Skip to comments.Obama campaign co-chair tied to subprime mortgage crisis
Posted on 02/24/2012 9:05:26 AM PST by Nachum
Massachusetts Gov. Deval Patrick, the Democrat who was named a national co-chair of President Obamas re-election campaign on Wednesday, served on the board of a company that is widely blamed for helping start the subprime mortgage crisis in 2007.
Beginning in 2004, Patrick served two years on the five-member board of ACC Capital Holdings, the parent company of Ameriquest Mortgage. He was paid a $360,000 annual salary for his efforts, according to All The Devils Are Here, a history of the financial crisis by Bethany McClean and Joe Nocera.
Ameriquest had already been the subject of numerous criminal complaints when Patrick joined the board of ACC. But despite its troubles, the mortgage company was the countrys dominant subprime lender in the years preceding the housing crisis, according to McClean and Nocera.
The companys short-term success had much to do with the fact that it would loan money to just about anyone, regardless of income. In an effort to compete, other mortgage companies began issuing loans that were unlikely to be repaid, a practice that would eventually cripple the industry and later the American economy itself.
(Excerpt) Read more at dailycaller.com ...
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Deval is another of David Axelrod’s beige bolsheviks - Obama v0.9 - quietly tearing the foundations of the country asunder while lining the pockets of the corrupt leftist nomenclatura.
Patrick came out of His Slickness’s administration. IIRC, he was (I think) in the Justice Dept. or the EEO agency. Office of Civil Rights - if my memory isn’t failing me.
Ya don’t say? ;)
he was also a jesse jackson protege with Coke and Toyota?, managing to bilk those companies out of big bucks in return for certifying them to be appropriately racially sensitive.
moonbats love him. he’s teflon; Ameriquest issues were out there and he sloughed them off with no accounting.
he’s been trying to burnish his national reputation and humbly brushes aside suggestions that he should run for POTUS after O completes his ‘next five years’.
One thing in our favor - he is so short, he can’t be considered POTUS material. I mean, he’s REALLY short.
I am completely shocked! (I think I am... Let me check...)