Skip to comments.The Vote Democrats Don't Want: Whatever you do, don't mention Countrywide.
Posted on 10/17/2009 3:37:48 AM PDT by Scanian
If you think moderate Democrats are afraid of voting for ObamaCare, you should see how they react to a potential vote on the Countrywide Financial loan scandal.
The House oversight committee was scheduled to meet on Thursday afternoon to mark up several minor pieces of legislation. Days before the meeting, California Republican Darrell Issa notified committee Chairman Edolphus Towns that Mr. Issa would call for a vote to subpoena Countrywide documents from Bank of America, which bought the failed subprime lender last year. Recall that, under the "Friends of Angelo" program, named for former Countrywide CEO Angelo Mozilo, Democratic Senators Chris Dodd and Kent Conrad received sweetheart deals on home mortgages. Mr. Issa wants to uncover the full story on Countrywide's effort to influence Washington policy makers.
(Excerpt) Read more at online.wsj.com ...
Turn on the Bat Signal for Glenn Beck, Brietbart and his undercover team!
Even Big Bird is wise to ObamaCare
House Democratic leader Nancy Pelosi is thinking 100 hours, time enough, she says, to begin to “drain the swamp” after more than a decade of Republican rule.
Thievs are running our country.
Part of this was on Fox yesterday. I think I saw it on Glenn’s show. If not, it was on Special Report.
Here’s a true Countrywide story (I know this because it is my own experience):
Last year I made an offer on a small property in foreclosure for the full value of the remainining note and what, in these parts, should essentially cover the full closing costs. There was a single party holder on this note - Countrywide. I waited for five months before hearing back and they wanted about $1,500 - 3,000 more even though the values on properties had fallen dramatically even since I had made the offer. I refused and they closed the offer. Several months later I made another offer with a different agency on a short sale basis for just over half the amount I had made previously. Countrywide accepted inside of a month. We made a closing date for a week or so earlier than the official date just in case. After the deal was closed, the former owner told me that CW had informed him that the property was going to be auctioned the day after their closure date. Finally, the day after closing a Fedex letter was delivered to the address for the former owner. When delivered, he showed me the letter - an offer from CW to re-negotiate the full mortgage.
So . . .
1. CW rejects full recovery of a note for the sake of >0.5% of the invested value in a market where their investment might not even equal the property value.
2. CW accepts offer for half of their investment.
3. CW fouls up paperwork and doesn’t know what is happening from one day to the next.
4. CW seeks to re-negotiate on a property they are selling and auctioning at the same time.
Conclusions: CW has its corporate head up somebody’s corporate nether region and Barney Franks is still smiling.
I am a mortgage broker who was a Countrywide “business partner” for 10 years. so nothing you say really surprises me.
When BoA finally took over the C’wide operation, my little business was summarily dropped by them. Not enough volume, it seems. No problems in 10 years of loyal co-operation—they just want to work with the big, heavily-staffed brokerage companies, so screw me.
Gee, the Democrats get sweetheart deals from the people they pass legislation on! Who knew?
The Corruptocrats are perhaps the World’s most prominent lying and hypocritical party. Which is why they point the finger at their political adversaries.