Did Countrywide Home Loans pay off U.S. Senators?
When you're making what turned out to be reckless loans, it's good to have political cover.
Take the case of Countrywide Financial. The King of the Subprime apparently made sweetheart loans to high ranking U.S. senators when those very senators had oversight over Countrywide's dealings.
One extra wrinkle: They're Democrats and supporters of Barack Obama. He's the guy who's complained about "predatory lending" on the campaign trail.
In the case of North Dakota Sen. Kent Conrad, the senator personally solicited the low cost loan. Then Countrywide delivered.
Oh, by the way, Countrywide will benefit hugely from a proposed $300-billion mortgage industry bailout Democrats are floating in the name of staving off foreclosures.
The Wall Street Journal has been following the story. In the old days you could describe such dealings by a word beginning with B and ending with E and sandwiched around a RIB.
Your government at work.
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Housing market news is the focus of the (Un)Real Estate blog. It offers an inside look at the Florida housing market and real estate news, with a focus on Tampa Bay. Its goal? Simple: To help you keep a roof over your head without losing your shirt.
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