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Wednesday
Jul212010

BUSTED: Dozens More Fannie Mae Employees Got 'Sweetheart Mortgages' Via Countrywide's VIP Program

 

WASHINGTON — The former Countrywide Financial Corp. gave preferential loans to more than three dozen employees of Fannie Mae while the two giant housing enterprises were locked in an expanding, multi-billion dollar business relationship in subprime mortgages, documents show.

Discounted mortgages written by Countrywide, once the nation's largest subprime lender, were granted to a far wider group of Fannie employees than the four top executives executives whose preferential loans were previously disclosed, according to Countrywide documents provided to Congress under a subpoena.

Countrywide's VIP section, established to handle preferential mortgages for favored customers, serviced a variety of Fannie employees who handled Fannie's business of buying mortgages and selling mortgage-backed bonds. Recipients included an account manager, a lobbyist, underwriters, lawyers, a home loan manager, a sales executive and a credit risk manager.

The documents reveal that when Countrywide was depending on government-sponsored firms to finance billions of dollars worth of subprime loans that touched off the housing meltdown, it was giving employees at the largest of those companies – Fannie Mae – sweetheart deals on their own home loans.

Countrywide was acquired by Bank of America in mid-2008. The documents were turned over to the House Oversight and Government Reform Committee by Bank of America. The government seized control of Fannie Mae and its smaller government-sponsored competitor, Freddie Mac, in September 2008. So far, the takeover has cost taxpayers $145 billion and is likely to be the most expensive of all the financial bailouts.

Rep. Darrell Issa of California, the House committee's senior Republican, said Countrywide's preferential VIP mortgages for Fannie employees spiked in 1998, when Countrywide was negotiating volume discounts on the subprime mortgages it was selling, and again from 2001 to 2003, at the edge of a housing and mortgage boom.

In a letter to the Federal Housing Finance Agency – the government agency that regulates Fannie Mae and a smaller competitor, Freddie Mac – Issa said Countrywide's 153 loans to 37 Fannie employees were part of a attempt to vastly expand business with Fannie to the detriment of Freddie. Though government-chartered institutions, both Fannie and Freddie were owned by private stockholders.

"In 1999, Countrywide reached an exclusive agreement to sell Fannie Mae billions of dollars in mortgages at a discounted rate," Issa said in the letter.

Records compiled by a trade publication, Inside Mortgage Finance, show Fannie rapidly expanding its purchases of Countrywide mortgages and a decline in sales of them to Freddie.

 

 

 

 

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Reader Comments (47)

Europe freezes out Goldman Sachs

Shocked by past deals with Italy and Greece, governments are excluding the Wall Street bank from sovereign bond sales

http://www.guardian.co.uk/business/2010/jul/18/goldman-sachs-europe-sovereign-bond-sales

"French people would riot in the streets if we chose Goldman," said a person familiar with the French treasury.
Jul 22, 2010 at 6:37 PM | Unregistered CommenterZ
"We need a realistic candidate to run on the Republican ticket who can beat Barack Obama – not just beat the Democrats," Herman Cain, an Atlanta radio talk-show host, former CEO of Godfather's Pizza and 2004 Senate seeker, told WND. "We've also got to beat Barack Obama."

He added, "Obama is a master of rhetoric. He is a master of deceptive language. And any white candidate who runs against him will be up against the race card. I take the race card off the table."

Cain, a devout Christian, emphasized he is "prayerfully considering" a 2012 bid for the GOP nomination.

http://www.wnd.com/index.php?fa=PAGE.view&pageId=181961

This guy would drive you crazy DB (the God stuff) but he would be a great addition to politics.
Jul 22, 2010 at 6:47 PM | Unregistered CommenterZ
Jul 22, 2010 at 7:04 PM | Unregistered CommenterZ
Sarah Palin is at the top of her party

http://www.politico.com/news/stories/0710/40072.html

More than 13 months ago, I wrote a column that began: “Sarah Palin can be the Republican nominee in 2012. I am not saying she will be, but she can be. Those who underestimate her do so at their own risk.”

Don't worry DB, this article is Politico so it is the agenda is to encourage Palin to run but the article is not talking up Palin.

Politico goes on to say...Making fun of President Obama, Palin asked the crowd: “How’s that hope-y, change-y stuff working out for you?”

She believed what the crowd believed: It wasn’t working out very well.

Maybe she wrote those lines on her palm; I don’t know. But I don’t think the crowd cared, especially when Palin said: “This is about the people, and it’s bigger than any one king or queen of a tea party, and it’s a lot bigger than any charismatic guy with a teleprompter.”

I just want to see Palin debate Obama...

Sarah..."Hey, can I call you Barry?"

http://www.youtube.com/watch?v=nb_78CRHw9Q
Jul 22, 2010 at 7:14 PM | Unregistered CommenterZ
Very interesting...

Mel Gibson - Oksana / Michael Savage/ We support Mel Gibson - July 2010 "Oksana-Gate"

http://www.youtube.com/watch?v=RoBEdkZc5M0
Jul 22, 2010 at 7:49 PM | Unregistered CommenterZ
John Kerry, I'm Just a Gigolo...

http://www.youtube.com/watch?v=69RA-kJ1JYo

Sen. John Kerry, who has repeatedly voted to raise taxes while in Congress, dodged a whopping six-figure state tax bill on his new multimillion-dollar yacht by mooring her in Newport, R.I.

http://bostonherald.com/track/inside_track/view.bg?articleid=1269698
Jul 23, 2010 at 3:33 PM | Unregistered CommenterZ
Funny...Rudy leaves a message too...

http://www.youtube.com/watch?v=86-or9XrUl0
Jul 23, 2010 at 3:44 PM | Unregistered CommenterZ
Reagan on Economy - The good old days.

http://www.youtube.com/watch?v=RRUbwnkEPqc&feature=related
Jul 23, 2010 at 3:56 PM | Unregistered CommenterZ
Reagan on the Tea Party and Obama's America of the Future...

http://www.youtube.com/watch?v=yS4yf723kmY&feature=related
Jul 23, 2010 at 3:58 PM | Unregistered CommenterZ
John Kerry's avoiding a half million dollar tas on his $7 million dollar yacht, can HE be trusted???

http://www.youtube.com/watch?v=zISKoQegbxM

Hmmmm, old news but then again, who did you vote for?
Jul 23, 2010 at 11:35 PM | Unregistered CommenterZ
11 comments and they are all yours, no Ken, spam, the other "white meat". How about 30 more posts about Gibbs
Jul 23, 2010 at 11:44 PM | Unregistered CommenterS. Gompers
Thank you for your support. You make a great cheerleader, thanks.

http://www.youtube.com/watch?v=KuvRRPq-AtY
Jul 24, 2010 at 12:08 AM | Unregistered CommenterZ
Few of Ken's links are duds. ALL of Z's are, always.
Jul 24, 2010 at 3:31 AM | Unregistered CommenterRecoverylessRecovery
There is only one of us here that is a cheerleader Gobie, everyone else has grown beyond that.

Why do you think the Republicans lost control of Congress and the Presidency? Don't look on your talking points memo, the answer is not there.

They lost control because the minority "majority" (remember, the majority do not vote) of voters grew tired of lies, lack of fiscal responsibility, scandals, and a general disregard for following the will of their bosses (the American people).

The Dems will lose control soon for the same reasons, and then the process will repeat itself again as it has for the past 150 years. It never has anything to really do with with the candidates, they were bought and paid for years ago, and everyone knows the Republicans will vote Republican, the Democrats will vote Democrat, so the real decider of elections is the swing voters, since the non voting majority remains detached (and that is why the contributors finance both sides, because swing voters have been proven to be fickle, and difficult to control, while herdists are pleasantly simple to control) .

Swing voters vote mainly because they are tired of the same old shit listed above, and have not figured out there might actually be another way besides playing ping pong by merely changing parties in charge over, and over, and over again.

You know, the algae is always greener on the cesspool next to you, but as you climb over from the nasty one you were just in and muck it up real good, you realize it is just as brown and shitty smelling as the one you just left...


Since you do fixate on Chicago so much, this one is for you;

http://www.youtube.com/watch?v=-oK1hBq467E&feature=related


The majority could rule, if they would quit saying " ah, my vote don't matter", and watching dancing with the stars, etc..
Jul 24, 2010 at 8:52 AM | Unregistered CommenterS. Gompers
"Resentment kills a fool, and envy slays the simple." Bible (Job 5:2)
Jul 24, 2010 at 9:02 AM | Unregistered CommenterZ
look at all your posts Gobie, and then look in the mirror. There has never been one more filled with resentment as you. As for me, I accept the way things are, and truly understand the nature of man. You are a perfect example of the nature of man by the way.
Jul 24, 2010 at 9:10 AM | Unregistered CommenterS. Gompers
I feel pretty good about my comments, that is why I am the captain...

http://www.youtube.com/watch?v=mCC0OaU8ndA&feature=related
Jul 24, 2010 at 9:17 AM | Unregistered CommenterZ
Which of my comments did you like the most?
Jul 24, 2010 at 9:21 AM | Unregistered CommenterZ
Jul 24, 2010 at 9:22 AM | Unregistered CommenterZ
John Kerry the rock star was also brilliant.
Jul 24, 2010 at 9:24 AM | Unregistered CommenterZ
You certainly are Ernest T. Bass, seeking out rubber suit men, throwing little styrofoam rocks, and running from big styrofoam rocks. It must be real, after all, you seen it on youtube. Ernest always liked rocks...

I guess you don't like Elvis and Cartman?
Jul 24, 2010 at 9:27 AM | Unregistered CommenterS. Gompers
The John Kerry tax cut video was also spot on.
Jul 24, 2010 at 9:28 AM | Unregistered CommenterZ
Ernest with a little styrofoam rock;

http://www.youtube.com/watch?v=Z1eFdUSnaQM&feature=fvw

"This one was mine..."

Are you speaking to us from the grave Ernest? John Kerry is also bought, don't you see that?
Jul 24, 2010 at 9:32 AM | Unregistered CommenterS. Gompers
Hey, you are the one that voted for him.
Jul 24, 2010 at 9:58 AM | Unregistered CommenterZ
You might find this hard to believe Ernest, but once upon a time, I was 18 and impressionable, and still believed the myth. It did not take me long to see the reality of our situation ( the Republican gun bans), I have studied it for 25 years.

You on the other hand, still believe in unicorns.

http://www.youtube.com/watch?v=U1sRbecLxR8&feature=related
Jul 24, 2010 at 10:08 AM | Unregistered CommenterS. Gompers
Jul 24, 2010 at 10:15 AM | Unregistered CommenterZ
Hey Gomp...I am going to make your day...

http://www.youtube.com/watch?v=2S60N2W5xzk
Jul 24, 2010 at 10:20 AM | Unregistered CommenterZ
Obama don't wow me Ernest, just another cog in the wheel, you are always missing the boat on this. Your commercial is a year or to ahead of my time, though I remember my Grandparents still having black and white. Your good at this square pegs and round holes thing, you keep coming up on 0.
Jul 24, 2010 at 10:43 AM | Unregistered CommenterS. Gompers
If you played roullette and could consistently do that, you would be very rich.
Jul 24, 2010 at 10:44 AM | Unregistered CommenterS. Gompers
Okay Stacey...you are REALLY boring me...

http://www.youtube.com/watch?v=LeKNH57dTec
Jul 24, 2010 at 10:58 AM | Unregistered CommenterZ
Boring is your nature, honor your British masters well Gobie.
Jul 24, 2010 at 11:03 AM | Unregistered CommenterS. Gompers
Great clip...Sarah Palin on Obama and Tea Party...

http://www.youtube.com/watch?v=54XtPnPkc_Y

They don't care that he's half white or half black.
Jul 24, 2010 at 10:39 PM | Unregistered CommenterZ
"Resentment kills a fool, and envy slays the simple." Bible (Job 5:2)


"A blind man cannot guide a blind man, can he? Will they not both fall into a pit? A pupil is not above his teacher; but everyone, after he has been fully trained, will be like his teacher. And why do you look at the speck that is in you brother's eye but do not notice the log that is in your own eye? Of how can you say to your brother, 'Brother, let me take out the speck that is in your eye,' when you yourself do not see the log that is in your own eye? You hypocrite, first take the log out of your own eye, and then you will see clearly to take out the speck that is in your brother's eye. "
Jul 25, 2010 at 5:00 PM | Unregistered CommenterRecoverylessRecovery
You should stick to what you know.
Jul 25, 2010 at 5:48 PM | Unregistered CommenterZ
RLR,

For someone who considers the godless Alinsky and Nietchze to be superior, it is a kick in the pants to watch him struggle with the Bible. Those three books together in the same place, it is amazing that spontaneous combustion has not occurred...
Jul 25, 2010 at 6:44 PM | Unregistered CommenterS. Gompers
Hedge Fund Manager Locks Up Most Of The World's Cocoa Supply In Apparent Bid To Drive Up Prices
http://www.youtube.com/watch?v=FIAkcjMPVlQ&feature=player_embedded#!

Ellen mcilwaine/We The People
http://www.youtube.com/watch?v=5Z6Rc5r9y80&feature=related

Rising Tyranny - GRV Music
http://www.youtube.com/watch?v=XCeyEeNbMn4

WOW Music Video (Papa Roach "Tyranny of Normality")
http://www.youtube.com/watch?v=injUI7PykrE
Jul 25, 2010 at 8:38 PM | Unregistered CommenterKen
Gomp says...For someone who considers the godless Alinsky and Nietchze to be superior, it is a kick in the pants to watch him struggle with the Bible. Those three books together in the same place, it is amazing that spontaneous combustion has not occurred...

That is because you have never read Bertrand Russell's book, A History of Western Philosophy. When you have, let me know. Until then, I will forgive your ignorance and continue to pity you.
Jul 25, 2010 at 9:00 PM | Unregistered CommenterZ
20 years ago, Russell himself was somewhat dismayed at the reaction to this book, yet again, not a fan. One day you might hit on something that interests me, till then continue to throw styrofoam rocks Captain...
Jul 25, 2010 at 9:14 PM | Unregistered CommenterS. Gompers
Again, pity.
Jul 25, 2010 at 9:41 PM | Unregistered CommenterZ
Save your pity for yourself, the only reason you need it is to stroke your ego while stroking something else...

I am doing fine, there are many more that need it Gobie, but you would rather walk on their backs.
Jul 25, 2010 at 9:44 PM | Unregistered CommenterS. Gompers
Still pity.
Jul 25, 2010 at 10:19 PM | Unregistered CommenterZ
Pity from the shitty just ain't pretty.
Jul 26, 2010 at 3:21 AM | Unregistered CommenterRecoverylessRecovery
The Dems will lose control soon for the same reasons, and then the process will repeat itself again as it has for the past 150 years. It never has anything to really do with with the candidates, they were bought and paid for years ago, and everyone knows the Republicans will vote Republican, the Democrats will vote Democrat, so the real decider of elections is the swing voters, since the non voting majority remains detached (and that is why the contributors finance both sides, because swing voters have been proven to be fickle, and difficult to control, while herdists are pleasantly simple to control) .

----------------

Outstanding comment gomp...
Jul 26, 2010 at 9:15 AM | Registered CommenterDailyBail
It is amazing Steve, that the pure herd cheerleader among us cannot see that statement for the simple truth that it is. This is why there is nothing new under the sun... There are two herds full of that nonsense, hence you see the ease of control.

The problems are really very simple, it is the solutions that become complex.

RLR,

His idea of pity is running out of cheeto's before the porno has ended. Hence even his "pity" is about himself as he commands the starship Enterprise from one dangerous mission to the next...
Jul 26, 2010 at 5:09 PM | Unregistered CommenterS. Gompers
Wait, nope, still just pity.
Jul 26, 2010 at 7:39 PM | Unregistered CommenterZ
MOOOOOOO, out of cheeto's huh.
Jul 26, 2010 at 9:03 PM | Unregistered CommenterS. Gompers

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