January 25, 2009

25 PEOPLE AT THE HEART OF THE MELTDOWN: Including this one:

Christopher Dodd, chairman, Senate banking committee (Democrat)
Consistently resisted efforts to tighten regulation on the mortgage finance firms Fannie Mae and Freddie Mac. He pushed to broaden their role to dodgier mortgages in an effort to help home ownership for the poor. Received $165,000 in donations from Fannie and Freddie from 1989 to 2008, more than anyone else in Congress.

Plus, the sweetheart deal from Countrywide. Don’t forget that . . . . Oh, wait, here it is:

Angelo Mozilo, Countrywide Financial
Known as “the orange one” for his luminous tan, Mozilo was the chairman and chief executive of the biggest American sub-prime mortgage lender, which was saved from bankruptcy by Bank of America. BoA recently paid billions to settle investigations by various attorney generals for Countrywide’s mis-selling of risky loans to thousands who could not afford them. The company ran a “VIP programme” that provided loans on favourable terms to influential figures including Christopher Dodd, chairman of the Senate banking committee, the heads of the federal-backed mortgage lenders Fannie Mae and Freddie Mac, and former assistant secretary of state Richard Holbrooke.

Good thing none of these “Friends of Angelo” are in important positions now!

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