Last night's 60 Minutes featured a truly shameful story on the Justice Department's failure to investigate Wall Street, crony corporatism, and Countrywide. Steve Kroft pretended to be investigating while not asking the Obama Justice Department lackeys (former Clinton administration lackeys) ANY pointed questions at all. One wonders if he got slapped around for asking Nancy Pelosi about her insider trading profits a few weeks back and was told to make atonement.
He was skewered for it today for an hour by radio host Chris Plante on DC's WMAL (which is usually rebroadcast on the weekend, since I can't find it for you on-line). But all one need do is repair to Wikipedia (George Soros has not bought it yet) to find that everyone from Nancy Pelosi's son to Congressman James Clyburn to former Senator Chris Dodd to many other Clinton and Obama hireling were given favorable loan terms for keeping the party going:
"Friends of Angelo (FOA)" VIP program
Further information: Countrywide financial political loan scandal
In June 2008 Conde Nast Portfolio reported that several influential lawmakers and politicians, including Senate Banking Committee Chairman Christopher Dodd, Senate Budget Committee Chairman Kent Conrad, and Fannie Mae former CEO Jim Johnson, received favorable mortgage financing from Countrywide by virtue of being "Friends of Angelo."[13][14]
Senator Dodd received a $75,000 reduction in mortgage payments from Countrywide at allegedly below-market rates on his Washington, D.C. and Connecticut homes. Michael Moore'sCapitalism: A Love Story shows on film that this was actually over a million dollars of a sweet-heart mortgage deal.[13][15] Dodd nonetheless called for stronger regulation of mortgage lenders and proposed that predatory lenders should face criminal charges.[16]
Clinton Jones III, senior counsel of the House Financial Services Subcommittee on Housing and Community Opportunity, and "an adviser to ranking Republican members of Congress responsible for legislation of interest to the financial services industry and of importance to Countrywide." was given special treatment. Jones is now state director for federal residential-mortgage bundler Freddie Mac. Alphonso Jackson, acting secretary of HUD at the time and long time friend and Texas neighbor of President Bush, received a discounted mortgage for himself and sought one for his daughter. "In 2003, using V.I.P. loans for nearly $1 million apiece, Franklin Raines, Fannie Mae's chairman and C.E.O. from 1999 to 2004, twice refinanced his seven-bedroom home, which has a pool and movie theater."[16]
Speaker of the House Nancy Pelosi's son, Paul Pelosi, Jr., also received a loan with Countrywide. Barbara Boxer, Adam H. Putnam, Richard C. Holbrooke, James E. Clyburn, and Donna Shalala are also among those with mortgages from Countrywide.
CBS News has obtained the following list of then-Fannie Mae employees whose names have been turned over to investigators as having received VIP loans from Countrywide:[17]
- Sandra Adams: Fannie Mae Account Associate
- Nitirwork Armstrong: Fannie Mae Director
- Gregg Ayres: Fannie Mae Customer Acct Manager
- Jeffrey Baker: Fannie Mae Business Analyst
- Ingrid Beckles: Freddie Mac VP Default Mgmt
- Cherry Billings: Fannie Mae Asst to CEO
- Christine Buckley: Fannie Mae Sr Assistant
- Sharon Canavan: Fannie Mae Govt Relations/Lobbyist
- Delynn Conley: Fannie Mae Underwriter
- Carla Corpuz: Fannie Mae Senior Underwriter
- Tanguy De Carbonnieres: Fannie Mae Legal Counsel
- Bernard Deane: Fannie Mae Director
- Mollie Dougherty: Fannie Mae Sr Business Manager
- Roy Downey: Fannie Mae Director
- Cynthia Fatica: Fannie Mae Legal Counsel
- Jamie Gorelick: Fannie Mae Vice Chair
- Lizbeth Grant: Fannie Mae Director Tec/Secondary Mkt
- Greta Hamilton: Fannie Mae Manager/Home Loans
- Lester Handy: Fannie Mae Consultant
- James Johnson: Fannie Mae Chairman and CEO
- Jack King: Fannie Mae Manager
- Karen King: Fannie Mae Credit Risk manager
- Gerald Langbauer: Freddie Mac VP Sales
- Derek Lowe: Fannie Mae Technician/Home Loans
- Mary Lee Moriarity: Fannie Mae Sr Underwriter Consult/Lending
- Daniel Mudd: Fannie Mae Vice Chair and COO
- Paulette Porter: Fannie Mae Sr Proj Mgr/Mtg Securities
- Alan Quirion: Freddie Mac Director
- John Radwanski: Freddie Mac Sr Port Director
- Franklin Raines: Fannie Mae Chairman and CEO
- Robin Ramsay: Fannie Mae Customer Acct Manager
- Rebecca Rosena: Fannie Mae Credit Risk manager
- Irwin Rosenstein: Fannie Mae Ass. General Counsel
- Robert Sanborn: Fannie Mae Vice President
- William Shirreffs: Fannie Mae Director
- Joseph Silva: Fannie Mae Servicing Portfolio Manager
- Donna Simpson: Fannie Mae Customer Acct Manager
- Michelle Sorensen: Fannie Mae Sr Business An/Mortgage
- Mary Ann Staley: Fannie Mae Marketing Dir
- Deborah Kay: Tretler Fannie Mae VP Risk Management
- Kirk Willison: Freddie Mac VP Trade Relations/Dir Industry Relations
- David Yoon: Fannie Mae Acct Associate
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