating poorly supervised industries.

This Real News Network video is a good update on the Libor scandal:

More on the LIBOR scandal can be found at www.nakedcapitalism.com

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