Obama and Countrywide

Discussion in 'Congress' started by jreeves, Jun 9, 2008.

  1. jreeves
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    jreeves Senior Member

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    :wtf:
    Bloomberg.com: U.S.
    Democratic presidential candidate Barack Obama called Countrywide Financial Corp., the biggest U.S. mortgage company, an example of what's wrong in today's economy and a political culture dominated by corporate lobbyists.
    Obama, campaigning in Pennsylvania, criticized Countrywide for its role in the subprime mortgage crisis and denounced the millions of dollars the company's top executives will receive even as workers lose pensions and homeowners are forced to sell.

    ``What's wrong with this picture?'' Obama asked a crowd today in Lancaster, Pennsylvania. ``These are the folks who are responsible for infecting the economy and helping to create a home foreclosure crisis -- 2 million people may end up losing their homes.''

    The Campaign Spot on National Review Online
    Jim Johnson, A Former CEO Of Fannie Mae Chosen To Lead Obama's Vice Presidential Search Committee, Received Special Loans From Countrywide Financial CEO Angelo Mozilo. "Countrywide Financial Corp. makes mortgage loans through a vast network of offices, brokers and call centers. But a few customers have gotten their loans a special way: through Countrywide Chief Executive Angelo Mozilo. These borrowers, known internally as 'friends of Angelo' or FoA, include two former CEOs of Fannie Mae, the biggest buyer of Countrywide's mortgages, say people familiar with the matter. One was James Johnson, a longtime Democratic Party power and an adviser to Sen. Barack Obama's campaign, who this past week was named to a panel that is vetting running-mate possibilities for the presumed nominee." (Glenn R. Simpson and James R. Hagerty, "Countrywide Friends Got Good Loans," The Wall Street Journal, 6/7/08)


    Is this really any change??
     
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  2. midcan5
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    midcan5 liberal / progressive

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    I missed your point.
     
  3. jreeves
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    jreeves Senior Member

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    Let me simplify for you...
    called Countrywide Financial Corp., ``These are the folks who are responsible for infecting the economy and helping to create a home foreclosure crisis -- 2 million people may end up losing their homes.''


    Then has an advisor who....
    Jim Johnson, A Former CEO Of Fannie Mae Chosen To Lead Obama's Vice Presidential Search Committee, Received Special Loans From Countrywide Financial CEO Angelo Mozilo.
     
  4. Nate Peele
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    Nate Peele Member

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    Good point, that's why I would never get a mortgage from Countrywide. UBS is the way to go. Not only is John McCain's economic adviser Phil Gramm and his wife both on the board of directors, but it was Phil Gramm who created the mortage bill that as he declared, would ensure that neither the [SEC] nor the Commodity Futures Trading Commission [CFTC] got into the business of regulating newfangled financial products called swaps--and would thus "protect financial institutions from overregulation" and "position our financial services industries to be world leaders into the new century." This of course helped Swiss firm UBS to buy Paine Webber. I feel very confident having somebody with this kind of knowledge in the mortgage industry helping McCain to steer us out of the mortgage crisis.
     
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  5. Toro
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    Toro Diamond Member

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    Ya know, if I were McCain, I wouldn't be bringing up bad stuff about past dealings in the financial services industry given his history.

    Which is why he won't.

    Smartly.
     
  6. jreeves
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    jreeves Senior Member

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    Now lets see MCcain's quote blasting UBS as Obama did with Countrywide....

    That's hypocrisy not change....
     
  7. jreeves
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    jreeves Senior Member

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    Ummm....he did, did you watch the news yesterday?
     
  8. jreeves
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    jreeves Senior Member

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    Speaking of hypocrisy....

    [ame=http://www.youtube.com/watch?v=PIJQUgH11M0]YouTube - Obama's Axelrod: Penn's Countrywide Ties Are Hypocritical[/ame]

    <object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/PIJQUgH11M0&hl=en"></param><embed src="http://www.youtube.com/v/PIJQUgH11M0&hl=en" type="application/x-shockwave-flash" width="425" height="344"></embed></object>
     
  9. jreeves
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    jreeves Senior Member

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    More hypocrisy......

    “I am in this race to tell the corporate lobbyists
    that their days of setting the agenda in
    Washington are over. I have done more than any
    other candidate in this race to take on lobbyists
    – and won. They have not funded my campaign,
    they will not get a job in my White House,
    and they will not drown out the voices of the
    American people when I am president.”
    -- Barack Obama, Speech in Des Moines, IA, November 10, 2007


    Really....that sounds real refreshing.....

    Query the Lobbying Disclosure Act Database

    Lobbyist Name: Eric Holder


    This another Obama advisor who is helping him set up what his adminstration would look like. But :omg: didn't he say.......

    I am in this race to tell the corporate lobbyists
    that their days of setting the agenda in
    Washington are over. I have done more than any
    other candidate in this race to take on lobbyists
    – and won. They have not funded my campaign,
    they will not get a job in my White House,
    and they will not drown out the voices of the
    American people when I am president.”
     
  10. jreeves
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    jreeves Senior Member

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    Oh wait but there is more......

    [ame=http://www.youtube.com/watch?v=nSAQkFwE_5E&feature=related]YouTube - Obama: I Would Have Canned Mark Penn[/ame]
     

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