JustRalph
09-27-2008, 12:04 AM
Gorelick got one too............Subpoena's are starting to fly. There have got to be some Repubs involved in this too.......Dont' you think?
from Hot Air
Countrywide Mortgage CEO Angelo Mozilo offered sweetheart deals on loans to his “friends”, who just happened to be people who had oversight responsibilities on his business. People like Fannie Mae CEO/chair Jim Johnson, Senators Chris Dodd and Kent Conrad, and others got below-market-rate loans from Mozilo through a “Friends of Angelo” program at one of the main lenders at the heart of the subprime collapse. Now a federal grand jury wants to talk to Angelo’s circle of friends to determine whether indictments for corruption are in order:
Countrywide Financial Corp., the biggest U.S. mortgage lender, made large, previously undisclosed home loans to two additional executives of Fannie Mae, the government-chartered firm at the center of the U.S. credit crisis.
One of Countrywide’s previously undisclosed customers at Fannie was Jamie Gorelick, an influential Democratic Party figure whose $960,000 mortgage refinancing in 2003 was handled through a program reserved for influential figures and friends of Countrywide’s chief executive at the time, Angelo Mozilo. Ms. Gorelick was Fannie Mae’s vice chairman at the time.
Another Countrywide client was recently ousted Fannie Mae Chief Executive Daniel Mudd, though it isn’t clear whether he received special treatment on two $3 million mortgage refinancings he made when he was the company’s chief operating officer. …
Countrywide loans on preferential terms to influential figures are the subject of a federal grand jury investigation in Los Angeles, according to people involved in the inquiry. Prosecutors subpoenaed records of many of the so-called “Friends of Angelo” loans in August, lawyers and others familiar with the matter said. …
While Countrywide was developing a closer working relationship with Fannie Mae, the company also had created a special path to handle loan applications from influential figures. The “Friends of Angelo” program channeled loan applications from celebrities, public figures and sports stars — often singled out by Mr. Mozilo — to a department where the borrowers received special treatment, sometimes including lower interest rates and a reduction in fees.
from Hot Air
Countrywide Mortgage CEO Angelo Mozilo offered sweetheart deals on loans to his “friends”, who just happened to be people who had oversight responsibilities on his business. People like Fannie Mae CEO/chair Jim Johnson, Senators Chris Dodd and Kent Conrad, and others got below-market-rate loans from Mozilo through a “Friends of Angelo” program at one of the main lenders at the heart of the subprime collapse. Now a federal grand jury wants to talk to Angelo’s circle of friends to determine whether indictments for corruption are in order:
Countrywide Financial Corp., the biggest U.S. mortgage lender, made large, previously undisclosed home loans to two additional executives of Fannie Mae, the government-chartered firm at the center of the U.S. credit crisis.
One of Countrywide’s previously undisclosed customers at Fannie was Jamie Gorelick, an influential Democratic Party figure whose $960,000 mortgage refinancing in 2003 was handled through a program reserved for influential figures and friends of Countrywide’s chief executive at the time, Angelo Mozilo. Ms. Gorelick was Fannie Mae’s vice chairman at the time.
Another Countrywide client was recently ousted Fannie Mae Chief Executive Daniel Mudd, though it isn’t clear whether he received special treatment on two $3 million mortgage refinancings he made when he was the company’s chief operating officer. …
Countrywide loans on preferential terms to influential figures are the subject of a federal grand jury investigation in Los Angeles, according to people involved in the inquiry. Prosecutors subpoenaed records of many of the so-called “Friends of Angelo” loans in August, lawyers and others familiar with the matter said. …
While Countrywide was developing a closer working relationship with Fannie Mae, the company also had created a special path to handle loan applications from influential figures. The “Friends of Angelo” program channeled loan applications from celebrities, public figures and sports stars — often singled out by Mr. Mozilo — to a department where the borrowers received special treatment, sometimes including lower interest rates and a reduction in fees.