Democrats/Obama to blame for mortgage/financial economic crisis

[Navy1960]

Obama aide's Countrywide ties at issue - UPI.com

A Little info on the Countrywide connections for Obama.

Portfolio reports that Democratic Sens. Christopher Dodd of Connecticut and Kent Conrad of North Dakota, as well as a few other influential Washingtonians, were listed by Countrywide employees as FOAs, or "Friends of Angelo," a reference to Angelo Mozilo, Countrywide's CEO.

Dodd, who is chairman of the Senate Banking Committee, which is about to bring major housing legislation to the floor, refinanced two loans in 2003 for his homes in Connecticut and Washington, D.C. Portfolio calculated that lower rates and waived fees would save Dodd more than $75,000 over the life of the loans.

Senators Reportedly Got Favors from Countrywide : NPR

 

[jschuck12001]

The Clinton Administration's regulatory revisions [1] with an effective starting date of January 31, 1995 were credited with substantially increasing the number and aggregate amount of loans to small businesses and to low- and moderate-income borrowers for home loans. Part of the increase in home loans was due to increased efficiency and the genesis of lenders, like Countrywide, that do not mitigate loan risk with savings deposits as do traditional banks using the new subprime authorization. This is known as the secondary market for mortgage loans. The revisions allowed the securitization of CRA loans containing subprime mortgages. ***

The Community Reinvestment Act (or CRA, Pub.L. 95-128, title VIII, 91 Stat. 1147, 12 U.S.C. § 2901 et seq.) is a United States federal law that requires banks and thrifts to offer credit throughout their entire market area and prohibits them from targeting only wealthier neighborhoods with their services, a practice known as "redlining." The purpose of the CRA is to provide credit, including home ownership opportunities to underserved populations and commercial loans to small businesses.

Among some economists this is widely credited with the beginning of the subprime mortgage crisis ..

Representative Barney Frank(D-MA) claimed of the thrifts "These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis, the more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing**

So you want talk about a Countrywide connection? I can do that too. In fact the democrats have a big problem on this one. Did you know that Barack Obama has accepted more money from Fannie/Freddie in three years than all others did in 10 years other than Chris Dodd?

They all took money, read the link in my post below. Your buddy Mccain was indicted for being involved in a failed thift. He has taken just as much money but it was done in a round about way, they give names and dollar amounts in the article. Obama has never been indicted and rebuked by congress. Read up Pal!


http://www.nytimes.com/2008/09/10/us...=1&oref=slogin

 

[jreeves]

They all took money, read the link in my post below. Your buddy Mccain was indicted for being involved in a failed thift. He has taken just as much money but it was done in a round about way, they give names and dollar amounts in the article. Obama has never been indicted and rebuked by congress. Read up Pal!


http://www.nytimes.com/2008/09/10/us...=1&oref=slogin

So Mccain had lobbyists working for him while Obama had the Vice Chair of Fannie selecting his VP....

 

[jschuck12001]

So Mccain had lobbyist working for him while Obama had the Vice Chair of Fannie selecting his VP....

yep, they all had ties and they all received money except Mccain got it on the side. I dont know what to think of it except they all ignored the problem.



Both candidates’ vetters for their vice presidential picks have links to Fannie. The former chairman, James Johnson, initially led Mr. Obama’s search committee, but stepped aside after a controversy over favorable loan terms he received from another firm. Mr. McCain’s vetter, Arthur B. Culvahouse Jr., was a past Fannie lobbyist.

 

[Navy1960]

They all took money, read the link in my post below. Your buddy Mccain was indicted for being involved in a failed thift. He has taken just as much money but it was done in a round about way, they give names and dollar amounts in the article. Obama has never been indicted and rebuked by congress. Read up Pal!


http://www.nytimes.com/2008/09/10/us...=1&oref=slogin

The Affordable Housing Trust Fund would use a small percentage of the profits of Fannie Mae and Freddie Mac to create up to 14,000 new units of affordable housing every year in mixed-income neighborhoods. Approximately 75% of the funds would support households below 30% of the median income and the additional 25% of the fund would be used to assist low-income families in homeownership activities. Barack Obama Teterboro,N.J. 5/14/07


I already know about the Keating 5 scandal, tell , me what does that have to do with the Fannie/Freddie crisis?

The Keating Five were five United States Senators accused of corruption in 1989, igniting a major political scandal as part of the larger Savings and Loan crisis of the late 1980s and early 1990s. The five senators, Alan Cranston (D-CA), Dennis DeConcini (D-AZ), John Glenn (D-OH), John McCain (R-AZ), and Donald W. Riegle (D-MI), were accused of improperly aiding Charles H. Keating, Jr., chairman of the failed Lincoln Savings and Loan Association, which was the target of an investigation by the Federal Home Loan Bank Board (FHLBB).

After a lengthy investigation, the Senate Ethics Committee determined in 1991 that Alan Cranston D, Dennis DeConcini D, and Donald Riegle D had substantially and improperly interfered with the FHLBB in its investigation of Lincoln Savings. Senators John Glenn D and John McCain R were cleared of having acted improperly but were criticized for having exercised "poor judgment".
Keating Five - Wikipedia, the free encyclopedia

 

[jreeves]

So Mccain had lobbyist working for him while Obama had the Vice Chair of Fannie selecting his VP....

Obama is knee deep in this financial melt down...
Barack Obama/Campaign Financing - Congresspedia
"Obama received more donations from employees of investment banks and hedge funds than from any other sector, with Lehman Brothers, Goldman Sachs and JP Morgan Chase among his biggest sources of support.
"Individual donors included Ken Griffin, the multi-billionaire founder and chief executive of Chicago-based Citadel Investment Group, one of the world's biggest hedge fund companies," the UK's Financial Times reported July 17, 2007.[57]

"Obama's fundraising was more heavily dominated by financial professionals than other main candidate. He received $160,760 from employees of Lehman Brothers, just over $100,000 each from employees of Goldman Sachs and JP Morgan Chase and $61,125 from Citigroup employees," the Times reported.

 

[jschuck12001]

The Affordable Housing Trust Fund would use a small percentage of the profits of Fannie Mae and Freddie Mac to create up to 14,000 new units of affordable housing every year in mixed-income neighborhoods. Approximately 75% of the funds would support households below 30% of the median income and the additional 25% of the fund would be used to assist low-income families in homeownership activities. Barack Obama Teterboro,N.J. 5/14/07


I already know about the Keating 5 scandal, tell , me what does that have to do with the Fannie/Freddie crisis?

The Keating Five were five United States Senators accused of corruption in 1989, igniting a major political scandal as part of the larger Savings and Loan crisis of the late 1980s and early 1990s. The five senators, Alan Cranston (D-CA), Dennis DeConcini (D-AZ), John Glenn (D-OH), John McCain (R-AZ), and Donald W. Riegle (D-MI), were accused of improperly aiding Charles H. Keating, Jr., chairman of the failed Lincoln Savings and Loan Association, which was the target of an investigation by the Federal Home Loan Bank Board (FHLBB).

After a lengthy investigation, the Senate Ethics Committee determined in 1991 that Alan Cranston D, Dennis DeConcini D, and Donald Riegle D had substantially and improperly interfered with the FHLBB in its investigation of Lincoln Savings. Senators John Glenn D and John McCain R were cleared of having acted improperly but were criticized for having exercised "poor judgment".
Keating Five - Wikipedia, the free encyclopedia

It just happened to be in the article and if we are talking character here then you should look at your candidate that was rebuked and indicted by congress for a savings and loan scandal. My real point is that they both have strong ties to Fannie and Freddie and they both have taken money although Mccain takes his from individuals that work for these firms instead of directly from the company itself.

 

[jreeves]

It just happened to be in the article and if we are talking character here then you should look at your candidate that was rebuked and indicted by congress for a savings and loan scandal. My real point is that they both have strong ties to Fannie and Freddie and they both have taken money although Mccain takes his from individuals that work for these firms instead of directly from the company itself.

A Vice chair of Fannie doesn't equate to lobbyists who have hundreds of clients....

 

[oreo]

A Vice chair of Fannie doesn't equate to lobbyists who have hundreds of clients....

Joe Biden's son was a lobbyist in Washington D.C. "Be careful what you dig up, you may not like what you find."

It is a fact, that John McCain is not very friendly with lobbyists.

 

[jschuck12001]

Joe Biden's son was a lobbyist in Washington D.C. "Be careful what you dig up, you may not like what you find."

It is a fact, that John McCain is not very friendly with lobbyists.

Your right, EVERYONE including Mccain and Obama took money from Fannie and Freddie. Taking contributions doesnt bother me, it seems we look at these institutions as unethical because they are now having financial trouble and thats why everyone is jumping on the hate band wagon.

 

[Navy1960]

It just happened to be in the article and if we are talking character here then you should look at your candidate that was rebuked and indicted by congress for a savings and loan scandal. My real point is that they both have strong ties to Fannie and Freddie and they both have taken money although Mccain takes his from individuals that work for these firms instead of directly from the company itself.

I won't deny jschuck that anyone is a saint in all this, but thats the keyword here "ANYONE". I just think it's a little on the hypocritical side for Barack Obama to appear like he is somehow above all this. As, for Nancy Pelosi's hearing, what a joke that is, it's like I mentioned before, some of the same people who have their hands dirty in this i.e. Barney Frank will be the same people calling into question the ethics of Republicans. See what I mean.

 

[jschuck12001]

I won't deny jschuck that anyone is a saint in all this, but thats the keyword here "ANYONE". I just think it's a little on the hypocritical side for Barack Obama to appear like he is somehow above all this. As, for Nancy Pelosi's hearing, what a joke that is, it's like I mentioned before, some of the same people who have their hands dirty in this i.e. Barney Frank will be the same people calling into question the ethics of Republicans. See what I mean.

I agree, nobody should take credit for anything because nothing was done.