July 25, 2008 8:42AM
Where Are the Ethics Hearings into Countrywide’s VIP Loans?
By Elizabeth MacDonald
Sweetheart mortgages given by Countrywide Financial, the nation’s biggest mortgage lender, to elected officials and government bureaucrats seem tailor-made for an ethics inquiry by Congress, especially as the country is seeing a rising tide of voter anger in this presidential election year due to the massive $300 bn bailout of the housing industry at taxpayers’ expense.
The mortgages at issue were allegedly given to Congressional members and staffers championing this record bailout, a bailout that now surpasses the taxpayer cost of the S&L crisis in the late ‘80s and early ‘90s.
But Rep. Darrell Issa (R-Calif.) and Rep. Mark Souder (R-Ind.) say Rep. Henry Waxman (D-Calif.), chairman of the House Committee on Oversight and Government Reform, is ignoring their demands for an investigation into cheap, VIP mortgages allegedly given by Countrywide Financial to House staff members and elected officials.
Countrywide allegedly gave cheap, sweetheart mortgages to Sen. Kent Conrad (D-ND) and Sen. Christopher Dodd (D-Conn.), chairman of the Senate Banking committee who reportedly saved $75,000 on his inside deals from Countrywide.
At issue are Countrywide’s VIP mortgages, in which borrowers received lower interest rates and point shaves on their mortgages. Countrywide’s controversial VIP mortgages were given under the “Friends of Angelo” program, nicknamed after Countrywide chief executive Angelo Mozilo, a story that first broke in Portfolio Magazine.
Both Senators have denied wrongdoing and both repotedly welcome a Senate ethics inquiry (to date, no Senate ethics hearings on the matter have been announced).
The Wall Street Journal has also reported that James Johnson, a former chief executive of Fannie Mae, resigned recently as an adviser to the presidential campaign of Sen. Barack Obama after it was disclosed that Johnson received sweetheart loans from Countrywide. Johnson’s lawyer has said those loans were made on normal terms. Franklin Raines, a former head of Fannie Mae, also received sweetheart Countrywide loans, the Wall Street Journal reports.
Rep. Waxman’s office did not return calls for comment.
Reps. Issa and Souder wrote to Rep. Waxman that, “given the fact that Congress is actively considering bailing out Fannie Mae, Freddie Mac, Countrywide, and other lenders, it is essential that Congress investigate to determine the extent that public officials and staff have been compromised by improper gifts,” adding, “for all the hearings your committee has held on subjects other than waste, fraud, and abuse in the Federal government, it is an appalling lapse that the Committee is not investigating this matter.”
House and Senate rules bar members from knowingly receiving gifts worth $100 or more annually from companies that use registered lobbyists. Countrywide’s ethics code restricts executives, employees and board directors from improperly trying to influence government employees with money, gifts, loans, rewards, favors or anything of value.
The House committee on Oversight and Government Reform has already held hearings that attempted to link the housing bubble to outsized executive pay packages given to Countrywide’s chief executive Angelo Mozilo, Merrill Lynch’s former chief executive E. Stanley O’Neal and Citigroup’s former head, Charles O. Prince.
In their letter to Rep. Waxman, Representatives Issa and Souder demanded that Waxman use his “influence as chairman to stop any legislation bailing out mortgage lenders until all tainted individuals have recused themselves and the legislation has been examined and declared free of any undue influence.”
The housing bailout bill would provide $300 bn worth of taxpayer funds to rescue borrowers who took tens of billions of dollars worth of mortgages from lenders like Countrywide, among other things. Bank of America (BAC), helped shape the legislation via two lobbying documents outlining how to construct the bailout, obtained by Fox Business, after it announced its $2.5 bn purchase of Countrywide last January (see blog “The Bank of America Housing Bailout Bill”).
The housing bill would also provide rescue funding to Fannie Mae (FNM) and Freddie Mac (FRE), two publicly traded companies who critics say have gunned their lobbying engines on Capitol Hill in order to lighten regulatory oversight, including any increases in their capital cushions, now at perilously low levels.
The two mortgage finance giants have a total $54 bn in net worth, upon which sits a pyramid of debt, including $1.6 tn in borrowings to run their business. Fannie and Freddie operate a $5.3 tn book of business in which it buys and guarantees mortgages, with another $3.3 tn in hedges sitting off balance sheet, according to Lehman Bros. (LEH).
The two publicly traded companies have had a history of accounting misdeeds and have reported a total of $11.1 bn in losses over the last few quarters. Freddie and Fannie combined have on their balance sheets $260 bn in subprime and Alt-A (just a notch above subprime) securitizations, backed by potentially shoddy loans.
Freddie also has disclosed it has $156.8 bn in level three assets nobody wants and for which it can’t get pricetags on since the market for them is frozen; Fannie has $56.1 bn.
So far, any money given to Fannie and Freddie has not been conditioned on capping executive pay or receivership, which would include breaking up the companies and cleaning out their richly paid management and boards that concocted these two potential economic sinkholes.
A growing number of economists and analysts belive the two are insolvent, as home foreclosures rise to record levels and borrowers fall underwater on their mortgages. Senate majority Leader Harry Reid (D-Nev.) is now blocking a vote on an amendment proposed by South Carolina Republican Jim DeMint to bar the two from lobbying in the future.
In their letter to Rep. Waxman, Representatives Issa and Souder refer to fresh details on Countrywide’s sweetheart loan deals given to government officials via its VIP mortgage program.
Specifically, the two cite an August 2008 article in Conde Nast’s Portfolio Magazine, which reports new allegations that House of Representatives staffers, a California state appeals court judge, and other current and former federal officials received special treatment in their mortgages from Countrywide due to their positions.
Portfolio has reported that former Clinton cabinet member Donna Shalala, former Bush Cabinet member Alphonso Jackson, as well as former United Nations Ambassador Richard Holbrooke also received VIP mortgages from Countrywide.
And Portfolio says that VIP Countrywide loans were given to former Countrywide director Henry Cisneros, who served as secretary of Housing and Urban Development in the Clinton administration; former White House staffer Paul Begala, now a commentator on CNN; and Postmaster General John Potter. Countrywide also offered special discounts to Congressional staffers involved in housing issues, the magazine says (http://www.portfolio.com/news-markets/national-news/portfolio/2008/07/16/Countrywide-Deals-Exposed?print=true).
The Portfolio article reported that former Countrywide Financial loan officer Robert Feinberg stated that he personally spoke with Senator Dodd and Senator Conrad about their special mortgage deals. It also noted the existence of e-mail traffic between Mr. Feinberg and former Countrywide CEO Angelo Mozilo on the subject of VIP loans and notes that Mr. Feinberg is in possession of “stacks of documents about the VIP operation.”
On the subject of Countrywide’s federal lobbying efforts, the Portfolio article provides quotes from retired Countrywide managing director Sidney Lenz, who oversaw government relations for the lender. Lenz reportedly says the company’s lobbyists identified potential customers on Capitol Hill and in federal agencies and directed them to Countrywide’s VIP program.
The company’s lobbyists were “incredibly receptive” to loan requests from officials, Portfolio quotes Lenz as saying, adding, “Countrywide had an incredibly good relationship with Congress. It was not unusual for us to get a call saying, ‘A bill’s being introduced. It’s a little technical, and there are parts we don’t understand. Can you help educate us on this?’”
Similarly, Rep. Jeb Hensarling (R-Texas) has also called for hearings to determine whether members received “preferential treatment” with their mortgages from Countrywide, “while millions of hardworking Americans struggle to repay their mortgage debts and cope with $4 [per] gallon gasoline and soaring foods prices,” he noted in an open letter to Congressional colleagues.
I will let the letter from Representatives Issa and Souder to Rep. Waxman speak for itself:
“As members of the House Committee on Oversight and Government Reform, we are troubled by your lack of response to our previous request and would like to know why the Committee is hiding from its duty to investigate this matter. Both documents and witnesses are clearly ready and available for an investigation and we would note that the Committee has investigated other improprieties committed by lobbyists.”
The letter adds: “The Committee’s failure to act when presented with rapidly growing evidence of wrongdoing makes a mockery of Speaker Pelosi’s election promise to improve House Ethics.”
Comment by Tripp
Jul 25th, 2008 at 9:10 am
This is a joke. Does anyone really believe that the Dems really meant it when they said they wanted to end the “culture of corruption”?
They are all just power hungry, and will say whatever it takes to get them into office. Only a select few from each party really want to end things like this, but the vast majority on each side regard those few as fringe members. Sure, they might use the rhetoric, but when they get into power it’s back to the status quo.
Comment by ROBERT DAVIS
Jul 25th, 2008 at 9:11 am
WHY SHOULD THIS BE DIFFERENT THAN ANY OTHER OUTRIGHT THIEVERY BY THE DEMS?
WAXMAN SHOULD HAVE BEEN RETIRED LONG AGO. HE BLAMES PRES.BUSH FOR EVERYTHING.ITS ALMOST TO THE POINT THAT IF IT RAINS PRES BUSH IS RESPONSIBLE.A HURICANE IS HIS FAULT. PELOSI IS A LIAR AND A RADICAL REID SHOULD BE PUT IN AN INSTITUTION AND IN TRUTH WE SHOULD REPLACE THE ENTIRE CONGRESS AND START OVER.
Comment by rflyer
Jul 25th, 2008 at 9:32 am
Yes I would like to know who is going to go to jail for all this!! All those banks and loan companies made bad/illegal loans and should have to pay for it NOT the taxpayers!! This is going to end up just like the last savings & loan bailout, we the taxpayers are going to shoulder the cost of this while the CEOs and loan officers who made all these bad loans will be sitting in the Bahamas somewhere sipping drinks and having a big time.
Comment by tyndal
Jul 25th, 2008 at 9:38 am
What should we expect, the righ getting risher on the macks of the now non existant middle class.
What should be done is not a bailout but a payoff.
If the government pays 10 billion to a mortagage due to bolstering the bad loans/foreclosures, the buisiness should have to apply that as a credit to the outstanding loans that are folding.
A family who lost their jobs and are in hardship, a basic forclosed loan in process. They MUST apply the credit to the loan in effect paying off most if not all of the loan. This would reduce the liability of the lender and give the most in need a real boost.
as for taxpayers securing the speculative lenders/investors, Not good for the enron pensioneers, not good when countless lost on stocks. them’s the risks.
Comment by jack miller
Jul 25th, 2008 at 9:38 am
the same place as the queries into karl rove et al, joe wilson etc.
Comment by Wilfred
Jul 25th, 2008 at 9:42 am
I am old enough to remember long periods during which Democrats controlled everything:
The Presidency, the House and the Senate. During the periods they didn’t control the Presidency, they coud effectively block much of what a President proposed. These were periods marked by misfeasance, malfeasance and nonfeasance. It looks as if their “happy days are here again” and it’s just getting started Folks.
Comment by Rob Mc - MN
Jul 25th, 2008 at 9:47 am
There is no accountability for Congress. Dodd should resign in shame. He is a big part of the problem. If this were an officer of a Federal Reserve Bank…they would have been asked him to resign for such a conflict of interest. You can get fired for tanishing the image of the FRB. Can’t get much higher that Dodd is in the banking system. Is there any wonder why the system is so screwed up! This is sick!
Comment by Manfred
Jul 25th, 2008 at 9:49 am
Whats new ? The good ol boys club at it again. The U.S. Senate & House need to change their names. CROOKS seams to fit a little better. Our founding fathers would be shocked on how OUR country is run now days.
Comment by Rob Mc - MN
Jul 25th, 2008 at 9:54 am
Rep. Waxman would rather spend his time interviewing Roger Clemens than actually performing the duties required by his position.
Comment by dharper
Jul 25th, 2008 at 9:57 am
Why in the world would anyone believe that Waxman would initiate an investigation obviously involving so many high profile Democrats. Waxman is not going to allow the onus of impropriety to be cast upon any Democratic elected official lest it deter the election of Obama even though this ridiculous bailout is going to cost the taxpayer billions.
This government, both the House and the Senate, have evolved into nothing more than a second rate Mafia. The greater difference between the Mafia and their counterparts in the House and Senate is that the Mafia had the decency to kill each other off. The House and Senate continue to kill the taxpayer year after year.
If there was ever cause for impeachment proceedings to begin it should begin with Harry Reid and Nancy Pelosi. These are the two incompetents who stated two years ago, “bipartisanship” will now be reinstated to the political process because the Democrats have regained the majority.
And to think for one minute that we wish to foist this type of government on any other nation in the world is absurd.
Comment by barbara babby
Jul 25th, 2008 at 10:16 am
I personally know one of the people in question regarding Countrywide—-Henry Cisneros. There is no way that man ever tells the truth about anything unless he can see either some monetary or political gain for himself. He is a true melgamanic!! These folks keep repeating their little games and no one even bothers to make them accountable for their deeds against the public trust. What kind of system permits this abuse of the public?
Comment by chuck
Jul 25th, 2008 at 10:21 am
Frankly this flys in the face of public trust.
Becouse the Democratic Congress has sank in job approval ratings as it is.
But the Countrywide VIP loan which several Democratic Senators smell of a double standard. This has the smell of scandal all over it–listen Scully and Moulder would’ve figured this one and solve this one. But it does make one wonder and percieve how many other senators and reps are mixed up with Countrywide. And on top of that Countrywide is being sued by a San Deigo attorney over the large number of foreclosures.
But the Countrywide scandal as it should be apltly called shows how out of touch is Washington DC is with Mainstreet. How many of these constutiuants have foreclosed in Senator Dodd’s backyard which are countrywide related? This is one scandal that isn’t going to go away and Majority Leader Harry NO Drill Reid better think twice. For the public masses aren’t stupid as they percieve them to be.
Comment by Greedom
Jul 25th, 2008 at 10:40 am
I’d sleep better at night knowing the straight facts on why Fox ran so many Countrywide ads between the start of operation iraqi freedom until JUST recently I observe Fox has no more ads for CountryWide.
MarketWatch and this very site - foxbusiness.com ran countrywide ads on the front page up until just a couple of weeks ago - even amidst all of the State of California sues CW, State of Illinois sues CW, state of Washington sues CW - and somehow ? NewsCorp found a way to keep pushing CountryWide.
It’s like Lemonade perhaps… only because the rhyme goes down so smooth -
Forget koolaid- let’s talk CountryTime Lemonade.
VIP mortgages ?
hey - just like Fox tried to bring about pro life issues by keeping issues of where death ends - thus requiring one to focus on where life begins - with Schiavo - I would say Fox catered to the NON-VIP countrywide customers.
Let us ask - both - about the VIP favoritism, and the complete exploit of those that should never have been given a mortgage- but - thanks to Fox, a good sense that the world is ending, and you’ve got a magic formula for ’sure, we’ll take a 500k home, that resets to 2800 a month on a $1600 month salary - SURE - 5 yeasr ? we can live there ? no money down ? rent free ? no interest ? no mortgage payments ?
sheesh
yeah
the damage done from Fox + CountryWide FAR exceeds any damage from VIP favoritism, so I’d like to inquire into both of these, as both are crimes in my book, as I define crime as that which is disadvantageous to ones community (long term too ! ) -
I want to see an investigation into VIP with CW and politicians - sure
I’d think gag orders could be lifted for the rest, or we can just count on one thing, Fox running all those CountryWide ads + the terror sell was no accident…
I’d say every Fox Employee that tood pay from NewsCorp -which took ad money from CountryWide ? ? ?
has something to think about before bed everynight unless integrity is thrown aside.
And I ask - what life is worth living when integrity is compromised ?
If nothing ‘means’ or is able to ‘mean’ anything anymore - maybe the meaning was naked shorted into oblivion over night - maybe the people naked shorting should be held accountable - for crimes of counterfeit - as that is what they are doing, they are minting their own stocks… Except no plates.
Well - may our children hold us accountable - and may they all have plenty of means and ways to pay us all back for all the shorting of THEIR future we did - health wise - financially - and psychologicall,y my GOD - how can ANY tv network run ‘terror alert >>> elevated’ - talk about a way to destroy the psyche of a child ? sheesh - or an adult even.
Now - you all face it - it’s hopeless - the terrists are gonna nuke YOUR city, so, go call that 800 # on the screen on Fox News in between the psychological terrorism and in general harrasmant and mis-use of the airwaves - and you get that $400k home you could never afford - and tell you what, just as Dick Cheney said - those pesky terrorists will eventually nuke a US city - gee Dick, where’d YOU get YOUR intelligence on that?
No, Neal Bush looted the US savings and loan
George has pulled off the entire US mortgage sector.
His pal Paulson - who no doubt HAS a reason he stutters - because he ‘teeters’ on the brink of collapse if people knew what he knew - in my view ?
is laundering the theft - and making the US tax payers pay for it.
After creating this stew of toxic waste, sucking the lifeblood out of the loan products, they have finally made it downstream - like oil on the mississippi - and yes, Freddie and Fannie are finding themselves with a share of it, UBS, you name it, CITI, BoA - and CountryWide was one BIG vehicle in creating these products to be sold with criminal intent.
Tellin’ ya - when someone goes to get a mortgage next year
it’s going to be:
#1 - your monthly mortgage payment
#2 - your tax payment to pay off the mortgage company to keep them from falling over.
In the end ?
Exxon, Shell, - all the suitors for the Iraqi oil fields get protection -in the end.
And they have it - thanks for the no bid contracts last month - Exxon, Shell, they’re all goin’ back online
Ok, so, oil stabalized in Iraq, that’s over - oh was it terrorists ? oh, in THAT case, I’m SURE the US will make sure to explain why it’s turned its head in PRIOR issues, and why it continues to turn it’s head on OTHER terrorist related issues that it chooses to ’stay out of’ ?
In the end, the way I look at it, homes were used as dollar bills to be laundered.
In this case? The homes were equiv. to counterfeit.
these were not ‘realistic’ proper loans -
I’m closing this with focus that if CW VIP deals are to be uncovered…
Beware Fox - so must the CW NON-VIP deals be uncovered.
And Fox has a LOT of explaining to do on just how carefully it seperated it’s content / choice of content from the CW ads ran post Iraqi War.
Above all people - live like you’ve never not lived before- the Fox Way - fear terror forever, and don’t let the terrorists give your children terminal brain cancer while they sleep ! Those pesky pesky terrorists, I mean, we should invest more money into the causes of ? Diabetes in children, of which 1 in 3 children born past 2000 will have ? OR nameless - faceless desert rednecks on horses with rifles ?
hmm
Good call all who voted Bush - may you be able to outrun your children - as they WILL come after you.
Comment by Greedom
Jul 25th, 2008 at 10:52 am
Here is one way to distill this
It’s not WHO CountryWide sold the mortgage product to.
The bottom line is - people unable to properly take care of the mortgage debt - many people who bought into the no money down, some cases - not instructed about resets - etc ? AND the wealthy were BOTH given non-profitable loan products from CW.
Period.
Senators AND Mr. and Mrs. Smith who make $55k combined a year who bought a $500k home- who like many hundreds of thousands of people- upon reset ? will lose the home.
Non profitable loan product sold - PERIOD.
doesn’t matter to who.
so, skip the VIP - and skip ignoring the little people who CountryWide ALSO ‘used’.
Focus on why would CW broker a non-profitable loan product ?
you see ? no one in their right mind would.
Maybe for your neighbor ? if you’re president of the bank ? you hook Bob up with 4.43 instead of 4.9 - like everyone else - or an in-law.
And that’s legal.
But why would CountryWide send out so many bogus loan products ?
THAT answer leads closer to the Bush II is going after the entire US mortgage sector.
CW abuse + Fannie and Freddie bailout - sheesh- gee, what would YOU DO for several hundred billion ?
Comment by Greedom
Jul 25th, 2008 at 10:53 am
For 200 Billion - let’s see
would someone kill ?
would someone commit adultry ?
would someone take the presidency ?
would someone ? gee
what is a human being capable of doing offered some HUGE some as - remember folks - someone has already cashed in and left the building, and they’re not even on the radar currently.
Comment by Greedom
Jul 25th, 2008 at 10:56 am
I wonder how well inflation is factored into those estimates of 200,000 foreclosures a month here on out.
I wager it should be higher as inflation soars.
Ever had one of those dreams where you’re on a cliff side ? or some place high up ? and then you wake up ?
well this isn’t one of them.
Comment by Wallace Hoffman
Jul 25th, 2008 at 11:02 am
New York Times wrote about the $300 billion as if it were going directly to the citizens facing foreclosure. Instead, it is going to Countrywide Financial Corporation, which is being bought by Bank of America. Senator Christopher Dodd (D-Conn) received a “sweetheart” loan from Countrywide, and he and other Democratic officials were “Friends of Angelo,” Countrywide CEO. Countrywide then passes the risky loans to the Federal Housing Administration (FHA), and taxpayers are stuck with the losses. This is the reason Citizens Against Government Waste (CAGW) named Senator Dodd Porker of the Month for June 2008.
Comment by Toledo Joe
Jul 25th, 2008 at 11:23 am
Just a classic example of “nut-less” republicans crying because the dems arent playing fairly and then they just shut up and go away HELLO the dems know this. The Dems dont care nobody does anything WHY should they care nothing will happen to them.
And the tax payer takes it in the shorts again!!!
Comment by RobertC
Jul 25th, 2008 at 11:25 am
This is all par for the course…There seems universal sentiment that as American’s we are getting screwed by our congressmen and women. We have hard facts that there are mis-deeds, yet no one seems to be able to break away from watching American Idol to do anything to make a difference. Seems the fat congressmen and women really are only concerned with covering banks and wallstreet… It’s time for us as American’s to insist that this bull has got to stop. The Bank of America bail-out bill is getting slam dunked onto the taxpayers balance sheet as we speak, let’s challenge the system…call your Senators and Congress…tell them that their priveledge to serve in office depends on their commitment to “We the people” not Wallstreet, no matter how sweet of a deal they cut you when you borrowed money. Check this site to get educated on the seriousness of Our current situation if We let the Housing Bill pass… http://www.fedupusa.org …see what you can do to help!
Comment by Cats
Jul 25th, 2008 at 1:28 pm
The investigations will commence as soon as everyone’s finished looking for the secret location in Las Vegas that is rumored to house Howard Hughes and Elvis Presley
Comment by Loren R.
Jul 25th, 2008 at 2:31 pm
THANK YOU ELIZABETH FOR WRITING ON THIS IMPORTANT MATTER WITH FACTS!
EVERYONE WHO HAS PREVIOUSLY COMMENTED ON THIS ARTICLE REGARDING THE OUTRIGHT DECEPTION BY THE THIEVES IN CONGRESS ARE SPOT ON. NOW WHAT ARE WE GOING TO DO ABOUT IT? FOLKS WE NEED TO PUT THE GLOVES ON AND TAKE NO PRISONERS; THE PEOPLE INVOLVED IN THIS ARE CORRUPT AND JUST THINK WE WILL GO AWAY. WHAT ARE WE GOING TO DO ABOUT IT? TALK IS CHEAP AND WE NEED ANSWERS. I WILL BE CONTACTING MY CONGRESSMAN AND SENATORS WITH COPIES OF THIS ARTICLE IN HAND, I WILL CONTACT THEM EVERY DAY UNTIL I GET ACTION AND I MEAN ACTION AND NOT CHEAP TALK! THANKS AGAIN ELIZABETH AND PLEASE KEEP THE PRESSURE ON THESE CLOWNS!
Comment by Graham
Jul 25th, 2008 at 2:52 pm
LET’s HAVE A HEARING! IF GUILTY THEY GO TO JAIL! PLAIN AND SIMPLE, THATS WHAT HAPPENS TO EVERY OTHER AMERICAN!
Comment by Sam
Jul 25th, 2008 at 2:56 pm
Greedom, go back down to the basement and play Guitar-Hero a bit longer the adults are trying to talk now, on the way take your meds to help you focus.
Yes, we the American taxpayer will end up paying the bill for our neighbor’s mistakes and in some cases outright greed, the illegal actions of those we voted into positions of power, and obviously the commercials that ran on Fox that made all those greedy folks go out and get those bad loans. Until those of us who are responsible, who get up and go to work every day, pay our bills and our excessive taxes stand up and say “No More!” to the thieves in our government, city to federal, they will continue to take their trips with lobbyists, get their free meals, upgraded airline tickets, and sweetheart home loans. So; if you don’t like the ads on Fox, change the channel and if you don’t like dirty politicians make it possible to get elected without having $100,000,000.00 in the bank. Just think of the corruption that comes with that level of fund raising! Democrat or Republican you cannot escape those who got you elected, you simply owe them too much.
Comment by cbk
Jul 25th, 2008 at 3:04 pm
there is a rule of law in a Democratic Congress and with the NYT –you never, never , and I repeat never, investigate Democrats on the take ! They are too important to our Democracy ! So $100, 000 in your freezer or getting easy money for a mortgage ( no -fees , low rate) hey –that’s not stealing/cheating —that’s just being a ” good Democrat” –besides that goes -on , in Chicago , everyday ! Welcome to the new America , folks!!!
Comment by David
Jul 25th, 2008 at 3:10 pm
Greedom you are a typical liberal nut. Are you going to hold CNN (Clinton News Network or Communist News Network, no difference) up to the same standard? How about MSNBC? They both ran ads for CountryWide.
Do you think because Fox ran ads for CountyWide they some how became prevy to their lending policies?
Our children will not be coming after us, they will be coming after you and all your commie pals for taxing them into poverty. Or is that just another piece of your master plan to enslave capitalist?
Comment by Tripp
Jul 25th, 2008 at 3:36 pm
Greedom, clearly you do not understand how advertising works. Fox gets paid for those advertisements, it does not necessarily endorse them, and it is not a crime (saying it’s a “crime in my book” is meaningless. You don’t have a book. There are actual laws, and breaking them constitutes a crime. The definition of crime is not as flexible as you would like it to be. (Thank God)
However, it is amusing how you turn from housing issues, to oil, to Iraq, to… you got it… hatred for GWB. It’s really funny how *everything* comes back to how much you hate GWB. I’m not a fan either, but grow up.
Countrywide was the one making loans and buying advertisements. Not Fox. Not GWB. Not the Exxon. Not the military. Please try to stay on topic.
Comment by Greedom
Jul 25th, 2008 at 3:41 pm
prior comment:
Comment by barbara babby
Jul 25th, 2008 at 10:16 am
I personally know one of the people in question regarding Countrywide—-Henry Cisneros. There is no way that man ever tells the truth about anything unless he can see either some monetary or political gain for himself. He is a true melgamanic!! These folks keep repeating their little games and no one even bothers to make them accountable for their deeds against the public trust. What kind of system permits this abuse of the public?
- end comment
What kind of system ? Why an unregulated system.
Just imagine if plumbing inside homes was less regulated.
Imagine all the crap we’d have all over.
No, bad jonathon, down jonathon, no jonathon, no clue how you ended up where you are - regulation and LAWS are a good thing pal, oh yeah Jonathon, it’s not your money, and it never was.
Comment by SueHal
Jul 25th, 2008 at 8:01 pm
Thank you for this very informative article. When are our wonderful reps in Washington going to get it. They write the laws that we have to follow and make sure that we are punished should we break the law, but they always seem to find wiggle room around the law(not a pretty sight-all our reps wiggling around). Everytime we bail people out they seem to go deeper into the financial holding tank. When will our reps learn that enough is enough. Accountability is a TWO WAY STREET.
Comment by Chris Davis
Jul 26th, 2008 at 2:49 am
How about stop going through Bank of America and or Countrywide when you purcahse or refinance your house. That would be a start, the secondary market put the bad loans in place and placed a higher premium to Loan Officers, how I know this is I’m a loan officer. The option arm was a joke, and unfortunately as some post had said the clients had been put into a loan that was advertised all over the place for 499.00 a month and you can buy a 200,000 house. I fought that Battle and won as I explained that you cannot afford this mortgage as you are a wage earner and this loan is way to sophisticated for you. But now, it is the Savy Financial buyer even now that is in trouble the buyer that might have transfered with his job in 2005 he bought at the height of the Market with 20% down, and bought with a 30 yr. fixed loan at 6%, and owes 180,000 and he purchased the home for 216,000. All the homes around him are selling for 150,000. He lost his 20% and 30,000g’s. Oh yeah he is in a 30 yr. fixed and he prays he won’t get transefered again oh to sell he now has to save 66,000 to get out, or a 30% Increase, Hm! FICO 720, yes he can make the mortgage, but why should he loose anymore money. Oh because Countrywide says to make the payments or do a short sale, ring ring, ring ring, ring ring, ring, ring, ring ring, ring ring, oh Countrywide is now putting together a short sale department, Wow pretty quick very proactive approach, what a concept a short sale department that actually is set up to take a call, wow, July 25th, and the Short Sale Staff is now implemented, after 750,000 foreclosures, Thank you CW ring, ring ring
Comment by Greedom
Jul 26th, 2008 at 3:32 am
from a prior comment:
Comment by RobertC
Jul 25th, 2008 at 11:25 am
This is all par for the course…There seems universal sentiment that as American’s we are getting screwed by our congressmen and women. We have hard facts that there are mis-deeds, yet no one seems to be able to break away from watching American Idol to do anything to make a difference. Seems the fat congressmen and women really are only concerned with covering banks and wallstreet…
end comment:
Sheesh, as I read this comment, I couldn’t help on the American Idol comment thinking, the entire phony iraq fiasco is part of the distraction - while the US homes are looted !
ok, not the homes, just the contract backing them!
Comment by Greedom
Jul 26th, 2008 at 3:43 am
from:
Comment by Tripp
Jul 25th, 2008 at 3:36 pm
Greedom, clearly you do not understand how advertising works. Fox gets paid for those advertisements, it does not necessarily endorse them, and it is not a crime (saying it’s a “crime in my book” is meaningless. You don’t have a book. There are actual laws, and breaking them constitutes a crime. The definition of crime is not as flexible as you would like it to be. (Thank God)
response
Tripp, Fox has high stakes in promoting CountryWide and GMAC’s DiTech You got the greenlight baby products.
It’s going to take 4, 3 to do the work, and one to organize them - to solve this mess.
Currently the FBI has full plates, the SEC is paralyzed as a pork that’s just been fried on the bone during electrocution.
Tripp, I ‘get’ advertising, I also ‘get’ your response and position I think to what I was ’speculating’ in regards to (I would have just ‘on’ but - hey, more fat for prepping prepositions). I’m not sure you’re aware how far Fox crossed the lines - more so upstream than Fox all in all - Kevin Martin isn’t going to be the chair of the FCC forever - you can take THAT to the bank - the Bank of America of course !
On subject is ‘Where are the Ethics hearings in countrywides widespread rampant abuse in illigitematly concieved relationships bearing the birth child of the loan products we see settling onto the laps of - why - it’s Freddie Mac - Fannie Mae - awe gee… I just KNEW the cause for the ethics violations of countrywide’s criminal loan products promoted - some could argue - namely - by NewsCorp- all interwoven to become as attractive as any 350k home would be to someone being told by GERALDO - of all people - lol - please - pinch me, - that the world is going to end because non-christian terrorist islamicists are all over and need to be watched, watched MORE than the canned runaway bride sequel - where they actually follow her into her work place and seek to completely destroy her life ?
No, fox has a ’special’ relationship with CountryWide
more special than any ’sweetheart’ deals - trust me Tripp
Fox indictments are coming, sooner than later.
if you have anything to do with this group involved, i’d consider Uraguay.
Comment by Greedom
Jul 26th, 2008 at 3:45 am
from:
Comment by Tripp
Jul 25th, 2008 at 3:36 pm
Greedom, clearly you do not understand how advertising works. Fox gets paid for those advertisements, it does not necessarily endorse them, and it is not a crime (saying it’s a “crime in my book” is meaningless. You don’t have a book. There are actual laws, and breaking them constitutes a crime. The definition of crime is not as flexible as you would like it to be. (Thank God)
end comment:
Tripp- all I meant by ‘in my book’ was that - crime - realistically to me, philosophically contemplated - to me ? is that which is disadvantageous to a community, and yes, there are ‘laws’ - and those ‘laws’ can be signed off on.
Don’t you think laws should be signed off on ?
Comment by Greedom
Jul 26th, 2008 at 3:52 am
If I’m not mistaken Tripp, the alleged president has ’signed off’ on more laws than likely actual red traffic arrows have been accurately comprehended by drivers in any state that has them - and adhered to in accordance with local/state law.
Sure there are laws- but then there are lawyers ! And then there are judges, and then ! there are politicians, and then ? there is just those who have power - power peaking on node of this hierarchy, and the powerless at the other, and yet ?
I don’t have any problem just sweeping the chess board on this one, we’re in the middle of deep black space - in a contained biosphere, breath what you like - subject? stay on the subject ?
tripp- try the subject of you imagining the person on a bike or - perhaps a mother - running to your car - wrapping their lips around your exhaust pipe -
hey, I just type and think as I type, but I do say, thinking about this - didn’t expect to end up here
but are you a killer ?
Hey - I want credit on that one.
Comment by Greedom
Jul 26th, 2008 at 3:54 am
Tripp
a ‘leader’ who looks at law - and disgraces it - signs off on it ?
if you wouldn’t trust bush with your kids over the weekend
why would you even consider granting this guy position past - MAYBE - lower sr. exec. - if ever.
Comment by Greedom
Jul 26th, 2008 at 3:55 am
Tripp
wait
that didn’t make any sense
I didn’t mean to imply that executives and morality - have any space to be shared.
Comment by Greedom
Jul 26th, 2008 at 4:05 am
Tripp - no kidding, check out the etymology on executive
you’d be surprised if you get what I’m saying there.
“Yes Mr. Smith ( countrywide secretary), you will get the executive treatment”
and yet
what is the polar component of this that is so elusive ?
CountryWide did 5000x more damage through channels to the opposite of VIP - those who have nothing, who should never ever ever have been signed into loan products - that they’d have to be watching Fox News believing the world was ending - to actually sign up for.
Don’t obfuscate - if there is intent to - regarding this by shifting focus to VIP
If you want to talk about abortion and where life begins ?
don’t go dilly dallying with Terri Schiavo - where you seek to capture the viewer by forcing a polarity on the issue such that if you believe you can profess where life ends, you can therefore profess where life begins.
Do not leave this issue to CountryWide and VIP - or ‘executive’ treatment policies.
There is water underground here.
And that water - carry the water - but remove - ok ok
don’t remove the US ‘average’ consumer - NON VIP who ALSO got ‘innappropriate (for the worse)’ treatment from CW.
Apple to Apples ? FAR FAR FAR more financial damage was done through CW’s abusive policies that used far far far lower non VIP peoples
I have to stop now, why or what is the obsession with the VIP’s when ?
There exists a far far far greater debt brought to Bank of America from CW’s OTHER and EQUALLY abusive polices (OTHER and EQUALLY is a nice combo if I don’t say so myself).
I’m not saying - diminish interest in CW with the exec’s/senators - and sheesh - do we WANT to even know the size of the list ?
I’m saying make sure you address equally, and probably even more weighted - the far greater financial loss incurred to Bank of America and CW’s Redoak is it ? side kick spewoff container caused by abuse of CW to the ‘typical’ non VIP US citizen.
the real neat thing about that is - Fox and NewsCorp meet at these crossroads with CountryWide -
Time to get out the Fox News consultant rejection list !
that ones a blast - my god.
Comment by Greedom
Jul 26th, 2008 at 4:05 am
Speaking of rejection
has anyone seen Monica Goodling lately ?
I have a feeling she’ll be showing up sooner than later.
Comment by Greedom
Jul 26th, 2008 at 4:14 am
Anyone here think the FBI has grounds to distrust the DOJ ? heh
I’ll never forget that line
“And you’re telling me, Monica, that you were functionally, the entire human resources hiring staff ? and you didn’t take any notes ? ”
Too bad that’s a federal offense Monica, speaking of Laws there Tripp !
You can’t go about DOJ hirees without any record - why ?
you might just bring in 150 regents under the radar !
I hear France is okay.
Comment by Greedom
Jul 26th, 2008 at 4:18 am
Tripp, by ‘regent’ I mean ‘Regent’ graduates/alumni as Monica follows in her ever so glass housed slippers touting a degree in my oh my - law -
from Pat Robertson’s Regent inst.
Hmm - don’t they openly profess ‘end times’ there ?
My god - imagine passing on some playout of ‘end times’ and scarring the psyche of a child.
I’m not sure if I’d let someone do that !
freedom of religion my aching !
no, religare
religere
latin - people that use religion to divide - do not understand it’s meaning.
‘to unite’
oh well - thankfully FBN carefully keeps the jeebus wrap contained.
Fox - a bit much with Vanity wearing black on sunday’s.
I’d probably tune in if he had an exorcism planned in front of a mirror.
hmm - never thought of that before - but hey - that’s what I end up when I picture Vannity and Holmes on Sunday - Vannity dressed up like a priest who’s not locked out of the trim shop.
Comment by Greedom
Jul 26th, 2008 at 4:22 am
btw- I DO recommend to people this bevereage: Small Craft Warning from Clipper City out of Baltimore -
Uber Pilsner -
I’d not recommend allowing any non-consequential bailout strategies be greased through congress like Larry Craig did with ANWR regarding CW. You know who’s missing from this picture - Larry.
Comment by Greedom
Jul 26th, 2008 at 4:31 am
from comment:
Comment by David
Jul 25th, 2008 at 3:10 pm
Greedom you are a typical liberal nut. Are you going to hold CNN (Clinton News Network or Communist News Network, no difference) up to the same standard? How about MSNBC? They both ran ads for CountryWide.
end comment
label away
I see these nice new electronic labelers - $10 or so - get one.
But aside from your adhesive label tape -
I can’t handle CNN - much less MSNBC - I forgot or repressed years ago why I could not ever pander into CNN’s programming.
Now, it’s interesting, when Fox showed up on the air, I said to mysef - ‘daaayahem - they got CNN’s software’.
3 people in a one bedroom apartment placing tiny newspaper ads for pennies - oh wait, that’s Don La Pri - who after being banned in several states, moved on to the Greatest Vitamin in the World scam. - Fox WILL - mark my words- be banned - but - only through drawn out FCC litigation - and changes no doubt after Martin is ousted - but to my point- CNN and MSNBC combined - don’t compare to Fox’s / NewsCorp’s non biased - non VIP treatment esque - nothing to do with any Fox ‘executive’ payoff - gag me - please- only live once I suppose - might as well play spill the beans.
David, perhaps simplify your world
Just say Nut
Why color the book if you’re not going to read it ?
Comment by Greedom
Jul 26th, 2008 at 4:53 am
David,
I think I avoided addressing your other comment.
Yes, I do think and know Fox has ’special’ interests beyond the scope of ANY panel that will - maybe - make it through the red ink on CW beneficiaries.
Perhaps that is a healthy way to address this issue further in dialog.
CountryWide Beneficiaries
under THAT canopy of declarance - I think we can still keep a close eye on what corporation topped advertising for CountryWide.
Correct me if I’m wrong, but I do like this one rung on the ladder I found myself on which left me with a realization that you really would have to believe the world was coming to an end to either issue OR sign onto the CW loan products I think at the least we will both agree are in question.
I think Liz MacDonald did a par excellent job on eval of BoA/CW’s books. I didn’t say sub par, and I didn’t grant any hole in ones here either ( I don’t golf by the way, I will eventually, ONLY - and ONLY to play carelessly with the ball and enjoy the scenery ), but she certainly hit the monkey button on these CW loans resetting.
Hey, again, Fox + Terror Alert Elevated >>> + Excessive ‘would have to believe the world is ending tomorrow ads’ to me ?
equals
well - we’ll just have to let the jury decide, won’t we
DOJ is out to lunch, PLENTY of good people in the FBI left, CIA - seems Goss chased out the ‘good’ people on his first memo didn’t he now ! “Play ball, or get lost”
SPJ’s are as Liz MacDonald might say ‘teetering’ - on word usage - but - I think the last appointment of Frank Burns set this country on a course not unlike that Gary Larson cartoon - of a man and a woman in a convertible - driving into a massive hole - apparantly an entrace to hell - she’s yelling ‘hell hole, I told you we were driving into a hell hole’.
Comment by Greedom
Jul 26th, 2008 at 4:55 am
In fact, I think that woman in the Gary Larson comic IS Liz
and the convertible is the US economy
and the driver ?
well - that’s the US population.
Comment by Greedom
Jul 26th, 2008 at 5:06 am
I do mean that last post in all respect !
Subject on VIP CW ?
I’d say subject on CW exploitations - UP (VIP) and DOWN (non qualifying US citizen that WAS granted something out of their league).
I think CW made a STRONG effort to entice people into that which was beyond their means.
Sheesh, forget the money side of that, could you imagine if that happened regarding - instead of a house ? your entire infra-structure from which you derive meaning ? fed ? to you by NewsCorp’s 3000 + newspapers, radio stations TV stations - thanks to Kevin Martin at FCC on Dec. 18th - my oh my - now even MORE !
Remember, watch Fox, - don’t ask why - just do.
If you don’t watch Fox, just watch one of the mirror stations presented as if it’s aomething different.
Gain equity in the integrity of your daily living
I’d get a brokered deal with Muriel for 1 year Liz ? and leave.
Comment by Change
Jul 26th, 2008 at 8:13 am
With congress at a 9% approval rating, I would hope we all send them a strong message in November, kick them all out that are up for re-election—period. Time for a change, and they forgot we can do it to them, we are in charge, not them……
Comment by TJ
Jul 26th, 2008 at 8:08 pm
Liz are you going to join us at the Rally for the Republic in Minnesota for the official launch of the Campaign for Liberty. You could surely get a speaking spot.
Comment by Greedom
Jul 27th, 2008 at 8:44 pm
I find this Roman adherence to no business on weekends from FBN obtrusive in a non-triangular way.
How is it posts are ‘waiting for moderation’ simply because of the Romans ?
I SUPPOSE the 7 day cyclicity goes back in deeper roots, oh I know it does, I recall spending - as all of us do, a day or two or many hours just reaching for where it came from. Best chart I came across was Norse I think - had some hard core matrices - it’s far far more complicated than just 7 days a week.
Either way, FBN - you need to pick up the ball on the tech side offerings here in two ways.
Either it really is 3 people - perhaps 1 or more clueless running the tech shop there - who knows, if 30 - ouch - and STILL - no inline reply functionality on the comments
and still - no comment approval ‘over the weekend’
okay - that second one should be first as to my point here
FBN - pushing HDTV - as -oddly - thankfully - Liz doesn’t have to tag the show with ! or a others - misses out on an opportunity for dialog by ignoring some simple reaches towards EASILY acquirable - doesn’t even matter - it’s that FBN is lacking someone to push the online experience - POTENTIAL - to it’s max in every way.
I find the ad revenue xanadu destination empty - but hey, so it goes, either way - FBN is missing out in so many ways - perhaps the medium is simply all I’m saying needs improvement.
I watch FBN mostly for personality study, I am curious to see why people promote what they promote - I like Liz MacDonald’s content in that it’s not so much ever leaning towards ‘buy this, buy that - sell this, sell that’ more so into the core ethics in the global economy we now live in. The rest of FBN - it’s simply ‘entertaining’ and I deeply reserve how or why I find it entertaining - it’s not fair to post my thoughts on that ! heh.
It’s not correct perhaps for me to suggest FBN change it’s course - it is more correct to remind Liz MacDonald that she for whatever reason is either using FBN as a launching board - or I don’t know what, either way, I’m only here for the Liz MacDonald forum mainly, I’d say solely, but I do try to entice as much media as I choose - and sometimes it may just be an article elsewhere - likely with the Alexis Glick forum. Then again, that forum is often - here is what I did today on video - the end - and well - it doesn’t invite dialog - on the OTHER hand, I do like that at least the two way channel is utilized as offered via the internet. I’ve learned over the years, best things said usually have nothing to do with and ad hominem - or personal reference, so to Glick I do grant her respect on same thing Tim Russert - on an O’reilly interview - “Yeah Bill, my goal was to look up what I could - hit them with it (Glick doesn’t do this though, but different people, my point is on another similarity) and really stay neutral.” Because of the punches, unless someone watched more of Tim, you’d not observe that’s the succussful game he played.
Somewhere in here I find FBN not all that it could be, MacDonald - yes, I think she ‘is’ truly passionate people regarding issues at hand that need addressing as a jounralist, I COULD add that I observed Barbara Walters saying she didn’t vote, didn’t want to take a side - wanted to remain neutral- I observe Alexis Glick seems to whether intended or not, reach this objective.
Ending this nonsensical diatribe ending up in some crazy review project…
Short of saying, I can’t wait to see the next 5 years - as the waste hovers on everyones balance sheets - I think it’s fair to say Liz MacDonald put it clearly in that interview with - hmm -was it Muriel Siebert, I forget, where she commented, she anticipated it could be 2014, 2015 ? before cleanip from this oil spill.
Oh well -going to be interesting, I look at MacDonald on the frontier of this oncoming impact from the toxic waste to reveal itself in the next 5 years.
Comment by Michael Lilly
Jul 28th, 2008 at 9:28 am
This is Congress! Why isn’t there an ethics investigation? Nobody on either side wants to upset the apple cart with it’s consignment of golden apples. Is that too hard to figure? It’s the same with earmarks.
Comment by Ernest Mendenhall
Jul 28th, 2008 at 2:33 pm
How does anyone in their right mind ever expect anything to get done to benefit or help the middle class (which is rapidly dissapearing) while the Mr. Bush & Mr. Cheney, and all of the thiefs(Of both parties)remain in control of Washington?
Put a stop to all lobbying and pay-offs and pacs and the “buying” of presidencies by anyone who has or can raise the huge (obscene) amount of money spent on presidential campaigns.
A limit should be strictly enforced, and put a term limit on all federal offices
Senate and House — which would help to control the balance of POWER — which for too long has been in the hands of “Senior” senators etc.
Now when I awake from my dream I will try to get back to a normal (crooked) way of thinking, because as we all know nothing which involves common sense will ever come out of Washington in the near (or distant future) I am sure.
Thanks for letting me express my opinion.
God Bless America ..
Comment by F-Stop
Jul 28th, 2008 at 3:29 pm
Getting Congress to investigate itself properly because of ethics violations and malfeasance would be like getting Clinton to swear to tell the truth.. It’s just
not possible.. There should be some sort of mechanism that is independent of Congressional control that we could use to investigate and prosecute these thieves, when necessary … Aren’t they supposed to be our representatives and civil servants ?? What a CROCK !!!
Comment by Mike Cotter
Jul 28th, 2008 at 4:06 pm
Sen.’s Christopher Dodd and Kent Conrad received below market loans and thus pay lower interest rates and were enriched via lower monthly payments. They then pushed thru legislation that was very favorable to Countrywide and now Bank of America. The preferential treatment afforded these two Senators amounts to a bribe. This is much more serious that a ethics question. They should be prosecuted.
Comment by Steve
Jul 28th, 2008 at 5:08 pm
Fox-thanks for this article. Unless CNN would do an about face, I doubt they would have the courage to relate any Democrat for wrongdoing; they are too busy with Obama-gasms at the moment….