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Taxpayers will pay $25 Billion So Senator Dodd Won't Get Foreclosed

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Anonymous Coward
User ID: 460120
6/29/2008 5:10 PM
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Taxpayers will pay $25 Billion So Senator Dodd Won't Get Foreclosed

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Plot thickens about how Countrywide fits into Bank of America

When the story of Countrywide Financial is finally told, it's bound to be a bestseller.

It has everything: drama, intrigue, politics, slippery dealings, possible criminal activities and shadowy but colorful characters. And most of all, money -- big, big money.

It even has a local angle. Bank of America has completed its takeover of Countrywide Financial, and it promptly announced the departure of 7,500 employees.

But beyond that, mortgage giant Countrywide Financial is thoroughly wound up in the subprime scandal and subsequent worldwide credit crisis. The attorneys general of California and Illinois have sued Countrywide, claiming widespread unfair and deceptive lending practices.

Reporters and other investigators are digging into Countrywide's lending activities and finding that so-called "Friends of Angelo" got special treatment. The list of friends of former CEO Angelo Mozilo is celebrity-studded and raising eyebrows across the nation.

As this was developing, a proposed bailout bill that would have cost taxpayers $25 billion to cover loans originated by Countrywide has been held up in Washington. Why? That "Friends of Angelo" list included two Democratic senators. One of them, Christopher Dodd of Connecticut, just happens to be the Senate floor manager for the bill.

The intrigue deepens.

According to the Washington Post, Bank of America happens to be one of the prime authors of the bailout bill. That's right -- it's writing the law.

According to the Wall Street Journal, Countrywide sold its loans to dealers, who turned them into something called mortgage-backed securities. And Bank of America holds $182 billion worth of these securities.

As we said, what a story. The only question is whether it will be a mystery, a thriller or a farce.

[link to www.delawareonline.com]

Anonymous Coward
User ID: 458129
6/29/2008 5:23 PM

Re: Taxpayers will pay $25 Billion So Senator Dodd Won't Get Foreclosed	Quote

Anonymous Coward
User ID: 460120 (OP)
6/29/2008 5:24 PM

Re: Taxpayers will pay $25 Billion So Senator Dodd Won't Get Foreclosed	Quote
Quoting: Anonymous Coward 458129 It's all true.

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