Countrywide Scandal Resurfaces – Obama Advisers Involved (WSI RELATED)

The collapse of Countrywide Mortgage ranks as a pivotal point in the nationwide housing collapse that swiftly turned into an all out and still ongoing recession for the United States.  A recent investigation into that collapse points directly to Democrats, including figures with direct ties to the Obama administration, deeply involved.

First, a refresher from a 2008 article on the subject:

Rules ‘bent’ to provide Obama advisers loans

Two Barack Obama advisers, Franklin Raines and James Johnson, received preferential home loans as industry favors, apparently in deference to their executive positions heading Fannie Mae. Raines and Johnson, as “friends of Angelo Mozilo,” the chief executive of Countrywide Financial Corp. ? the now bankrupt high-flying loan originator in the sub-prime mortgage debacle ? were funneled millions of dollars for personal home loans. Mozilo himself made exceptions from Countrywide policy to provide the two Fannie Mae CEO’s “sweetheart deals.” Obama’s outspoken criticism of Mozilo’s exceptionally high compensation is again under attack as hypocritical in view of the preferential loans to Raines and Johnson and the degree to which Countrywide’s failed sub-prime loans contributed to the…   LINK

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Now a more recent report on this same topic:

Report: Countrywide won influence with discounts

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.

“The Committee’s investigation found Countrywide lobbyists and CEO Angelo Mozilo used discounted loans as a tool to ingratiate itself with policymakers in an effort to benefit the company’s business interests,” said Rep. Darrell Issa, a California Republican who heads the committee. “This preferential treatment — that varied depending on the influence of the borrower — was not routinely offered to the public.”

Issa said that while Mozilo mocked Fannie Mae and top executives for its crony capitalism business model, he would nonetheless personally intercede to ensure executives had access to discounted Countrywide loans. “These relationships helped Mozilo increase his own company’s profits while dumping the risk of bad loans on taxpayers,” the report said.

…Among those who received loan discounts from Countrywide, the report said, were…Former Fannie Mae heads James Johnson, Daniel Mudd and Franklin Raines.   LINK

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Each of those three men listed – James Johnson, Daniel Mudd, and Franklin Raines, had direct and longstanding ties with the Democratic Party and/or Barack Obama himself.  Johnson has long been a Democratic Party advocate, and served on Obama’s Vice Presidential selection group.  He also acted as an Obama campaign bundler, raising nearly a half million dollars for the campaign.

Like Johnson, Daniel Mudd is a longtime supporter of the Democratic Party – though perhaps a more radicalized version.  During his tenure, Fannie Mae contributed well over $100,000 to Barack Obama’s political career – and much more to the Democratic Party.

And then there is Obama adviser and Democratic Party fixture Franklin Raines.  In addition to his work with the Obama campaign, Raines also served inside the Clinton White House as its budget director.  During the 2008 campaign, once Raines’ involvement with Obama became public, both indicated little to any communication was taking place between Raines and the Obama campaign – that in essence, there were “just some phone calls.”  Uh-huh.

Between these three men, they received hundreds of millions of dollars in compensation, and played among the most crucial roles in bringing about the economic collapse of 2008 – a collapse tied directly to the housing bubble that Countrywide helped manfucature due in great part to the influence of powerful figures within the Democratic Party.

Here are a couple of videos – the first being Daniel Mudd addressing the Congressional Black Caucus (with Obama attending just prior to receiving his $120,000-plus Countrywide payoff) and the second detailing how Democrats purposely ignored the wrong doings of institutions such as Countrywide, Fannie Mae and Freddie Mac that were directly responsible for the economic collapse of 2008:

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42 Comments to Countrywide Scandal Resurfaces – Obama Advisers Involved (WSI RELATED)
    • VTX
    • I would consider investing in a company that makes orange jumpsuits, if I thought that this country was serious about dealing with these suited shills for Socialism. Perhaps the idea of FEMA camps isn’t such a bad idea, after all: we may need them to deal with all the criminal co-conspirators of this administration (including the majority of the House and Senate prior to 2010.)

      Time for an accounting – and then consequences. Like the words on the wall of the palace: Mene Mene Tekel Upharsim
      Counted, Counted, Weighed and Divided

    • lizzy'sName
    • Great videos. I hope this report leads to prosecution of the Fannie Mae-Freddie Mac executives and Mazillo. Countrywide was greasing many palms,Dodd, Frank whoever could help their business. Many of the “Liar Loans” were nothing short of fraud. The GSE executives were sucking them up and guaranteeing them as fast as they could be written. The whole idea was that if Fannie was making lots of loans bhe exec, could get a fantastic compensation package. Another source on the GSEs and subprime mortgages is Gretchen Morgenstern’s
      Reckless Endangerment.

      • fb274
      • Congress is just like the ‘blue line’ of police. They protect their own. Nothing is being done for these offenders. But, like the title of Peter Schweizer’s book, “THROW THEM ALL OUT”.

    • AmericaTheBeautiful
    • The Dems have used Fannie and Freddie as their own personal piggy Bank …and have no doubt they are pigs…

      Franklin Raines was also involved with Obama in the CCX, the Chicago Climate Exchange for a cap and trade scam to tax us for the very air we breath…Franklin Raines 50 millions dollar bonus for cooking the books should have earned him a prison cell…

      Rahm Emmanuel same payoff with millions in Fannie Freddie board seat payoff…

      Daniel Mudd? Payoff the a long tme press person’s kid? Roger Mudd must have felt the tingle go up his corrupt leg ….
      The theft of the People’s Treasury by almost exclusively Dems through their CRA, ACORN, Fannie Freddie and FDIC draining scams must be stopped…Congressional investigations must lead to Criminal Investigations…And for that to happen–Eric Holder and Barack Obama must go…AND the Republicans had better grow a set…because we the people are coming…and will no longer tolerate the corruption of those who consider themselves above the law while they constrain the people with laws and regulations to enslave us….as they sit on their big fat collective bureaucratic asses…

    • bill o'rights
    • Great article UM,

      But, alas, my instincts are telling me that none of this will matter.

      I just don’t have a good feeling about things right now. It’s the eleventh hour and there’s been zero accountability to date. We need to recognize that the tactics we’ve been using to affect change and educate have not worked.

      We’re at an impasse.

      I am not RECOMMENDING violence I am simply predicting it, if the citizenry determines it has had enough. In all honesty, the citizenry has not yet had enough.

      I don’t know what will happen next, but the evidence suggests that Obama’s false flag approaches.

      I think Obama’s chances of reelection are almost solely dependent upon the MSM’s ability to spin, convolute and prevaricate. So far, I haven’t seen any meaningful gains on the conservative front.

      My wife has been sharing with me how she is surrounded by Obamabots at work and it has been discouraging to see that these people haven’t one damn clue what the hell is going on.

      We have become a society of indulgence, complacency and self-interest. Not enough of us seem to care that everything we have grown to love about life here in the U.S. is about to be destroyed. I think a comet hitting the Earth is an at analogy.

      The longer society waits, the uglier the battle. But wait, we will.

      And suffering?

      I don’t think any one of us can imagine how great the suffering will be.

    • CHHR, VA
    • I came across some interesting information today. The massie Carrol Trust identity theft and money laundering corruption scandal. Interestingly, almost all information up on the web has either been scrubbed, edited, and even pointing to links the no relevance to the subject.

      Anyone have any ideas?

    • CHHR, VA
    • wow, just read tht post. Sorry, here it is in simple English, not my tired fat finger version.

      I came across some interesting information today. The massive Carrol Trust identity theft and money laundering corruption scandal. Interestingly, almost all information up on the web has either been scrubbed, edited, and is pointing to links of no relevance to the subject.

      I did find this one video, but the sound disappears as the SkyNews story advances and as I attempted to recapture the ink, the screen went blank?

      Anyone have any ideas?

    • CHHR, VA
    • According to what I heard this morning, several high-level Congressional members were targets of influence peddling through the “Friends of Angelo” program.

      Conrad, McKeon, Dodd, Towns, Sessions, Gallegy, and Campbell have all come out in a House investigation (completed over a year ago). Interestingly, the 100 page report was turned over the the Ethics Committee and seemingly stalled. Nevertheless, the report highlights that several top level staffers have been a part of an effort to prevent meaningful reforms.

      Interestingly though, the Carroll Trust case points to the Dodd/Frank legislation as being a signature effort by the Obama Admin to put into place reforms that prevent these types of issues from happening again.

      I’ll ask now what I asked in 2010 – how can a piece of Legislation that is written by the very same con-conspirators actually affect the reforms needed? I just don’t see it and any narrative saying otherwise is nothing more than highly suspect noise to me.

    • Kay112
    • Off topic once again….

      @ Ulaterman, who is the man who calls himself Barack Obama?

      http://canadafreepress.com/index.php/article/47858

      Quoting Doug Hagmann

      “As a professional investigator since 1985, I have performed countless background investigations of individuals being considered for board positions at Fortune 500 companies. Like investigator Susan Daniels, I, too, have access to multiple proprietary databases and performed the same searches as she has, beginning in late 2008. I agree with Ms. Daniels in nearly all of her conclusions, and commend her for filing suit in the state of Ohio. While we might not arrive at all of the same deductions based on the information known, such differences are minor and inconsequential to the bigger picture. We both agree, however, on the most important conclusion of all: it is extremely unlikely that the social security number used by Barack Hussein Obama was legitimately issued.

      If I were to file a background report of investigation with a Fortune 500 or Fortune 100 client with the information developed about Barack Hussein Obama, I could only reach one conclusion with the highest degree of certainty: the man known as Barack Hussein Obama II would FAIL in all aspects relating to his true identity.

      For a Fortune 100 company, that is problematic. For America, that is terrifying.”

      • truthandjustice
      • Yes, I saw that at WND and at the end of their article, it said:

        Given the response of courts elsewhere, it is unlikely that Daniels will find satisfaction in Geauga County or from the Republican secretary of state.

        What Daniels has done, however, is establish a paper trail so indisputably legitimate that even the most squeamish of conservative media will have a hard time finding fault.

        The major media, of course, will not bother to look. It is up to our Beltway brethren to step up and ask some very basic questions of the president that they, through their timidity in 2008, helped elect. The Romney campaign cannot talk about this issue without their support.

        Unfortunately – I don’t expect their support…..

        • bill o'rights
        • Me neither.

          The news blackout is frighteningly ironclad. Taken alongside the scheduled FBI-triggered Internet blackout, a mere four days from now, I sincerely wonder how much time we have before the sh-t hits the fans.

    • lovelypeace
    • Forgive me if I missed if someone posted this already, but I think that we need to be aware that in Britain there’s a big scandal going on about Barclay’s manipulating interest rates.

      I don’t see how these two scandals aren’t connected. Matt Taibbi at Rolling Stone has been covering it, but I haven’t seen much in the major media. In fact, the piece I caught was him wondering where was the coverage in the American media. My British friends have been providing daily information about it.

      Also, Drudge had a piece where they were talking about how the Vatican was running a deficit.

      It’s like these tidbits are “drip, drip, dripping” out w/hopes that nobody will put the pieces together and demand more accountability here in the States.

      This is the pull-out from the weblog at generational dynamics that I think sums all of this up well.

      “Barclays is, of course, a British bank, but the Brits were doing nothing to investigate the interest-fixing crimes, probably because Barclays contributed money to those politicians. In fact, this investigate was driven by the Commodities Futures Trading Commission (CFTC) in Chicago, and later joined by the Department of Justice, and finally by the British Financial Services Authority.

      I don’t know whether the obvious conclusion is true or not, but if it is true, then the irony is enormous: The Americans led the investigation and prosecution of Barclays because Washington had no financial gain from protecting them. Britain was pulled, kicking and screaming, into the investigation, and now the British politicians are doing everything possible to cover their own asses.

      We can be fairly certain that the Brits will return the favor. The Brits will extend the investigation to Citigroup, JPMorgan Chase and Bank of America. So this is far from over.”

      (No wonder people find it easier to talk about Katie and Tom! Ugh!)

    • msbetz
    • A mortgage lender actually told me back in those days that “a dog with a note in his mouth” could get a loan to purchase RE.

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