http://www.freerepublic.com/tag/countrywide/ en-us Mon, 26 Oct 2009 23:57:51 GMT Focus Forum 15 http://www.freerepublic.com/focus/f-news/2371485/posts A wide ranging congressional investigation into Countrywide Financial will dig into how the mortgage giant went about picking government officials to offer its VIP program, according to aides involved with the inquiry. Thanks to an agreement between Republicans and Democrats reached late Friday night, any name of a member of Congress involved in the VIP program will head straight to the ethics committee, while redacted copies of those documents will be given to the House Oversight and Government Reform. But the committee has cast a much wider net, looking into whether lobbyists or others in Washington helped identify mid-level Hill... Politico.com http://www.freerepublic.com/focus/f-news/2371485/posts#comment Mon, 26 Oct 2009 23:57:51 GMT http://www.freerepublic.com/focus/f-news/2369955/posts Republicans and Democrats on the House Oversight and Government Reform Committee agreed Friday night on language for a wide-reaching subpoena of Countrywide Financial’s VIP lending program as part of an investigation into allegations of influence peddling by the company at all levels of government, committee aides said. The subpoena, which was sent out Friday night, will ask the lender to fork over documents relating to its “Friends of Angelo” program – named for CEO Angelo Mozilo, who allegedly offered favorable mortgage rates to persons of influence. politico.com http://www.freerepublic.com/focus/f-news/2369955/posts#comment Sat, 24 Oct 2009 14:23:56 GMT http://www.freerepublic.com/focus/f-news/2369884/posts Susan Crabtree of The Hill has the scoop: "Two junior Democrats are urging their leaders to open an investigation into the Countrywide VIP mortgage program. Rep. Paul Hodes (N.H.), who is in his second House term, and freshman Rep. Mike Quigley (Ill.) called on the House Oversight and Government Reform panel to initiate an investigation into Countrywide Financial's 'Friends of Angelo' VIP program and whether it was used to gain influence over federal officials. They made their case for the investigation in a letter to Rep. Edolphus Towns (D-N.Y.), the panel's chairman, and Rep. Darrell Issa (R-Calif.), the ranking member.... The American Thinker http://www.freerepublic.com/focus/f-news/2369884/posts#comment Sat, 24 Oct 2009 10:52:27 GMT http://www.freerepublic.com/focus/f-news/2369334/posts Two Democrats on the House Oversight and Government Reform Committee are joining with panel Republicans in formally calling for Chairman Edolphus Towns (D-N.Y.) to launch an investigation of the Countrywide VIP loan scandal. “The American people deserve to the know the truth about these lending practices, and if they had undue influence on federal housing or financial policy based on awarding ‘VIP’ loans to federal officials,” Reps. Paul Hodes (N.H.) and Mike Quigley (Ill.) wrote in a letter Thursday to Towns and ranking member Darrell Issa (R-Calif.). Towns and Issa have been feuding for weeks over the California Republican’s demand... Roll Call http://www.freerepublic.com/focus/f-news/2369334/posts#comment Fri, 23 Oct 2009 16:30:17 GMT http://www.freerepublic.com/focus/f-news/2366787/posts Faced with a promised vote to subpoena documents on Countrywide Financial's "Friends of Angelo" program, Democrats on the House Oversight Committee fled a scheduled 2 p.m. markup today. Rep. Darrell Issa of California, the Ranking Republican on the Oversight Committee, had promised to call for a vote at today's markup on whether to subpoena documents involved in the program that gave sweetheart mortgages to at least four Democratic government officials, including two senators. According to the Wall Street Journal, the program might have also benefitted the chairman of House Oversight, Rep. Edolphus Towns, D-N.Y. Even if it had been ruled... Washinton Examiner http://www.freerepublic.com/focus/f-news/2366787/posts#comment Tue, 20 Oct 2009 18:42:49 GMT http://www.freerepublic.com/focus/f-news/2367815/posts House Democrats Lock GOP Out of Committee Room A bitter divide over Countrywide mortgage scandal. By JAMES FREEMAN Democratic staff for the House oversight committee informed their GOP counterparts today that the majority has changed the locks on the committee's hearing room. While Republicans previously enjoyed their own key to the room, they will now have to request access from Democrats. This followed a bitter partisan argument in which Republicans refused to take down a video from their website that contradicted Dem explanations about a closed-door meeting on the Countrywide VIP loan scandal. As we reported last week, the committee... wsj http://www.freerepublic.com/focus/f-news/2367815/posts#comment Wed, 21 Oct 2009 20:33:31 GMT http://www.freerepublic.com/focus/f-news/2365089/posts Dodd Rejects That Healthcare Bill Is Being Written Behind Closed Doors; Strongly Backs Public OptionBy Christopher Keating October 16, 2009 4:28 PM Sen. Christopher J. Dodd strongly rejected criticism that the highly important healthcare bill is being crafted only by Democrats behind closed doors. Former U.S. Rep. Rob Simmons, who is challenging Dodd in the 2010 race, and others have complained that the important aspects of the complicated bill are being written without public input. Dodd played a key role in a Senate health committee that passed an earlier version of the bill, which is now being merged with a... Courant http://www.freerepublic.com/focus/f-news/2365089/posts#comment Sun, 18 Oct 2009 14:05:29 GMT http://www.freerepublic.com/focus/f-news/2364510/posts 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... Wall Street Journal http://www.freerepublic.com/focus/f-news/2364510/posts#comment Sat, 17 Oct 2009 10:37:48 GMT http://www.freerepublic.com/focus/f-bloggers/2363638/posts If you recall, a few days ago Rep. Darrell Issa of California, the Ranking Republican on the Oversight Committee, said that he would bring to a vote a subpoena request for Countrywide documents. It's old news from months ago that the Chairman, Edolphus Towns (D-NY) has said that he would not support it even though his name has been linked to sweetheart deals. So today comes. The hearing is set. Issa is going to bring the matter to a vote. Where are the dems for the scheduled hearing? Watch this video and learn: The Patriot Room http://www.freerepublic.com/focus/f-bloggers/2363638/posts#comment Fri, 16 Oct 2009 04:02:43 GMT http://www.freerepublic.com/focus/f-bloggers/2361634/posts Once the final report of the Senate Ethics Committee was released, however, the way was cleared for the House oversight committee to subpoena the records of the Friends of Angelo program to determine the full nature and scope of Countrywide's efforts to manipulate Congress and purchase political favor. Washington Times http://www.freerepublic.com/focus/f-bloggers/2361634/posts#comment Tue, 13 Oct 2009 20:29:14 GMT http://www.freerepublic.com/focus/f-news/2351719/posts Has it really come to this? Is MSNBC so in the tank for the Democratic Party that it takes far-left documentary filmmaker Michael Moore to bring up malfeasance by a leading Democrat? Moore appeared on MSNBC's Sept. 29 "Hardball" to promote his new film "Capitalism: A Love Story." With exception of "The Ed Show" fill-in host Lawrence O'Donnell noting the Senate Ethics Committee had cleared Sen. Chris Dodd, D-Conn., of wrongdoing and only reprimanded him verbally, over the last couple of months, MSNBC's prime time shows have ignored a deal Dodd got on a mortgage with Countrywide. That is, until... newsbusters.org http://www.freerepublic.com/focus/f-news/2351719/posts#comment Wed, 30 Sep 2009 17:17:50 GMT http://www.freerepublic.com/focus/f-news/2350162/posts The revelation that Countrywide Financial recorded phone conversations as part of a specialized "VIP" mortgage loan program has added another twist to a Republican-led inquiry on Capitol Hill. Republican Rep. Darrell Issa, who has aggressively pursued the now-defunct Countrywide program for much of this year, said Monday that a call-recording system put in place as early as 2003 could contain evidence of wrongdoing by prominent public officials. He requested a raft of new information about the program and the taping system from Bank of America, which purchased Countrywide in July 2008 as it struggled with mounting losses amid the collapse... CQPolitics on Yahoo http://www.freerepublic.com/focus/f-news/2350162/posts#comment Mon, 28 Sep 2009 18:56:00 GMT http://www.freerepublic.com/focus/f-news/2091845/posts The Subprime home mortgage collapse...a Primer. It's ALL about the CRA of 1977 Community Reinvestment Act (CRA) of 1977 - This required banks to offer credit throughout their entire market area for “underserved” populations and small businesses. The CRA gave incentives to help low income borrowers become “home owners”. Liberals call this group “low income borrowers”. Conservatives call them a RISK!The CRA was passed by the Carter administration. In 1995 the Clinton administration authorized subprime loans under the CRA. Democrats added these provisions for the securitization of subprime loans and then ENFORCED the lending to high risk individuals. By 2000,... Various http://www.freerepublic.com/focus/f-news/2091845/posts#comment Sat, 27 Sep 2008 17:08:08 GMT http://www.freerepublic.com/focus/f-news/2320259/posts GOSH, what a surprise: A committee of their fellow senators has decided that Chris Dodd and Kent Conrad did nothing unethical when they took out loans from Countrywide Financial on the kind of favorable terms not available to mere mortals without their financial or political standing -- or a personal connection to the head of Countrywide. The very Select Committee on Ethics did recognize that the whole deal looked bad, and gave its colleagues a gentle pat on the wrist for creating "the appearance that you were receiving preferential treatment based on your status as a senator." But in the... NY Post http://www.freerepublic.com/focus/f-news/2320259/posts#comment Thu, 20 Aug 2009 10:26:40 GMT http://www.freerepublic.com/focus/f-news/2317143/posts As the old Irish toast goes, may your sins be judged by the Senate ethics committee. Actually that's not an Irish toast but it must be the fervent hope of every politician who received a "Friend of Angelo" loan from former Countrywide Financial CEO Angelo Mozilo. Late last week the six Senators on the ethics panel dismissed complaints against Senators Kent Conrad and Chris Dodd with a mere admonishment about the appearance of impropriety. The three Republican and three Democratic Senators say they conducted an exhaustive probe and inspected 18,000 pages of documents. They say they found "no substantial credible... Wall Street Journal http://www.freerepublic.com/focus/f-news/2317143/posts#comment Sun, 16 Aug 2009 10:16:40 GMT http://www.freerepublic.com/focus/f-news/2316670/posts Gosh, what a surprise: A committee of their fellow senators has decided that Chris Dodd and Kent Conrad did nothing unethical when they took out loans from Countrywide Financial on the kind of favorable terms not available to us mere mortals without their financial or political standing -- or a personal connection to the head of Countrywide. The very Select Committee on Ethics did recognize that the whole deal looked bad, and gave its colleagues a gentle pat on the wrist for creating "the appearance that you were receiving preferential treatment based on your status as a senator." But in... Townhall.com http://www.freerepublic.com/focus/f-news/2316670/posts#comment Sat, 15 Aug 2009 14:36:25 GMT http://www.freerepublic.com/focus/f-news/2316587/posts As the old Irish toast goes, may your sins be judged by the Senate ethics committee. Actually that's not an Irish toast but it must be the fervent hope of every politician who received a "Friend of Angelo" loan from former Countrywide Financial CEO Angelo Mozilo. Late last week the six Senators on the ethics panel dismissed complaints against Senators Kent Conrad and Chris Dodd with a mere admonishment about the appearance of impropriety. The three Republican and three Democratic Senators say they conducted an exhaustive probe and inspected 18,000 pages of documents. They say they found "no substantial credible... WAll Street Journal http://www.freerepublic.com/focus/f-news/2316587/posts#comment Sat, 15 Aug 2009 11:30:36 GMT http://www.freerepublic.com/focus/f-news/2311905/posts Add Congressman Edolphus Towns to the growing list of influential Democratic and Republican VIP's who received loans from Countrywide Financial. That's significant because Towns, a Democrat, heads the committee investigating the mortgage giant's practices. And he personally is blocking the effort to subpoena Countrywide documents. Republican Darrell Issa is behind the subpoena effort. "It's really about what Countrywide sought to do, how vast it was, what they got for their millions of dollars in discounts and how do we make sure it doesn't happen again," Issa said. A Countrywide whistleblower says the company aggressively courted those in position to influence... CBS News http://www.freerepublic.com/focus/f-news/2311905/posts#comment Sun, 9 Aug 2009 15:30:43 GMT http://www.freerepublic.com/focus/f-news/2311680/posts Bloomberg link only http://www.bloomberg.com/apps/news?pid=20601103&sid=atlmwyTD7xAg Bloomberg Link Only http://www.freerepublic.com/focus/f-news/2311680/posts#comment Sun, 9 Aug 2009 01:18:08 GMT http://www.freerepublic.com/focus/f-news/2310879/posts WASHINGTON (MarketWatch) -- Two key Democrat senators were cleared by the Senate Ethics Committee on Friday from year-long investigations about whether mortgages they obtained from Countrywide Financial Corp. violated the senate's rules on gifts. The bipartisan committee, which supported the decision unanimously, did scold the senior lawmakers, Senate Banking Committee Chairman Christopher Dodd, D-Conn., and Senate Budget Committee Chairman Kent Conrad, D-N.D., for not being more careful in their dealings. "While the committee finds no substantial credible evidence as required by committee rules that your Countrywide mortgage violated Senate ethics rules, the committee does believe that you should have exercised... Market Watch http://www.freerepublic.com/focus/f-news/2310879/posts#comment Fri, 7 Aug 2009 21:35:32 GMT http://www.freerepublic.com/focus/f-news/2310775/posts n the middle of a difficult re-election campaign, Senate Banking Committee Chairman Christopher Dodd, D-Conn., on Friday was cleared by the Senate Ethics Committee from a year-long investigation about whether mortgages he obtained from Countrywide Financial Corp. violated the senate's rules on gifts. The committee, however, did scold the senior lawmaker for not being more careful in his dealings. "While the committee finds no substantial credible evidence as required by committee rules that your Countrywide mortgage violated Senate ethics rules, the committee does believe that you should have exercised more vigilance in your dealings with Countrywide in order to avoid... Market Watch http://www.freerepublic.com/focus/f-news/2310775/posts#comment Fri, 7 Aug 2009 19:27:04 GMT http://www.freerepublic.com/focus/f-news/2310676/posts WASHINGTON – A committee that investigated VIP mortgage deals for Democratic Sens. Chris Dodd and Kent Conrad has cleared both of them of breaking Senate rules. The Select Committee on Ethics tells Dodd of Connecticut and Conrad of North Dakota in separate letters that it has found "no substantial credible evidence" that their Countrywide mortgages broke Senate gift rules. AP on Yahoo http://www.freerepublic.com/focus/f-news/2310676/posts#comment Fri, 7 Aug 2009 17:36:06 GMT http://www.freerepublic.com/focus/f-news/2310261/posts A powerful House Democrat who has turned down a Republican's call to subpoena records of a mortgage program at Countrywide Financial Corp. received two home loans from the lender. Some information in the lawmaker's mortgage documents raises the possibility they were made through the program, which provided loans to public figures and other favored borrowers often at lower interest rates or with lower origination fees than were available to the general public. The loans were made to Rep. Edolphus Towns of New York, who heads the House Oversight and Government Reform committee. The panel's ranking Republican, California Rep. Darrell Issa,... WSJ http://www.freerepublic.com/focus/f-news/2310261/posts#comment Fri, 7 Aug 2009 04:30:17 GMT http://www.freerepublic.com/focus/f-news/2309834/posts Sen. Kent Conrad (D-N.D.) lashed out at Rep. Darrell Issa (R-Calif.) after the Republican congressman pushed the powerful Democratic senator to divulge details about low-interest loans he received from Countrywide Financial. In letters provided to POLITICO, Conrad has accused Issa of attempting to impugn his name in a GOP inquiry into the Countrywide mortgage scandal. Conrad said that the Senate Ethics Committee is the “appropriate forum to resolve this matter,” not Issa’s Republican staff on the House Oversight and Government Reform Committee. “It is unfortunate that you chose to damage my good name in your report without giving me the... Politico.com http://www.freerepublic.com/focus/f-news/2309834/posts#comment Thu, 6 Aug 2009 18:58:40 GMT http://www.freerepublic.com/focus/f-bloggers/2307183/posts When I read last week about the hearings regarding Senator Conrad, Senator Dodd, and the friend of Angelo, I immediately recognized a serious scandal. Some of that has to do with my background in mortgages, and some simply has to do with common sense. The Provocateur http://www.freerepublic.com/focus/f-bloggers/2307183/posts#comment Mon, 3 Aug 2009 16:50:24 GMT