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Tuesday, December 6, 2011

Crony Corporatism at Countrywide - Democrat Friends of Angelo

CBS did a Potemkin Village cover-up story not mentioning the huge number of Democrat officials profiting off of Countrywide's favorable loans:

I guess they can't read or use the internet. (WMAL's Chris Plante skewered them for an hour the next day; it should be rebroadcast this coming Saturday.)

From wikipedia:

"Friends of Angelo (FOA)" VIP program

In June 2008 Conde Nast Portfolio reported that several influential lawmakers and politicians, including Senate Banking Committee Chairman Christopher DoddSenate Budget Committee Chairman Kent Conrad, and Fannie Mae former CEO Jim Johnson, received favorable mortgage financing from Countrywide by virtue of being "Friends of Angelo."[13][14]
Senator Dodd received a $75,000 reduction in mortgage payments from Countrywide at allegedly below-market rates on his Washington, D.C. and Connecticut homes. Michael Moore'sCapitalism: A Love Story shows on film that this was actually over a million dollars of a sweet-heart mortgage deal.[13][15] Dodd nonetheless called for stronger regulation of mortgage lenders and proposed that predatory lenders should face criminal charges.[16]
Clinton Jones III, senior counsel of the House Financial Services Subcommittee on Housing and Community Opportunity, and "an adviser to ranking Republican members of Congress responsible for legislation of interest to the financial services industry and of importance to Countrywide." was given special treatment. Jones is now state director for federal residential-mortgage bundler Freddie Mac. Alphonso Jackson, acting secretary of HUD at the time and long time friend and Texas neighbor of President Bush, received a discounted mortgage for himself and sought one for his daughter. "In 2003, using V.I.P. loans for nearly $1 million apiece, Franklin Raines, Fannie Mae’s chairman and C.E.O. from 1999 to 2004, twice refinanced his seven-bedroom home, which has a pool and movie theater."[16]
Speaker of the House Nancy Pelosi's son, Paul Pelosi, Jr., also received a loan with Countrywide. Barbara BoxerAdam H. PutnamRichard C. HolbrookeJames E. Clyburn, and Donna Shalala are also among those with mortgages from Countrywide.
CBS News has obtained the following list of then-Fannie Mae employees whose names have been turned over to investigators as having received VIP loans from Countrywide:[17]
  • Sandra Adams: Fannie Mae Account Associate
  • Nitirwork Armstrong: Fannie Mae Director
  • Gregg Ayres: Fannie Mae Customer Acct Manager
  • Jeffrey Baker: Fannie Mae Business Analyst
  • Ingrid Beckles: Freddie Mac VP Default Mgmt
  • Cherry Billings: Fannie Mae Asst to CEO
  • Christine Buckley: Fannie Mae Sr Assistant
  • Sharon Canavan: Fannie Mae Govt Relations/Lobbyist
  • Delynn Conley: Fannie Mae Underwriter
  • Carla Corpuz: Fannie Mae Senior Underwriter
  • Tanguy De Carbonnieres: Fannie Mae Legal Counsel
  • Bernard Deane: Fannie Mae Director
  • Mollie Dougherty: Fannie Mae Sr Business Manager
  • Roy Downey: Fannie Mae Director
  • Cynthia Fatica: Fannie Mae Legal Counsel
  • Jamie Gorelick: Fannie Mae Vice Chair
  • Lizbeth Grant: Fannie Mae Director Tec/Secondary Mkt
  • Greta Hamilton: Fannie Mae Manager/Home Loans
  • Lester Handy: Fannie Mae Consultant
  • James Johnson: Fannie Mae Chairman and CEO
  • Jack King: Fannie Mae Manager
  • Karen King: Fannie Mae Credit Risk manager
  • Gerald Langbauer: Freddie Mac VP Sales
  • Derek Lowe: Fannie Mae Technician/Home Loans
  • Mary Lee Moriarity: Fannie Mae Sr Underwriter Consult/Lending
  • Daniel Mudd: Fannie Mae Vice Chair and COO
  • Paulette Porter: Fannie Mae Sr Proj Mgr/Mtg Securities
  • Alan Quirion: Freddie Mac Director
  • John Radwanski: Freddie Mac Sr Port Director
  • Franklin Raines: Fannie Mae Chairman and CEO
  • Robin Ramsay: Fannie Mae Customer Acct Manager
  • Rebecca Rosena: Fannie Mae Credit Risk manager
  • Irwin Rosenstein: Fannie Mae Ass. General Counsel
  • Robert Sanborn: Fannie Mae Vice President
  • William Shirreffs: Fannie Mae Director
  • Joseph Silva: Fannie Mae Servicing Portfolio Manager
  • Donna Simpson: Fannie Mae Customer Acct Manager
  • Michelle Sorensen: Fannie Mae Sr Business An/Mortgage
  • Mary Ann Staley: Fannie Mae Marketing Dir
  • Deborah Kay: Tretler Fannie Mae VP Risk Management
  • Kirk Willison: Freddie Mac VP Trade Relations/Dir Industry Relations
  • David Yoon: Fannie Mae Acct Associate

[edit]Other controversies

Ex-Countrywide Exec Blows The Lid Off The Systemic Fraud At The Company
Julia La Roche | Dec. 5, 2011, 8:59 AM | 12,600 | 36


Image: CBS 60 Minutes
Eileen Foster, a former senior executive at Countrywide Financial, told CBS's "60 Minutes" Steve Kroft that mortgage fraud was a way of business.
"From what I saw, the types of things I saw, it was — it appeared systemic. It, it wasn't just one individual or two or three individuals, it was branches of individuals, it was regions of individuals," she told Kroft.
Foster, an ex-senior vice president at the mortgage lender tasked with monitoring and investigating possible fraud, said she found evidence of widespread mortgage fraud during an investigation in Boston.
"All of the — the recycle bins, whenever we looked through those they were full of, you know, signatures that had been cut off of one document and put onto another and then photocopied, you know, or faxed and then the — you know, the creation thrown — thrown in the recycle bin," she said.
What's more is she told "60 Minutes" that Countrywide employees had a financial incentive to make these risky loans.
"The loan officers received bonuses, commissions. They were compensated regardless of the quality of the loan. There's no incentive for quality. The incentive was to fund the loan. And that's — that's gonna drive that type of behavior."
In 2008, Bank of America agreed to acquire Countrywide for basically scrap change. Foster received a promotion at BofA.
Shortly after, the mortgage lender was being investigated for possible fraud and she was going to have to speak with government regulators. However, she was ousted by the company before she could answer regulators' questions.
The whistleblower recently received nearly $1 million in compensation for wrongful termination from BofA, "60 Minutes" reported.
If Foster's allegations are true, it could be a major bombshell, especially her account of what happened in the Boston Countrywide offices.
That's because last week, Massachusetts's Attorney General Martha Coakley announced she is suing Bank of America, JPMorgan, Wells Fargo, Citigroup and Ally Financial for their role in the foreclosure mess.
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