corporatism, and
Countrywide
----
ah ... the good old days when you could sell a loan package with
almost no regulations
On Dec 6, 12:43 pm, Bruce Majors <majors.br...@gmail.com> wrote:
> 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.
>
> <http://4.bp.blogspot.com/-MNDpxK_MzvI/Tt5gDKHYUyI/AAAAAAAAAqw/WM0pKa_...>
>
> 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<http://en.wikipedia.org/wiki/Countrywide_financial_political_loan_sca...>
>
> In June 2008 Conde Nast
> Portfolio<http://en.wikipedia.org/wiki/Conde_Nast_Portfolio> reported
> that several influential lawmakers and politicians, including Senate
> Banking Committee <http://en.wikipedia.org/wiki/Senate_Banking_Committee>
> Chairman Christopher Dodd
> <http://en.wikipedia.org/wiki/Christopher_Dodd>, Senate
> Budget Committee <http://en.wikipedia.org/wiki/Senate_Budget_Committee>
> Chairman Kent Conrad <http://en.wikipedia.org/wiki/Kent_Conrad>, and Fannie
> Mae <http://en.wikipedia.org/wiki/Fannie_Mae> former CEO Jim
> Johnson<http://en.wikipedia.org/wiki/James_A._Johnson_(businessman)>,
> received favorable mortgage financing from Countrywide by virtue of being
> "Friends of Angelo."[13]<http://en.wikipedia.org/wiki/Angelo_Mozilo#cite_note-Countrywide.27s_...>
> [14]<http://en.wikipedia.org/wiki/Angelo_Mozilo#cite_note-CFC_Friends_Loan...>
>
> 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's*Capitalism: A Love Story* shows on film
> that this was actually over a million dollars of a sweet-heart mortgage
> deal.[13]<http://en.wikipedia.org/wiki/Angelo_Mozilo#cite_note-Countrywide.27s_...>
> [15]<http://en.wikipedia.org/wiki/Angelo_Mozilo#cite_note-Dodd_Angelo.27s_...>
> Dodd
> nonetheless called for stronger regulation of mortgage lenders and proposed
> that predatory lenders should face criminal
> charges.[16]<http://en.wikipedia.org/wiki/Angelo_Mozilo#cite_note-deal-15>
>
> 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<http://en.wikipedia.org/wiki/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 <http://en.wikipedia.org/wiki/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]<http://en.wikipedia.org/wiki/Angelo_Mozilo#cite_note-deal-15>
>
> Speaker of the House Nancy Pelosi<http://en.wikipedia.org/wiki/Nancy_Pelosi>'s
> son, Paul Pelosi, Jr., also received a loan with Countrywide. Barbara
> Boxer<http://en.wikipedia.org/wiki/Barbara_Boxer>
> , Adam H. Putnam <http://en.wikipedia.org/wiki/Adam_H._Putnam>, Richard C.
> Holbrooke <http://en.wikipedia.org/wiki/Richard_C._Holbrooke>, James E.
> Clyburn <http://en.wikipedia.org/wiki/James_E._Clyburn>, and Donna
> Shalala<http://en.wikipedia.org/wiki/Donna_Shalala> are
> also among those with mortgages from Countrywide.
>
> CBS News <http://en.wikipedia.org/wiki/CBS_News> has obtained the following
> list of then-Fannie Mae <http://en.wikipedia.org/wiki/Fannie_Mae> employees
> whose names have been turned over to investigators as having received VIP
> loans from Countrywide:[17]<http://en.wikipedia.org/wiki/Angelo_Mozilo#cite_note-16>
>
> - 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 <http://en.wikipedia.org/wiki/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
>
> [edit<http://en.wikipedia.org/w/index.php?title=Angelo_Mozilo&action=edit&s...>
> ]
>
> <http://2.bp.blogspot.com/-45R7KdcmwD8/Tt5gLym7lsI/AAAAAAAAAq4/aRHymb8...>
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