Ex-Countrywide Execs Scarf Up Bad Loans

The American Way!

It takes money to make money. If you have money you can buy realestate, stocks, etc. at very low prices right now. Ha, I wish I had some money on the side right now. There is some realestate around me that people from Chicago (the other side of the lake) bought for second homes that they now cannot afford. There are some real bargins out there.

Hey, look at China and Japan. They are in here buying up the bargins. How much do we owe these countries now?

Hang em' High - Lynching is the American way for the people to get revenge!

what a great scam!

Typical of Rtards, defending and idolizing scumbags like these.

Axe thinks "Countrywide" is a band that designed his home.

apparently, i left my sarcasm meter off.

i thought countrywide was the definition of his wife's hiney!

Yep Obama and the democrats have made sure there will be plenty of bad loans out there.

The left is destroying this country at record pace!

Typical of Rtards, defending and idolizing scumbags like these.

#5 | Posted by axe

That's exactly who is running the country today. Theives!!!! They don't even hide it. The thieves at the white house are BBQ-ing $100/lb beef while you chew on your shoe leather. You got just exactly what you voted for.

Countrywide was about as unethical as any mortgage company could be. When I was buying my place they offered me a mortgage and couldn't believe I would just walk away....they were, of course, trying to force me to accept a variable rate interest mortgage, even told me I wouldn't be able to get anything else. They were liars, the first place I applied I had a mortgage no problem...fixed rate too. These guys should be doing their business from jail cells.

well so the hell what??
whats the problem
at least chriss dodd got his sweetheart deal from them all the while he was on the committe that was supposed to be regulating them....

at least he paid his taxes...OR DID HE????? with the obama culture of corruption, you just never know.

Yep Obama and the democrats have made sure there will be plenty of bad loans out there. - Posted by BuzKiller

Yeah, I can't believe that the economy was doing so great until that scumbag Obama took over. We need another 8 years of Bush....OK, maybe not.

Countrywide was about as unethical as any mortgage company could be. When I was buying my place they offered me a mortgage and couldn't believe I would just walk away....they were, of course, trying to force me to accept a variable rate interest mortgage, even told me I wouldn't be able to get anything else. They were liars, the first place I applied I had a mortgage no problem...fixed rate too. These guys should be doing their business from jail cells.

Either that, or given shit tons of money with zero oversight or expectation of getting it back.

See Danni, these are the guys we could have let fail because they deserve to fail. You insisted that they cannot for one reason or another. Now they are using our money to consolidate power as a solution to a problem that they have created.

Let them fail and those assets would have been bought for pennies on the dollar like they should be, without being subsidized...and that is the free market working.

well actually the community investment bullshit was around a good while before bush..but it was during bush that dems COCKED the gun that was held to their heads to make those loans whether the people could pay them or not.

and of course it was all okay with barney and maxine and dodd...they were all getting deals and had homeboys making millions off it....

Enjoy BL2...

query.nytimes.com

September 30, 1999
Fannie Mae Eases Credit To Aid Mortgage Lending

Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans.

''Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements,'' said Franklin D. Raines, Fannie Mae's chairman and chief executive officer. ''Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.''

Demographic information on these borrowers is sketchy. But at least one study indicates that 18 percent of the loans in the subprime market went to black borrowers, compared to 5 per cent of loans in the conventional loan market.

but it was during bush that dems COCKED the gun that was held to their heads

LOL yea those horrible years for aka with a Rethug white house, senate & congress..

Yeah, I can't believe that the economy was doing so great until that scumbag Obama took over. We need another 8 years of Bush....OK, maybe not.

#12 | Posted by rjgonzalez

How much has the stock market dropped since the election? Over 35% in just 3 months.

good article iraqi....

it also should be noted that along this time franklin rains had put 96 million dollars into his bank account over the period of 6 years I believe it was

or was he the architect of the fredddie MAC bust?

Read how Chimpy started the housing market disaster and took the Dow from 14000 to 8000.

We can put light where there's darkness, and hope where there's despondency in this country. And part of it is working together as a nation to encourage folks to own their own home." President Bush, Oct. 15, 2002
But for much of Mr. Bush's tenure, government statistics show, incomes for most families remained relatively stagnant while housing prices skyrocketed. That put homeownership increasingly out of reach for first-time buyers like Mr. West.

So Mr. Bush had to, in his words, "use the mighty muscle of the federal government" to meet his goal. He proposed affordable housing tax incentives. He insisted that Fannie Mae and Freddie Mac meet ambitious new goals for low-income lending.

Concerned that down payments were a barrier, Mr. Bush persuaded Congress to spend up to $200 million a year to help first-time buyers with down payments and closing costs.
The president also leaned on mortgage brokers and lenders to devise their own innovations. "Corporate America," he said, "has a responsibility to work to make America a compassionate place."

And corporate America, eyeing a lucrative market, delivered in ways Mr. Bush might not have expected, with a proliferation of too-good-to-be-true teaser rates and interest-only loans that were sold to investors in a loosely regulated environment.

www.nytimes.com

How much has the stock market dropped since the election? Over 35% in just 3 months. - Posted by Sniper

Exactly as I stated; the economy was doing so great. It's amazing that Obama has been able to ruin it in just over a month since he took over.

Disaster capitalism at its finest. This is the new republican mantra. Since the repubs no longer have power they would rather destroy our country and piecemeal it out one sector at a time.

Does anyone remember what separated the US from many parts of the world?

Private Home Ownership.

Guess what is happening now?

Private Institutions now own the homes. We are becoming Serfs.

Privatization is another republican failure that is destroying states of this fine union.

pro

you cant be serious with this post?
you have to be sarcastic or something.....

afk, you are correct. I have never heard the US as being defined that way before. It's a new on on me. pro is trying to jerk us around.

It's a new on on me

#23 | Posted by Sniper at 2009-03-04 02:49 PM

I'm pretty sure there is quite a bit that is new for you.

American Dream redux.

Hey, they're just finding their cheese. At least they aren't just sitting back wringing their hands.

While you build it, go long.

While you wreck it, go short.

These guys should be doing their business from jail cells.

#10 | Posted by danni

Hey danni these are the same types of loans that will go into the TALF accounts, which you PRAISED earlier today. The gov will sell them to any and all comers. You really have NO CLUE WHATSOEVER about anything do you???

Well, the scam is OBAMAs problem.

I have yet to see one financer/banker/broker/estate person brought to justice.

It always comes out in the end, and the scam is starting to show the simple LAND STEAL.

Obama is giving money away like its not his money and doesn't even know who he is giving it too. Now that is the real scam.

Moneywar, that's the big issue with the talf, and why it's taking so long to commence. Pay too little and all the banks go down. Pay too much, and speculators make big money. That's very PC incorrect lately. Making profits is anti obama, unless of course your the gov. Then you can spend much more then you bring in and then everythings AOK.

Real news of the day regarding countrywide, was that franklin raines did get a cushy deal from them.

Ex-Fannie Chief Received Lower Mortgage Rate, Panel Says

www.washingtonpost.com

But instead of worrying about a dem's crimes of malfeasance....the media attacks looking for corporate villians

Why have we not heard of any of these greedy, corrupt executives going to jail? Oh, I forgot, they have the politicians in their back pockets, thus they get to take our money to put after their bad decisions with no accountability to We,the People. Unfortunately, all this corruption has come out and the government is aiding an abretting it. But then what do you expect from a bunch of liberals that think we are all too stupid to tie our own shows, let alone make an important decision. Of course the fact that most of these idiots keep getting reelected pretty much proves the previous point.

we havent had we

remember all the people who went to jail after the S and L scandal

you dont suppose that many of them being republicans had anything to do with that..DO YOU?????

and in the interest of fairness lets look at the TCF financial group

they GAVE THE BAIL OUT MONEY BACK

and why
they DIDNT ISSUE SUBPRIME loans

thier main people get most of the big bucks from REAL commissions...thus when they recieved some big money it was only after the COMPANY had recieved some big money

the ceo was on fox and freinds this morning and he should be saluted and talked about a whole lot more in these times...

AND THERE IS ROBERT RUBIN who went to citigroup and then left
WITH THOUSANDS AND THOUSANDS OF DOLLARS

where did he go???

to obama's economic council of course.
to sit next to jeff immulman who is busy RUNNING GE INTO THE GROUND....