Did Countrywide Home Loans pay off U.S. Senators?
When you're making what turned out to be reckless loans, it's good to have political cover.
Take the case of Countrywide Financial. The King of the Subprime apparently made sweetheart loans to high ranking U.S. senators when those very senators had oversight over Countrywide's dealings.
One extra wrinkle: They're Democrats and supporters of Barack Obama. He's the guy who's complained about "predatory lending" on the campaign trail.
In the case of North Dakota Sen. Kent Conrad, the senator personally solicited the low cost loan. Then Countrywide delivered.
Oh, by the way, Countrywide will benefit hugely from a proposed $300-billion mortgage industry bailout Democrats are floating in the name of staving off foreclosures.
The Wall Street Journal has been following the story. In the old days you could describe such dealings by a word beginning with B and ending with E and sandwiched around a RIB.
Your government at work.
(Un)Real Estate offers a peek at the housing market usually reserved for insiders. While it focuses on the Tampa Bay area, it won't neglect dipping
into the rest of Florida and beyond. Its goal? Simple: To help you keep a roof over your head without losing your shirt.
Get rid of these Democrats. However if you look at all the so called family value republicans caught lately in scandals it would far outweigh these couple. I was republican now I'm embarrassed that I voted that way in 04.
Posted by: David | June 18, 2008 at 01:53 AM
Oh — gotcha
Posted by: Sofia apartment | June 18, 2008 at 06:54 AM
So much for free markets.
Posted by: john | June 18, 2008 at 03:08 PM
What's Mark Foley's sending dirty notes to teens have to do with the housing market? I think it's interesting that the party of the "little guy" has its hand in the golden cookie jar. Corruption works both side of the aisle.
Posted by: James Thorner | June 18, 2008 at 03:33 PM
Point being was don't trust any of them with anything they are all dirty.
Posted by: David | June 25, 2008 at 08:31 AM
Big Deal...Countrwide made sweet loans to everybody, regardless of race creed or political persuasion. There are SOOOO many other points to hit BO on that this seems senseless to me!!
Posted by: mikey | July 04, 2008 at 08:24 AM
why don't we just be good democrats and tax payday loans? add on an extra 4% and require that it be paid at a special tax office
Posted by: first time home buyer loan | January 09, 2009 at 06:54 AM
What's Mark Foley's sending dirty notes to teens have to do with the housing market? I think it's interesting that the party of the "little guy" has its hand in the golden cookie jar. Corruption works both side of the aisle. why don't we just be good democrats and tax payday loans? add on an extra 4% and require that it be paid at a special tax office.
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