Keyword: mozilo

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  • Countrywide Mortgage Devastation Lingers as Ex-Chief Moves On

    06/25/2016 12:17:28 PM PDT · by Reverend Wright · 15 replies
    NY Times ^ | June 24, 2016 | Gretchen Mogensen
    Angelo Mozilo can finally get on with his life. This month the Justice Department told Mr. Mozilo, the former chief executive of Countrywide Financial, once the nation’s largest subprime mortgage lender, that he was no longer under investigation in connection with civil mortgage fraud. The government’s criminal inquiry into Mr. Mozilo’s role in the financial crisis was dropped previously, so he is now in the clear. At least that’s the view from Washington. On Main Street, where the pain of Countrywide’s reckless lending and abusive foreclosure practices still throbs, it’s safe to say that Mr. Mozilo is still identified as...
  • Too Orange To Jail? US Government Drops Suit Against Countrywide's Mozilo

    06/17/2016 11:38:19 AM PDT · by ColdOne · 18 replies ^ | 6/17/16 | Tyler Durden
    U.S. prosecutors have abandoned their case against Angelo Mozilo, the over-tanned character at the center of the risky subprime mortgages that fueled the financial crisis, after a two-year quest to bring a civil suit against him. As Bloomberg reports, The Justice Department has decided not to sue Mozilo, according to people familiar with the matter, ending a decade-long hunt for someone, anyone to jail over what happened.
  • Pelosi supports Occupy Wall St. but does she oppose her son's preferential treatment from bankers?

    10/10/2011 5:37:08 PM PDT · by matthewreporter · 6 replies
    The Daily Caller ^ | October 10, 2011 | Matthew Boyle
    House Minority Leader Nancy Pelosi’s strong statements in support of the “Occupy Wall Street” movement raise an interesting question: Does she, then, oppose the preferential treatment her son received at the hand of the financial industry? Pelosi’s son, Paul Pelosi, Jr., was protected from a round of layoffs when he was a mortgage broker for Countrywide, according to “Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon,” a 2011 book by Pulitzer Prize-winning New York Times columnist Gretchen Morgenson. “Paul Pelosi, Jr., the son of Nancy Pelosi, the former Speaker of the House, worked as a mortgage...
  • Report: Countrywide won influence with [Dodd and Conrad] discounts

    07/05/2012 7:02:09 AM PDT · by Perdogg · 22 replies
    The former Countrywide Financial Corp., whose subprime loans helped start the nation's foreclosure crisis, made hundreds of discount loans to buy influence with members of Congress, congressional staff, top government officials and executives of troubled mortgage giant Fannie Mae, according to a House report.
  • U.S. drops criminal probe of former Countrywide chief Angelo Mozilo

    02/24/2011 1:28:38 PM PST · by Mortrey · 20 replies
    Los Angeles Times ^ | February 18, 2011, 4:11 p.m. | By E. Scott Reckard
    Mozilo's actions in the mortgage meltdown — which led to $67.5-million settlement against him — did not amount to criminal wrongdoing, federal prosecutors have determined.
  • Justice Denied: Why Countrywide Chief Fraudster Mozilo Isn't Going to Prison

    02/23/2011 12:28:45 PM PST · by Kartographer · 18 replies · 1+ views
    Daily Finance ^ | 2/23/11 | ABIGAIL FIELD
    Mark Malone, a former federal and state prosecutor who spent eight years prosecuting the mob, white collar criminals and political corruption, said: "Mozilo was the boss of bosses of predatory lending. He was the inspiration for MERS, the electronic database used to facilitate much of the fraud surrounding predatory lending, mortgage securitization and fraudulent foreclosure practices. If prosecutors are not going to go after low-hanging fruit like Mozilo, the rest of the bankster bosses can sleep well, assured that their fortunes are secure."
  • AP source: Feds drop criminal probe against Mozilo

    02/18/2011 8:59:36 PM PST · by Kartographer · 7 replies
    AP/YahooNews ^ | 2/18/11 | ANDREW DALTON
    Federal prosecutors have ended a criminal investigation of Countrywide Financial Corp. co-founder Angelo Mozilo, a person close to the investigation said Friday. The federal official told The Associated Press that the probe launched in 2008 into the actions of the former chief executive of the housing giant during the mortgage meltdown has been closed with no indictments. The person spoke on the condition of anonymity because the investigation was never publicly announced, and the Department of Justice as a policy does not announce the closing of investigations. In October, Mozilo agreed to a $67.5 million settlement to avoid civil trial...
  • U.S. drops criminal probe of former Countrywide chief Angelo Mozilo

    02/18/2011 9:00:05 PM PST · by Libloather · 23 replies
    LA Times ^ | 2/18/11 | E. Scott Reckard
    U.S. drops criminal probe of former Countrywide chief Angelo MoziloBy E. Scott Reckard, Los Angeles Times February 18, 2011, 4:11 p.m. Federal prosecutors have shelved a criminal investigation of Angelo R. Mozilo after determining that his actions in the mortgage meltdown — which led to $67.5-million settlement against him — did not amount to criminal wrongdoing. As the former chairman of Countrywide Financial Corp., Mozilo helped fuel the boom in risky subprime loans that led to the crippling of the banking industry and the near-collapse of the financial system. A federal grand jury in Los Angeles began probing Mozilo in...
  • Issa demands details on Countrywide's VIP loan program (Friends of Angelo)

    02/16/2011 6:46:41 PM PST · by Libloather · 21 replies
    The Hill ^ | 2/16/11 | Peter Schroeder
    Issa demands details on Countrywide's VIP loan programBy Peter Schroeder - 02/16/11 06:31 PM ET Bank of America will have to turn over all documents and records tied to Countrywide Financial's VIP lending program after House Oversight Committee Chairman Darrell Issa (R-Calif.) issued a subpoena for them Wednesday. Issa announced the far-reaching subpoena, his first as chairman of the panel, and made clear that he wanted to know specifically what public employees or elected officials may have benefited from the program. Issa is looking for all documents about the program, and is particularly interested in what "covered borrowers" were involved...
  • Richard Holbrooke has died

    12/13/2010 4:59:54 PM PST · by Ravnagora · 234 replies
    ABC News ^ | December 13, 2010 | Jack Tapper
    ABC News has learned that Richard Holbrooke, the US Special Representative to Afghanistan and Pakistan, has died. On Friday, Holbrooke was rushed to the hospital with a torn aorta. He went through more than 20 hours of surgery. Earlier this evening, speaking at the US State Department, President Obama sang Holbrooke's praises and called him "a tough son of a gun." Holbrooke, 69, was a former ambassador to the United Nations and served as chief negotiator at the Dayton Peace Accords, which ended the war in Bosnia. The New Yorker's George Packer wrote a nice story about Holbrooke last year,...
  • Countrywide's Mozilo Gets Record Penalty

    10/15/2010 1:55:11 PM PDT · by Toddsterpatriot · 17 replies · 2+ views
    The Street ^ | October 15, 2010 | Laurie Kulikowski
    LOS ANGELES (TheStreet) -- Countrywide's former Chairman, CEO and co-founder Angelo Mozilo and two other top ranking officials will pay a combined $73 million to settle with the Securities and Exchange Commission for misleading investors as the subprime mortgage crisis emerged. Without admitting any wrongdoing, Mozilo, 71, agreed to repay $45 million in "ill-gotten" gains to settle the SEC's disclosure violation and insider trading charges against him and another $22.5 million in civil penalties, the SEC said on Friday.
  • 'Reform' missed 'friends of Angelo'

    07/27/2010 2:35:29 AM PDT · by Scanian · 4 replies · 1+ views
    NY Post ^ | July 27, 2010 | STEPHEN B. MEISTER
    Democrats claim their sweeping financial-sector reforms will guard against the kind of problems that triggered the recent economic meltdown. But if they really wanted to do that, they would've focused on how so many US officials were simply . . . bought. Fat chance. Nonetheless, Rep. Darrell Issa (R-Calif.), ranking member of the House Committee on Oversight and Governmental Reform, is demanding just such a review -- and, for the sake of the nation, he should get one. Last week, Issa wrote to Alfred Pollard, general counsel to the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac,...
  • Bennett denies knowledge of home loan deals to staffers (defeated RINO's staff was highly corrupt)

    07/16/2010 12:00:59 AM PDT · by rabscuttle385 · 5 replies · 1+ views
    The Salt Lake Tribune ^ | 2010-07-17 | Thomas Burr
    Washington • Sen. Bob Bennett said Thursday he was unaware that anyone on his staff got special home loans through CountryWide Finance Corp. as alleged in a congressional letter delivered to the Senate Ethics Committee. But the Utah Republican said he would cooperate fully with any ethics investigation that takes place. “I do not have a loan with CountryWide and I do not inquire as to where my staffers go to get their mortgages,” Bennett said in an interview with The Tribune. “I have full faith in the integrity of the staff and the matter is going to be in...
  • House Democrats Lock GOP Out of Committee Room A bitter divide over Countrywide mortgage scandal.

    10/21/2009 1:33:31 PM PDT · by jessduntno · 35 replies · 1,601+ views
    wsj ^ | today | FREEMAN
    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...
  • The Vote Democrats Don't Want: Whatever you do, don't mention Countrywide.

    10/17/2009 3:37:48 AM PDT · by Scanian · 12 replies · 1,690+ views
    Wall Street Journal ^ | OCTOBER 16, 2009 | JAMES FREEMAN
    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...

    08/20/2009 3:26:40 AM PDT · by Scanian · 7 replies · 872+ views
    NY Post ^ | August 20, 2009 | PAUL GREENBERG
    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...
  • Dodd cleared from ethics probe on Countrywide loans

    08/07/2009 12:27:04 PM PDT · by FromLori · 63 replies · 2,737+ views
    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...
  • Key Lawmaker Received Countrywide Loans

    08/06/2009 9:30:17 PM PDT · by FromLori · 6 replies · 496+ views
    WSJ ^ | 8/7/09
    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,...
  • Dodd's Danger

    07/31/2009 9:24:02 AM PDT · by WhiteCastle · 11 replies · 586+ views
    New York Post ^ | July 30, 2998 | Kevin Rennie
    TWO cut-rate mortgages from failed subprime giant Countrywide Financial continue to cost Sen. Christopher Dodd, shredding the Connecticut Democrat's credibility as he faces re-election next fall. This week, news of the secretive Senate Ethics Committee investigation into Dodd's unusual mortgage deals leaked to The Associated Press. AP reported that at least one witness, Robert Feinberg, starkly contradicted Dodd's account of what favors he knew he was getting from a company that, as a member of the Banking Committee, he helps regulate
  • Dodd Man Out?

    07/29/2009 5:38:53 PM PDT · by Kaslin · 26 replies · 2,247+ views
    IBD Editorials ^ | July 29, 2009 | INVESTORS BUSINESS DAILY Staff
    Corruption: Chris Dodd's teetering re-election chances weren't helped by news that the senator may have lied about not knowing he got preferential treatment as one of Countrywide Financial's Friends of Angelo program.Can you foreclose on a house of cards? Dodd, D-Conn., may soon find out after the official who handled his mortgages testified before both the House Government Reform and Oversight Committee and the Senate Ethics Committee that Dodd did in fact know he got sweetheart deals from a company that went on to lose billions of dollars on home loans to credit-strapped borrowers. As the No. 1 recipient of...
  • Dodd, Conrad: Mortgage Discounts Were 'Courtesy'

    07/29/2009 9:38:33 AM PDT · by khnyny · 42 replies · 2,366+ views
    The Washington Times ^ | July 29, 2009 | S.A. Miller
    Two powerful Senate Democrats said Tuesday that they knew they got low mortgage-rate deals in a lender's VIP program but thought the special treatment was a "courtesy" or the same as "frequent flier" discounts. Both vehemently denied any wrongdoing or ethical lapse in the mortgage deals, which came to light a year ago and triggered investigations by the Senate Select Committee on Ethics and the House Oversight and Government Reform Committee. "I thought this was like a frequent-flier program," Sen. Kent Conrad, chairman of the Senate Budget Committee, said of the special benefits. "I thought nothing of it." Sen. Christopher...

    06/08/2009 2:55:13 AM PDT · by Scanian · 3 replies · 598+ views
    NY Post ^ | June 8, 2009 | Editorial
    Senate Banking Committee Chairman Chris Dodd (D-Conn.) seems to at tract friends who, in turn, attract scrutiny from the Securities and Exchange Commission. Thursday, the SEC hit subprime-mortgage giant Countrywide Financial's ex-CEO Angelo Mozilo with a fraud suit for allegedly deceiving investors on the true condition of the company. He was also charged with insider trading. In 2003, Dodd's role on the Banking Committee got him dubbed a "Friend of Angelo" by Countrywide -- and thus eligible for two sweetheart $800,000 loans. The Senate Ethics Committee is -- at a glacial pace -- investigating the circumstances behind Dodd's Countrywide-refinanced mortgages....
  • SEC Charges Former Countrywide CEO Angelo Mozilo with Fraud

    06/06/2009 6:10:22 AM PDT · by FromLori · 13 replies · 735+ views
    The Securites Exchange Commission (SEC) formally charged former Countrywide Financial CEO Angelo Mozilo and two other company executives with civil fraud. The SEC also charged Mozilo with illegal insider trading, an agency spokesman said Thursday. Civil fraud charges also were filed against Countrywide's former Chief Operating Officer David Sambol and ex-Chief Financial Officer Eric Sieracki. Countrywide Financial, the California-based mortgage lender, was a key component to the subprime mortgage crisis in 2007, which was the beginning of the financial decline and current recession in the U.S. Mozilo is the most high-profile individual to face formal charges from the federal government...
  • Countrywide's Mozilo charged with fraud, insider trading by SEC

    06/04/2009 3:19:55 PM PDT · by Lorianne · 14 replies · 628+ views
    Daily Finance ^ | Tim Catts
    Former Countrywide Financial CEO Angelo Mozilo has become the highest-profile executive to be accused of wrongdoing in the subprime mortgage meltdown. The Securities and Exchange Commission charged him with allegedly lying to investors and reaping $140 million in profits from illegal insider trading this afternoon. A civil lawsuit filed by the SEC alleges that Mozilo knew that increasingly lax mortgage underwriting standards at Countrywide, once a heavyweight in the subprime home loan industry, would endanger the company but failed to disclose the risk to investors. "Countrywide portrayed itself as underwriting mainly prime quality mortgages using high underwriting standards," said SEC...
  • Fraud charge for Countrywide boss

    06/04/2009 3:40:57 PM PDT · by LurkedLongEnough · 10 replies · 558+ views
    BBC Americas ^ | 4 June 2009 | Unattributed
    Angelo Mozilo, former boss of Countrywide Financial, has been charged with civil fraud and insider trading by the Securities and Exchange Commission. He is the highest profile executive to face charges relating to the US sub-prime mortgage crisis in 2007. --snip-- Mr Mozilo has denied doing anything wrong. Two other former executives have also been charged with civil fraud. --snip -- The SEC published extracts from e-mails sent by Mr Mozilo. "The bottom line is that we are flying blind on how these loans will perform in a stressed environment of higher unemployment, reduced values and slowing home sales," he...
  • 25 People to Blame for the Financial Crisis

    02/13/2009 1:30:53 PM PST · by rightwingintelligentsia · 31 replies · 1,764+ views
    TIME via ^ | February 13, 2009
    Angelo Mozilo The son of a butcher, Mozilo co-founded Countrywide in 1969 and built it into the largest mortgage lender in the U.S. Countrywide wasn't the first to offer exotic mortgages to borrowers with a questionable ability to repay them. In its all-out embrace of such sales, however, it did legitimize the notion that practically any adult could handle a big fat mortgage. In the wake of the housing bust, which toppled Countrywide and IndyMac Bank (another company Mozilo started), the executive's lavish pay package was criticized by many, including Congress. Mozilo left Countrywide last summer after its rescue-sale to...
  • Why We Just Can't Trust Dodd

    02/08/2009 1:57:44 PM PST · by george76 · 14 replies · 1,319+ views
    The Hartford Courant ^ | February 8, 2009 | Kevin Rennie
    Stunning Blunder Just Another Strand In Web Of Explanations. Sen. Christopher J. Dodd went one contrivance too far last week at his carefully choreographed press event to explain his mortgage deals with Countrywide Financial. Dodd has engaged in so many contradictions in trying to manage the gathering storm that he probably did not recognize his stunning blunder. At his Monday event, Dodd wouldn't let reporters have copies of the selected documents he let them glimpse. Instead, Dodd released a report from a Chicago firm hired with campaign funds to review his mortgage transactions. The report is carefully constructed to vindicate...
  • Oscar! Watch Dodd Pretend He Doesn’t Know Countrywide Mozilo’s Name

    02/08/2009 7:24:11 AM PST · by governsleastgovernsbest · 14 replies · 1,110+ views
    FinkelBlog ^ | Mark Finkelstein
    Just in time for the Oscar’s, Chris Dodd makes his bid for Best Actor in a Corrupt Role . . . On this weekend’s Journal Editorial Report on FNC, host Paul Gigot interviewed Kevin Rennie of the Hartford Courant, who has been closely following the story of the sweetheart deal Dodd, Chairman of the Senate Banking Committee, received from Countrywide Financial under the “Friends of Angelo” program, a reference to Countrywide CEO Angelo Mozilo. The segment opened with a clip of Dodd speaking with reporters at a recent meeting at which he made available a carefully selected set of papers...
  • Dodd's Peek-A-Boo Disclosure (A Republican would be behind bars)

    02/03/2009 12:06:11 AM PST · by yoe · 24 replies · 1,207+ views
    WSJ ^ | Feburary 3, 2009 | Editor
    Connecticut Senator Chris Dodd has finally, sort of, kind of, ended 193 days of stonewalling about his sweetheart loans from former Countrywide CEO Angelo Mozilo. At least he did if you were a fast reader and were one of the few reporters he invited to his Hartford office yesterday to review -- but not copy or take -- more than 100 pages of documents related to his 2003 mortgage financings through Countrywide's "Friends of Angelo" program. These are the files that Mr. Dodd pledged to make public after the news broke last summer that the Chairman of the Senate Banking...
  • Another Brick In 'The Wall'?

    11/11/2008 9:55:07 PM PST · by Kaslin · 31 replies · 669+ views
    IBD Editrials ^ | November 11, 2008
    Transition: Jamie Gorelick may be back, this time as attorney general. It was her "wall of separation" that that left us blind pre-9/11. And let's not forget her admirable service at Fannie Mae.Not many people can claim to have been at the center of arguably the greatest financial disaster and greatest national security disaster in American history. But Gorelick, said to be on the short list for attorney general by the New York Times, can. Surely that qualifies her for further government service. Gorelick earned an estimated $26 million serving as vice chair of Fannie Mae from 1998 to 2003....
  • The Fannie Mae Gang

    07/23/2008 2:09:55 AM PDT · by CutePuppy · 9 replies · 242+ views
    Wall Street Journal (editorial) ^ | July 23, 2008 | Paul A. Gigot
    Angelo Mozilo was in one of his Napoleonic moods. It was October 2003, and the CEO of Countrywide Financial was berating me for The Wall Street Journal's editorials raising doubts about the accounting of Fannie Mae. I had just been introduced to him by Franklin Raines, then the CEO of Fannie, whom I had run into by chance at a reception hosted by the Business Council, the CEO group that had invited me to moderate a couple of panels. ....... I've thought about that episode more than once recently amid the meltdown and government rescue of Fannie and its sibling,...
  • Angelo Mozilo Has Retired From Countrywide

    07/17/2008 2:29:48 PM PDT · by Kozman · 7 replies · 99+ views
    In case you missed it, Angelo Mozilo retired from Countrywide Financial on Tuesday July 1, as Bank of America took over the firm. There does not appear to be a press release announcing his retirement...Mozilo's controversial reign ended with him facing a barrage of lawsuits from investors, borrowers and state regulators as he stepped up sales of his own Countrywide stock in late 2006 and unloaded more than $130 million of stock in the first half of 2007, while the stock was collapsing and he was reassuring shareholders...
  • More From Dodd Than 'Trust Me' ( Democrat )

    06/29/2008 6:32:54 AM PDT · by george76 · 15 replies · 189+ views
    Courant ^ | June 29, 2008 | Kevin Rennie
    'I would never take 'trust me' for an answer, not even in the best of times. Not even from a president on Mount Rushmore." So declared Sen. Christopher J. Dodd last week on the floor of the U.S. Senate during a debate on government surveillance. Dodd declared he will not trust our leaders unless he gets to see certain national security documents. Dodd insists, however, that we trust him when he says he didn't know he received special treatment when he borrowed nearly $800,000 from Countrywide Financial Corp. in 2003. Dodd continues to refuse to release the standard documents (commitment...
  • "About that Mortgage, Senator . . ." [Dodd, Conrad]

    06/27/2008 9:40:37 PM PDT · by Uncle Ralph · 31 replies · 319+ views ^ | June 27, 2008 | Glenn Reynolds
    NEW YORK TIMES: "About that Mortgage, Senator . . ." It turns out that the chieftain of Countrywide -- which is smack in the middle of the mortgage mess -- extended privileged borrowing status to two Senators, Chris Dodd, Democrat of Connecticut, and Kent Conrad, Democrat of North Dakota. Both Senators deny any ethical violations.   The disclosure of the V.I.P. arrangments by the political website left constituents angry and suspicious -- particularly because the revelations came just as Congress was rousing itself to do something about the mortgage foreclosure crisis.   It would be nice to think that...
  • Illinois to Sue Countrywide

    06/25/2008 4:13:49 AM PDT · by gridlock · 34 replies · 251+ views
    The New York Times ^ | 6/25/08 | GRETCHEN MORGENSON
    The Illinois attorney general is suing Countrywide Financial, the troubled mortgage lender, and Angelo R. Mozilo, its chief executive, contending that the company and its executives defrauded borrowers in the state by selling them costly and defective loans that quickly went into foreclosure. The lawsuit, which is expected to be filed on Wednesday in Illinois state court, accused Countrywide and Mr. Mozilo of relaxing underwriting standards, structuring loans with risky features, and misleading consumers with hidden fees and fake marketing claims, like its heavily advertised “no closing costs loan.” Countrywide also created incentives for its employees and brokers to sell...
  • The Countrywide six

    06/21/2008 1:41:45 PM PDT · by K-oneTexas · 13 replies · 245+ views
    ESR ^ | June 16, 2008 | John Bender
    The Countrywide sixBy John Bender web posted June 16, 2008The news that former Secretary of Housing and Urban Development Alphonso Jackson was one of the sleaze bags who enriched themselves with sweat heart deals on mortgages from Countrywide Financial makes it a bipartisan scandal and eliminates the slim possibility that any of them will be brought to justice.  The ruling political class doesn't like to bring its members to justice. But if one political party can gain political advantage by going after a few members of the political class who happen to be in the other party, they will grab...
  • Messy Mortgages

    06/17/2008 6:08:42 PM PDT · by Kaslin · 14 replies · 74+ views
    IBD Editorials ^ | June 17, 2008
    Scandal: A number of top Democrats have been caught with their hands in the cookie jar, suggesting corruption in the party linked to the recent home-mortgage meltdown. Will the mainstream media just ignore it?The firing of Democrat insider and money-man Jim Johnson a week ago as head of Barack Obama's vice presidential search committee came as no surprise. Johnson, who served as chairman and CEO of Fannie Mae during much of Bill Clinton's presidency, was discovered to have received a favorable mortgage loan from Countrywide Financial's founder and CEO Angelo Mozilo. This was bad enough. After all, Obama has railed...
  • Sen. Scandal: Dodd's sweet deal

    06/17/2008 11:19:55 AM PDT · by Graybeard58 · 28 replies · 700+ views
    Waterbury Republican-American ^ | June 17, 2008 | Editoral
    While liberal journalists have moved on from the Christopher Dodd-Countrywide Financial scandal, questions linger about the sweetheart loans he got in 2003 from Angelo Mozilo. At the time, Mr. Mozilo was chairman and CEO of Countrywide, which would become a leading player in the subprime-mortgage crisis and would benefit greatly if Congress passes Sen. Dodd's lending-industry bailout bill. Does anyone believe Sen. Dodd when he says he and his wife did not "anticipate any special treatment" from Countrywide and were unaware they got it? A senator get treated royally everywhere he goes. He gets his jollies from the rump kissing...
  • Countrywide 'Sweetheart Loans' Tied to Legislation

    06/17/2008 3:55:25 AM PDT · by Man50D · 30 replies · 60+ views
    American Thinker ^ | June 16, 2008 | Rick Moran
    Not making many headlines because the perps are Democrats, the sweetheart loan deals that former Obama Vice Presidential vetter Jim Johnson accepted from Countrywide Chairman Angelo Mozilo have ensnared two Democratic senators; Ken Conrad of North Dakota and former presidential candidate Chris Dodd of Connecticut. Conrad's approach was outrageous. Here's how the Wall Street Journal describes Conrad's dealings with Countrywide and Mozilo: Take Senator Kent Conrad, the North Dakota Democrat whose office issued a Friday statement saying that "I never met Angelo Mozilo." What he did not say then but admitted under later questioning by a Journal reporter is that,...
  • Two Senators Appear to be "Friends of Countrywide"..Conrad and Dodd getting greased by Countrywide

    06/16/2008 12:22:43 PM PDT · by Fred · 13 replies · 335+ views
    Mortgage Net Daily ^ | 061608 | Mortgage Net Daily
    The loud "thud" you just heard over in the corner of the Senate hearing room was Senator Chris Dodd's vice presidential hopes hitting the wall. The Senator was the second major political figure caught up in and possibly brought down by various aspects of the mortgage mess in general and Countrywide Financial in particular. The Senator, a Democrat from Connecticut and Chairman of the Senate Banking Committee which regulates mortgage lending, was named in an article by Julie Hirschfeld Davis of the Associated Press and earlier by Conde Nast Portfolio magazine, as one of two senators – the other being...

    06/16/2008 7:17:55 AM PDT · by george76 · 6 replies · 169+ views
    NEW YORK POST ^ | June 16, 2008 --
    When it comes to charging abuse in markets like the mortgage business, American politicians, right up the ladder, should zip their lips. They're not ones to talk. That's becoming ever more painfully clear with reports like the one Thursday from Condé Nast Portfolio suggesting that several key pols got favored treatment on their personal mortgages. The lucky winners included folks like Sens. Chris Dodd (D-Conn.) and Kent Conrad (D-ND), plus several former Cabinet secretaries: ex-Housing Secretary Alphonso Jackson; ex-Health and Human Services Secretary Donna Shalala (who is to receive a Presidential Medal of Freedom on Thursday) and ex-UN Ambassador and...
  • Chris Dodd D-Ct Defends His Own Mortgage Deals (requested no preferential treatment)

    06/15/2008 6:08:50 AM PDT · by Libloather · 36 replies · 722+ views ^ | 6/14/08 | JESSE A. HAMILTON
    Dodd Defends His Own Mortgage DealsBy JESSE A. HAMILTON | Washington Bureau Chief June 14, 2008 WASHINGTON — - Sen. Christopher Dodd says there was nothing special about the 2003 mortgages on his two homes, and that he requested no preferential treatment from his lender. But it might take more than a short denial to get past this week's reports that he was one of several prominent politicians given deals by Countrywide Financial Corp. on their home loans. "As a United States senator, I would never ask or expect to be treated differently than anyone else refinancing their home," Dodd...
  • Sen. Conrad donates money over loan deal (Countrywide)

    06/14/2008 4:23:41 PM PDT · by NormsRevenge · 18 replies · 222+ views
    AP on Yahoo ^ | 6/14/08 | Mary Clare Jalonick - ap
    WASHINGTON - Senate Budget Committee Chairman Kent Conrad said Saturday he is donating $10,500 to charity and refinancing his loan on an apartment building after reviewing documents showing he received special treatment from Countrywide Financial Corp. Conrad said it appears that Countrywide waived 1 point on his mortgage for a Bethany Beach, Del., vacation home. He said he would donate the equivalent amount of money to Habitat for Humanity. "Although I did not ask for or know that I was receiving a discount, and even though I was offered a competitive loan from another lender, I do not want to...
  • Senators Caught in Mortgage Fallout

    06/13/2008 7:54:09 PM PDT · by mdittmar · 59 replies · 209+ views
    The New York Times ^ | June 14, 2008 | LESLIE WAYNE
    When Senator Kent Conrad wanted a mortgage for his beach house,he turned to a Washington insider, Johnson, former head of Fannie Mae, the government mortgage giant, who then put the senator in touch with Angelo Mozilo, chief executive of the mortgage lender Countrywide Financial. The ensuing telephone call between Mr. Conrad of North Dakota and Mr. Mozilo led to two Countrywide mortgages, including one in which the company bent its rules to give Mr. Conrad a loan. Those loans are among a number of Countrywide mortgages at the center of an examination into whether a number of top politicians in...
  • Sens. Dodd, Conrad tied to special mortgage deals

    06/13/2008 5:14:27 PM PDT · by mdittmar · 28 replies · 203+ views
    Yahoo ^ | 6/13/08 | JULIE HIRSCHFELD DAVIS Associated Press Writer
    WASHINGTON - Senate Banking Committee Chairman Christopher J. Dodd, a leader of Congress' efforts to help homeowners ensnared in the subprime mortgage meltdown, reportedly got special treatment on his own mortgages from the CEO of Countrywide Financial Corp., a company whose practices he has called "abusive."At least one other lawmaker, Sen. Kent Conrad, D-N.D., also benefited from the VIP treatment after placing a personal call to Countrywide CEO Angelo Mozilo seeking a mortgage.Both senators say they weren't aware they were getting special deals.Still, their involvement in a special program that awarded discounts and waived fees for "friends" of Mozilo —...
  • Sen. Dodd Dep. Press Sec asked: Will Senator Dodd get a new loan and pay off Countrywide loan?

    06/13/2008 12:04:17 PM PDT · by doug from upland · 22 replies · 47+ views
    Dodd website ^ | 6-13-08 | dfu
    CHRIS DODD SWEETHEART LOAN STORY I just left a message for Justine Sessions, Deputy Press Secretary for Senator Chris Dodd, Chairman of the Banking Committee. Dodd was the beneficiary of an insider loan from Countrywide for his condo in which he paid no loan fees or points. His constituents could not get that loan. That stinks. I let Justine know I was working on a story and wondered if, because of the controversy, will the senator pay off the Countrywide loan and get a new loan. Perhaps I should not hold my breath awaiting a return phone call. If...
  • Dodd Tied to Countrywide Loans [Culture of corruption--Did not know he'd received a sweetheart deal]

    06/13/2008 6:31:10 AM PDT · by Brilliant · 33 replies · 91+ views
    WSJ ^ | June 13, 2008 | DAMIAN PALETTA
    Sen. Christopher Dodd, a top figure in Democrats' response to the housing crisis, defended through a spokesman two mortgages he reportedly received under a special Countrywide Financial Corp. program that awarded preferential interest rates to people referred to as "friends" of the company's chairman and chief executive, Angelo Mozilo. "The Dodds received a competitive rate on their loans," said Bryan DeAngelis, Sen. Dodd's press secretary. "They did not seek or anticipate any special treatment, and they were not aware of any." He declined further comment. The news could cause headaches for the Connecticut senator, who is trying to negotiate housing...
  • LOAN SLEAZE SPREADS; 2 SENATORS GOT 'EXEC PAL' DEALS (Kent Conrad, Chris Dodd, Donna Shalala)

    06/13/2008 3:21:19 AM PDT · by Liz · 44 replies · 114+ views
    NY POST ^ | June 13, 2008 | DAREH GREGORIAN
    Two influential US senators got "VIP" loans from a subprime mortgage lender saving them tens of thousands of dollars. Democrats, Chris Dodd, Connecticut and Kent Conrad of NDakota, received highly favorable loans under "Friend of Angelo," a reference to embattled Countrywide head Angelo Mozilo, Condé Nast Portfolio reported. Dodd chairs the Senate Banking Committee; Conrad chairs the Budget Committee and is a member of the Finance Committee. Others who received "FOA" loans include Alphonso Jackson, HUD Secy under Pres Bush ( resigned in April), and Donna Shalala, Clinton's HHS secretary. The report came one day after Democratic heavyweight Jim Johnson...
  • D'OH-bama's Mortgage Industry Mess

    06/10/2008 10:28:16 PM PDT · by Kaslin · 15 replies · 216+ views ^ | June 11, 2008 | Michelle Malkin
    If you're going to promise "new politics," it would probably be wise to eschew the same old Beltway cronies and insiders who have served presidential nominees of yore. And if you're going to attack political opponents for playing "textbook Washington games," it would probably be best not to play them yourself. If you do, you'll end up tongue-tied in front of the cameras, hung by your own holier-than-thou rhetoric and faced once again with the decision to throw another bad choice under the bus. Yes, Barack Obama, we're talking about you. Again. It's getting mighty crowded under that bus, isn't...
  • Obama veep vetting team looks at retired military

    06/10/2008 11:26:35 AM PDT · by Red Steel · 42 replies · 300+ views
    wokv ^ | June 10, 2008 | NEDRA PICKLER and MARY CLARE JALONICK
    WASHINGTON (AP) -- Barack Obama is considering former top military leaders among his possible running mates, according to a senator who met Tuesday with the Democratic presidential candidate's vice presidential vetting team. North Dakota Sen. Kent Conrad told The Associated Press said the team asked him about potential candidates from three broad categories _ current top elected officials, former top elected officials and former top military leaders. Conrad would not disclose which names they discussed, and the Obama campaign has been keeping the process a closely guarded secret. "We talked about many names," Conrad said, including "some that are out...