Report: Countrywide won influence with discounted loans to members of Congress, government officials

Jul 4, 2012 Full story: Dallas Morning News 13

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.

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Robert

Hollywood, FL

#1 Jul 5, 2012
We are doomed to re live if not this something similar. Who went to jail , nobody.

Basically we had congressmen taking bribes and bankers working their way around the laws. If am sure if I do something to break the law and find all kinds of ways to seek loopholes around the law the law will find some way to arrest me anyway. That is what needed to happen. These guys were stealing the same as if they had their dirty hands in your pockets.

What has the government done, nothing!!!!!!!!

We passed laws after the great depression to separate the big banks from risky investing and to keep them smaller so they could fail.

So what did our politicians do, they passed loopholes to allow the banks to get bigger, the government itself created fannie and fredie and enabled even more protection at the expense of the tax payer to expand the risk.

Republician in congress passed legislation to allow the banks to deregulate and the Democratic president Bill Clinton signed it.

Then surprise surprise, the banks are too big to fail we have to bail them out.

And nobody has done anything to stop it from happening again. Obama had his chance, he had a lot of political capital when he took office and he spent it all on a health care bill the majority don't want.

We need to throw the bums out and pass legislation to take their benefits away.

Since: May 11

Location hidden

#2 Jul 5, 2012
Robert wrote:
We are doomed to re live if not this something similar. Who went to jail , nobody.
Basically we had congressmen taking bribes and bankers working their way around the laws. If am sure if I do something to break the law and find all kinds of ways to seek loopholes around the law the law will find some way to arrest me anyway. That is what needed to happen. These guys were stealing the same as if they had their dirty hands in your pockets.
What has the government done, nothing!!!!!!!!
We passed laws after the great depression to separate the big banks from risky investing and to keep them smaller so they could fail.
So what did our politicians do, they passed loopholes to allow the banks to get bigger, the government itself created fannie and fredie and enabled even more protection at the expense of the tax payer to expand the risk.
Republician in congress passed legislation to allow the banks to deregulate and the Democratic president Bill Clinton signed it.
Then surprise surprise, the banks are too big to fail we have to bail them out.
And nobody has done anything to stop it from happening again. Obama had his chance, he had a lot of political capital when he took office and he spent it all on a health care bill the majority don't want.
We need to throw the bums out and pass legislation to take their benefits away.
Robert - you left out the juiciest parts of this issue - those which involved the Republicans. You need to improve your reading list and include things that reveal the entire story of the mortgage collapse.

Why hasn't anyone done anything to stop it? It's a fact that Bush knew it was going on. He was told to his face what Wall Street was doing with worthless bundled loans, but he did nothing. He was told it could cause a financial disaster. Seems he could have stopped it before it started.

When you're making money hand over fist, you're not going to stop the goose that lays your golden eggs. And we're doomed to repeat it because everyone circles the wagons around corporate entities and want to protec them above everything else. They know they can get away with anything and we are powerless to stop them. And just think...our retirements are in their hands.
June 35th 2012

Fishers, IN

#3 Jul 5, 2012
wHouse report!;) discounting 90% www.homedepot.com/grouponping ;-00
Robert

Hollywood, FL

#4 Jul 5, 2012
PayThat CEO wrote:
<quoted text>
Robert - you left out the juiciest parts of this issue - those which involved the Republicans. You need to improve your reading list and include things that reveal the entire story of the mortgage collapse.
Why hasn't anyone done anything to stop it? It's a fact that Bush knew it was going on. He was told to his face what Wall Street was doing with worthless bundled loans, but he did nothing. He was told it could cause a financial disaster. Seems he could have stopped it before it started.
When you're making money hand over fist, you're not going to stop the goose that lays your golden eggs. And we're doomed to repeat it because everyone circles the wagons around corporate entities and want to protec them above everything else. They know they can get away with anything and we are powerless to stop them. And just think...our retirements are in their hands.
You need to pay more attention when you read and you won't make those mistakes. I allow no quarter on this, the banks were deregulated by a bill written by the republicans. A democratic president (Clinton) signed that bill into law.

Prior to that a Democratic congress passed legislation to alter the mission of the federal mortgage programs to allow more people to get mortgages regardless of their credit rating this in order to help the less fortunate get a home, this was signed by a Republican president (Bush 1). Then a Democratic president (Clinton)dramatically increased the mortgages made under the CRA.

By the time Bush 2 got there the stage was set, the Bush 2 administration should have caught onto an done something about the shift into Mortgage Backed Securities issued by unregulated private-label companies operated typically by investment banks but he did not or would not do anything about it. To his credit he did notice the problem with fannie and freddie and the increased number of sub prime loans they held. Bush 2 called for action from the congress this was when Democrat Barney Franks told us everything was ok and they did not need to do anything.

Why do I mention all this and why do I jump on Obama about it?

If anyone blames the mortgage meltdown on the last 8 years, or on Bush or on Clinton, or just the republicans or just the democrats then the one thing you know for certain is that they have no clue what they are talking about.

I can't do anything about the congress of past years or, bush 1 , bush 2, or Clinton. I can do something about Obama. We need Glass Stegall back, we need these banks broken up into components which can fail if they do something risky, we need a plan to get the government out of the mortgage business. I would rather have a job than government healthcare. If I have a job I can buy healthcare, Obama spent his political capital on the wrong thing. He had his chance he needs to go as do almost everyone of these incumbent congressmen in the next election.

If they have an i by their name then they are to blame.
big woo

Las Cruces, NM

#5 Jul 5, 2012
with thr charlie rangel continuous whitewash of all his shady real estate dealings, offshore cash hidden and tax cheating scandals. Even with an admonishment from congress he still is in government. I would think the 'he can do it and get away with it, then so can I' feelings among his fellow congressmen could drive the DC graft engine.
.
what else can we expect from our nations political leaders, it's all about the money.

Since: Feb 07

Whitman,Ma

#6 Jul 5, 2012
Tking payoffs should be a capital offense. It is time to make these scoundrels pay. Where is the Erik Withholder on this? He should be prosecuting these people. This has been known for months. This is nothing new.

“i hope we can change this!”

Since: Aug 08

usa

#7 Jul 5, 2012
Robert wrote:
<quoted text>
You need to pay more attention when you read and you won't make those mistakes. I allow no quarter on this, the banks were deregulated by a bill written by the republicans. A democratic president (Clinton) signed that bill into law.
Prior to that a Democratic congress passed legislation to alter the mission of the federal mortgage programs to allow more people to get mortgages regardless of their credit rating this in order to help the less fortunate get a home, this was signed by a Republican president (Bush 1). Then a Democratic president (Clinton)dramatically increased the mortgages made under the CRA.
By the time Bush 2 got there the stage was set, the Bush 2 administration should have caught onto an done something about the shift into Mortgage Backed Securities issued by unregulated private-label companies operated typically by investment banks but he did not or would not do anything about it. To his credit he did notice the problem with fannie and freddie and the increased number of sub prime loans they held. Bush 2 called for action from the congress this was when Democrat Barney Franks told us everything was ok and they did not need to do anything.
Why do I mention all this and why do I jump on Obama about it?
If anyone blames the mortgage meltdown on the last 8 years, or on Bush or on Clinton, or just the republicans or just the democrats then the one thing you know for certain is that they have no clue what they are talking about.
I can't do anything about the congress of past years or, bush 1 , bush 2, or Clinton. I can do something about Obama. We need Glass Stegall back, we need these banks broken up into components which can fail if they do something risky, we need a plan to get the government out of the mortgage business. I would rather have a job than government healthcare. If I have a job I can buy healthcare, Obama spent his political capital on the wrong thing. He had his chance he needs to go as do almost everyone of these incumbent congressmen in the next election.
If they have an i by their name then they are to blame.
could very well be the most intelligent things ever posted on this subject...
hopefully everyone will read it, understand it and take the first step towards FIXING the problems instead of constantly laying blame for them...

although, i doubt they will...

thanks anyhow, robert

Since: May 11

Location hidden

#8 Jul 5, 2012
Robert wrote:
<quoted text>
You need to pay more attention when you read and you won't make those mistakes. I allow no quarter on this, the banks were deregulated by a bill written by the republicans. A democratic president (Clinton) signed that bill into law.
Prior to that a Democratic congress passed legislation to alter the mission of the federal mortgage programs to allow more people to get mortgages regardless of their credit rating this in order to help the less fortunate get a home, this was signed by a Republican president (Bush 1). Then a Democratic president (Clinton)dramatically increased the mortgages made under the CRA.
By the time Bush 2 got there the stage was set, the Bush 2 administration should have caught onto an done something about the shift into Mortgage Backed Securities issued by unregulated private-label companies operated typically by investment banks but he did not or would not do anything about it. To his credit he did notice the problem with fannie and freddie and the increased number of sub prime loans they held. Bush 2 called for action from the congress this was when Democrat Barney Franks told us everything was ok and they did not need to do anything.
Why do I mention all this and why do I jump on Obama about it?
If anyone blames the mortgage meltdown on the last 8 years, or on Bush or on Clinton, or just the republicans or just the democrats then the one thing you know for certain is that they have no clue what they are talking about.
I can't do anything about the congress of past years or, bush 1 , bush 2, or Clinton. I can do something about Obama. We need Glass Stegall back, we need these banks broken up into components which can fail if they do something risky, we need a plan to get the government out of the mortgage business. I would rather have a job than government healthcare. If I have a job I can buy healthcare, Obama spent his political capital on the wrong thing. He had his chance he needs to go as do almost everyone of these incumbent congressmen in the next election.
If they have an i by their name then they are to blame.
We need a plan to get government out of business, period. And that means no SuperPacs, no corporate lobbying, no bailouts, and especially no military contracts. Our government should be completely removed from all business aspects of this country. Let the market do its thing and let government do its thing, but the two should not cohabitate.

However, that will never happen. Business now runs our government, and I find that just as disturbing as if it were the other way around.
Doc

Indianapolis, IN

#9 Jul 5, 2012
If i slip you a half pint of whiskey on election day and tell you to vote for my guy I can be arrested. However, if I buy you a house any other time its ok. Lets see, corporations are not citizens but they can buy votes MMMMMM.

You mean to tell me that companies can buy votes and influence the powers to be of the USA.

Since: May 11

Location hidden

#10 Jul 6, 2012
carey529 wrote:
<quoted text>
could very well be the most intelligent things ever posted on this subject...
hopefully everyone will read it, understand it and take the first step towards FIXING the problems instead of constantly laying blame for them...
although, i doubt they will...
thanks anyhow, robert
How would you propose we fix it? Let me guess. Vote everyone out and vote in an entire Congress of Republicans.

As if one group in Congress is any less corrupt than the other.
The Opinionator

Miami, FL

#11 Jul 6, 2012
Robert wrote:
<quoted text>
You need to pay more attention when you read and you won't make those mistakes. I allow no quarter on this, the banks were deregulated by a bill written by the republicans. A democratic president (Clinton) signed that bill into law.
Prior to that a Democratic congress passed legislation to alter the mission of the federal mortgage programs to allow more people to get mortgages regardless of their credit rating this in order to help the less fortunate get a home, this was signed by a Republican president (Bush 1). Then a Democratic president (Clinton)dramatically increased the mortgages made under the CRA.
By the time Bush 2 got there the stage was set, the Bush 2 administration should have caught onto an done something about the shift into Mortgage Backed Securities issued by unregulated private-label companies operated typically by investment banks but he did not or would not do anything about it. To his credit he did notice the problem with fannie and freddie and the increased number of sub prime loans they held. Bush 2 called for action from the congress this was when Democrat Barney Franks told us everything was ok and they did not need to do anything.
Why do I mention all this and why do I jump on Obama about it?
If anyone blames the mortgage meltdown on the last 8 years, or on Bush or on Clinton, or just the republicans or just the democrats then the one thing you know for certain is that they have no clue what they are talking about.
I can't do anything about the congress of past years or, bush 1 , bush 2, or Clinton. I can do something about Obama. We need Glass Stegall back, we need these banks broken up into components which can fail if they do something risky, we need a plan to get the government out of the mortgage business. I would rather have a job than government healthcare. If I have a job I can buy healthcare, Obama spent his political capital on the wrong thing. He had his chance he needs to go as do almost everyone of these incumbent congressmen in the next election.
If they have an i by their name then they are to blame.
Excellent post. It started with Clinton and went downhill from there. The public determined that home ownership had become a right, and the public demanded their leaders do something about it. These leaders, all too happy to buy votes, gladly responded. Future economic collapse be damned.

Job creation should have been Obama's primary focus, not health care control. If you have a job, you likely either get health care or can afford to buy it. With no job, you got jack chit. Obama was dealt a total mess but he hasn't instilled much faith that he's the one to lead the nation out of this mess neither.
The Opinionator

Miami, FL

#12 Jul 6, 2012
PayThat CEO wrote:
<quoted text>
We need a plan to get government out of business, period. And that means no SuperPacs, no corporate lobbying, no bailouts, and especially no military contracts. Our government should be completely removed from all business aspects of this country. Let the market do its thing and let government do its thing, but the two should not cohabitate.
However, that will never happen. Business now runs our government, and I find that just as disturbing as if it were the other way around.
Actually another great post. I agree completely.
Government for Sale

Aledo, IL

#13 Jul 6, 2012
Once again we have seen The Best Damn Government Money can Buy in Action!! Too Bad We The People can't Afford it

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