Then there is Jim Johnson, Obama's former advisor and head of Fannie Mae, on the take in the prime, and not so prime, mortgage industry -- Countrywide crooks:
"Chicago – Attorney General Lisa Madigan today filed a lawsuit in Cook County Circuit Court against Countrywide, the nation’s largest mortgage lender and servicer. The complaint alleges that Countrywide Home Loans, Inc., and its parent company, Countrywide Financial Corporation, engaged in unfair and deceptive conduct on a large scale in creating, originating, marketing and servicing unnecessarily risky and costly mortgage loans for Illinois homeowners."
Senate BANKING Committee Chairman Chris Dodd received special rates in 2003 from Countrywide. He said he didn't know he was getting special treatment. In that case he is not qualified to give advice as chairman.
The ONLY action our government should be taking is to force the mortgage companies to accept reasonable mortgage payments, and forbid the forecloser's on any more properties.
To all the someones' who are all for acquiring the foreclosed upon homes, whether in government or the free market, you are thieves.
Dee
of WA
@
Sep 23, 2008 14:15:44 PM
The Root Of The Problem???
Caveat Emptor - Let the buyer beware. End of story. It's all fun and good to jump down the throughts of the highly unregulated lenders, but somebody got the loan! Somebody decided to get a chunk of change, promised to pay a certain amount monthly for that chunk, and then for whatever reason was no longer able to pay. My whole life, through Republican and Democratic presidents, the American dream has been about home ownership. And remember that's where this conversation truely started almost 2yrs ago. Not with failed loans to overseas entities, but the forclosure upon joe six-pack home owner with a family. Remember the S&L's of the '80s? Our country had no problem pointing a stern finger at the shady millionares that gave bad loans to other millionares and cost the taxpayers billions. But we seem to forget what the subprime market was really all about. Helping people with less than, not perfect, but plain DECENT credit provide a home for their family. So, who has hurt the American taxpayer? THE AMERICAN TAX PAYER!!! Get the money in, and deal with the rest tomorrow. And don't insult the voters and taxpaying non-voters with sideline talks about the kind of leader the White House needs. Dodd is a Democrat. Hmm, I guess that means the beat cop he was talking about for the future is McCain? Probably not. This is America people. The nation as a whole means more that any one political party.
Q
of WA
@
Sep 23, 2008 14:10:10 PM
Fannie Mae
ROFL.
Dodd didn't seem to mind it a bit (that is CEOs laying billions of dollars of risk on taxpayers' backs) when the CEO was Franklin Reins at FNMA. That would explain why Dodd is #1 on the list of FNMA campaign contributions (http://www.opensecrets.org/news/2008/09/update-fannie-mae-and-freddie.html). Oh, and look who is #2 (despite only being in for 4 of the 10 years counted) the one who will save us from all this mess - Barack Obama. (that's sarcasm for the DailyKos fans)
Dee of WA @ Sep 23, 2008 14:15:44 PM
Q of WA @ Sep 23, 2008 14:10:10 PM
Greg of NJ @ Sep 23, 2008 12:51:35 PM
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