Today "Hear no evil, See no evil, Speak no evil" is commonly used to describe someone who doesn't want to be involved in a situation... or is committed to keep tight secrecy to a situation.
I'll call playing politics!
Have you heard about the Countrywide V.I.P. program? The Hipocisy of all... Sweet Deals?
In the light of latest subprime mortgage crises, where million of people are loosing their home across the country, the news about how Countrywide is doing business with Washington insiders and their discriminating VIP Program comes as a wakeup call. In fact it is business as usual nothing new or unexpected ...
Countrywide VIP program (a little-known program) that waives points, lender fees, and company borrowing rules for prominent people. (???)
Who are those participants in the VIP program? ... "preeminent people"? Include former Secretary of Housing and Urban Development Alphonso Jackson, former Secretary of Health and Human Services Donna Shalala, and former U.N. ambassador and assistant Secretary of State Richard Holbrooke.
Campaign finance reports, lobbying records and other evidence show that Countrywide it's been involved in the Washington-insider games for many years. Countrywide employed an army of lobbyists to represent its interests in Congress and elsewhere in the government at a cost of nearly $4 million over the last three years.
Interesting to read >>> Countrywide's 'VIP' loans to Washington insiders raise questions
From the Press >>> Countrywide's Many 'Friends' "The CEO of Countrywide - James Johnson, who had been advising presidential candidate Barack Obama on the selection of a running mate, resigned from the Obama campaign Wednesday after the Wall Street Journal reported that he received Countrywide loans at below-market rates."
It is hard for regular folks, who are unable to pay their mortgages because of many reasons including: loss of jobs, price of gasoline, inflation all across economy down spiral, to be sitting on the site watching how Countrywide ( the nations largest independent mortgage lender offering home loans) give special treatment based on political game...
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U P D A T E
Thanks to a little-noticed loophole in congressional disclosure requirements, members of Congress simply don't have to reveal anything about their homes or other personal residences, as long as the properties don't produce rental income.
They don't have to disclose loan amounts. They don't have to disclose loan rates. And they don't have to disclose mortgage lenders. READ MORE >>> Congress keeps mortgages off books
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VIP loan outrage READ MORE >>> CNNMoney.com
"At a time when millions of Americans are struggling to repay their mortgage debts while coping with $4 per gallon gasoline and soaring foods prices, they will be outraged to learn that some members of Congress may have personally profited from their official positions through secret sweetheart deals on their mortgages," said the letter, signed by House leaders.
They called the revelations "extremely troubling" in light of upcoming votes on the housing package.
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ridiculous isn't it? Who ends up paying for it? The regular borrowers who least can afford it!
Arina, I wasn't aware of the V.I.P program. Special treatment seems like it would violate Fair Housing Laws but I am not an expert on this. I agree with you about the hypocrisy here.
It makes you mad, but I guess there is truth to "who you know". The sad part is that most of the people that are mentioned in the article are affluent and don't "need" the help. It would be nice if the regular folks were cut a break once in awhile!
Arina- Since we are talking politics let's get the record clear; there were a lot more than just those you named in this post, and ALL of them were Democrats except for Jackson.
An then we wonder why Countrywide is going under! It's unreal.
Chris, It is indeed... I broke my nails typing it... I was that animated and upset!!! Thanks for the comment.
Gary, HOW ABOUT THAT? I do suspect that some are just above the law. And if you think about it! who is talking about responsibilities, fulfilling your obligation to pay a mortgage (that so many are simply unable to do it)???... Is Countrywide offering incentives to help the ordinary people? Of-course NOT! that is only for VIP members (who BDW are not in financial stress or unable to pay for their homes)
The V.I.P. loans to public officials in a position to advance Countrywide's interests raise legal and ethical questions.
It's amazing the people who need it the least, get the best deals - it's not what you know, but who you know
Nestor & Katerina
Good question! but again as we learn from the three monkeys Mizaru, Kikazaru,Iwazaru,we are not supposed to know the entire list of Countrywide VIP members. I suspect is a long list... But who is telling us?
Arina. I know you had read my post I'll Probably Be a Realtor Until I'm 100 Years Old Well, what can I say. Washington has been turning a blind eye to the mortgage fraud that turned the real estate market upside down, they allowed and participated, while also ignoring an economy that's been changing rapidly since 9/11.
- UPDATE -
Countrywide Financial announced Tuesday that it will restructure or refinance $16 billion in adjustable-rate mortgages that have recently reset to higher rates or will reset by the end of next year, stretching some homeowners to the breaking point... USA TODAY
I caught that story on my Google Alerts today and just had to laugh about how ridiculous this is when they are under investigation and are just digging themselves a deeper hole now for favortisim and equal opportunity. Guess the "Skulls" isn't the only group that plays favorites, I betcha Countrywide big wigs are in the skulls :D
Arina
Great post to bring this to our attention. I noticed in the news today that Chris Dodd a highly visible Democrat from Connecticut receive these loans from Countrywide. Its really bad since he is the head of the Senate Banking Committee which regulates lenders. Talk about the fox guarding the hen house. No wonder we have a housing crisis.
Countrywide Financial
Lobbying by related organizations: Countrywide Home Loans
A special interest's lobbying activity may go up or down over time, depending on how much attention the federal government is giving their issues. Particularly active clients often retain multiple lobbying firms, each with a team of lobbyists, to press their case for them.
Arina, Do you think Ed Mc Manhon was a VIP client he is 640,000 behind in payments on a 4.5 millon dollar loan ??
Arina nice find and interesting article. Thanks for sharing, this was eye opening.
Ron and Rachel, I don't think that Ed Mc Manhon was a Countrywide VIP client, although he got his mortgage from them... He doesn't rise to that level. And if he would be he will not get to Foreclosure!!! How many Congressman we see so far in Foreclosure???
Michael , I think that as we go along there will be more other financial scandals... How do you think we've gotten into this economical mess? It is the average Joe who abused the system??????
And people wonder why I don't pity the banks that are losing all this money. 1. They came up with the rediculous loans that they knew would screw people over trying to get rich quick. 2. Hearing things like this!
Keep up the good work, and thanks for staying on top of things to help inform people :-D
P.S. I heard today about a few Bear Sterns big shots got arrested for their frauds and involvement in the mortgage crisis and something like 1400 other arrests for mortgage fraud over the last couple months.
VIP loan outrage READ MORE >>> CNNMoney.com
"At a time when millions of Americans are struggling to repay their mortgage debts while coping with $4 per gallon gasoline and soaring foods prices, they will be outraged to learn that some members of Congress may have personally profited from their official positions through secret sweetheart deals on their mortgages," said the letter, signed by House leaders.
They called the revelations "extremely troubling" in light of upcoming votes on the housing package.
Arina- The following quote was in Inman News:
Countrywide's friends in high places
Daniel Golden of Portfolio.com rounds up the list of government officials making the news for having received loans from Countrywide Financial on special terms: U.S. Sens. Chris Dodd, D-Conn., and Kent Conrad, D-N.D.; former UN Ambassador Richard Holbrooke; former Secretary of Health and Human Services Donna Shalala; former HUD Secretary Alphonso Jackson; and former Barack Obama advisor and ex-Fannie Mae CEO James Johnson. All but Jackson are Democrats. Two other prominent Democrats -- former California Treasurer Kathleen Brown and Bill Clinton's Secretary of Housing, Henry Cisneros --
All of them are Democrats except for Jackson.
Nestor & Katerina Thank you very much for your comment. I was looking for a list of Friends of Angelo... couldn't find to much. But you gave us a glimpse of it. It is very troubling to say the least!
Unbelievable stuff - and Congress is going to investigate? I don't think so!