Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Bank of America subpoenaed over Countrywide loans

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Latest Breaking News Donate to DU
 
kpete Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Feb-16-11 07:14 PM
Original message
Bank of America subpoenaed over Countrywide loans
Source: CNN

Bank of America subpoenaed over Countrywide loans
By Charles Riley, staff reporterFebruary 16, 2011: 7:03 PM ET


NEW YORK (CNNMoney) -- Bank of America was subpoenaed Wednesday over a loan program that may have given influential people sweetheart deals on their mortgages.

The subpoena was issued by House Committee on Oversight and Government Reform Chairman Darrell Issa, a Republican from California who has doggedly pursued the issue for several years.

The subpoena demands Bank of America turn over documents related to a VIP loan program that was administered by Countrywide Financial, which Bank of America purchased in early 2008.

Countrywide was once the nation's largest mortgage originator, but the company suffered heavy losses in its subprime loan business and had to find a buyer or collapse.

Read more: http://money.cnn.com/2011/02/16/news/companies/countryw...
Printer Friendly | Permalink |  | Top
xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Feb-16-11 07:18 PM
Response to Original message
1. Recommend
Printer Friendly | Permalink |  | Top
 
Joanne98 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Feb-16-11 07:18 PM
Response to Original message
2. YES!
Printer Friendly | Permalink |  | Top
 
lob1 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Feb-16-11 07:28 PM
Response to Original message
3. Darrell Issa is a sleazeball. If he's involved in this,
somehow we'll end up being the ones screwed.
Printer Friendly | Permalink |  | Top
 
Frisbee Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Feb-16-11 07:34 PM
Response to Reply #3
4. Maybe he is just pissed...
because he wanted a sweetheart deal too and didn't get one. In any case, I can't imagine him just doing something because it's the right thing to do. Sleazeball is right.
Printer Friendly | Permalink |  | Top
 
AtheistCrusader Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Feb-16-11 07:39 PM
Response to Original message
5. How about subpoenae's for predatory lending?
Printer Friendly | Permalink |  | Top
 
fittosurvive Donating Member (538 posts) Send PM | Profile | Ignore Fri Feb-18-11 09:59 AM
Response to Reply #5
16. and predatory borrowing too...
Many people never even made the first payment on their mortgages. If it took a year to foreclose on them, they were able to live rent free for a year.
Printer Friendly | Permalink |  | Top
 
HankyDubs Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Feb-16-11 07:40 PM
Response to Original message
6. nuke em till they glow
:nuke:
Printer Friendly | Permalink |  | Top
 
bluecoat_fan Donating Member (118 posts) Send PM | Profile | Ignore Wed Feb-16-11 07:42 PM
Response to Original message
7. Lucky thing Buffet dumped his BoA yesterday
Printer Friendly | Permalink |  | Top
 
DCKit Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Feb-16-11 09:29 PM
Response to Reply #7
8. You kinda' make it sound like insider trading.
What did Warren Buffet know, and when did he know it?
Printer Friendly | Permalink |  | Top
 
yelligilli Donating Member (18 posts) Send PM | Profile | Ignore Thu Feb-17-11 09:04 AM
Response to Reply #8
13. He actually sold it in December when one of his stock pickers left.
Printer Friendly | Permalink |  | Top
 
DCKit Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Feb-17-11 07:11 PM
Response to Reply #13
14. Thanks. I figured he was a better man than that.
Kinda invalidates some points in the OP, though.
Printer Friendly | Permalink |  | Top
 
Donnachaidh Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Feb-16-11 09:58 PM
Response to Original message
9. Wasn't it Chris Dodd who got a sweetheart deal?
Does anyone remember the details?
Printer Friendly | Permalink |  | Top
 
QC Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Feb-16-11 10:01 PM
Response to Reply #9
10. He was one of many. Both Democratic and Republican piggies
had their snouts in that particular trough.
Printer Friendly | Permalink |  | Top
 
24601 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Feb-17-11 07:48 AM
Response to Reply #9
12. There are plenty of miscreants, see below...

"Other participants in the V.I.P. program included 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. Jackson was deputy H.U.D. secretary in the Bush administration when he received the loans in 2003. Shalala, who received two loans in 2002, had by then left the Clinton administration for her current position as president of the University of Miami. She is scheduled to receive a Presidential Medal of Freedom on June 19."

"Holbrooke, whose stint as U.N. ambassador ended in 2001, was also working in the private sector when he and his family received V.I.P. loans. He was an adviser to Hillary Clintons presidential campaign."

"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."


Source: http://www.portfolio.com/news-markets/top-5/2008/06/12/...
Printer Friendly | Permalink |  | Top
 
defendandprotect Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Feb-16-11 10:38 PM
Response to Original message
11. k/r
Printer Friendly | Permalink |  | Top
 
babydollhead Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Feb-18-11 09:11 AM
Response to Original message
15. kick
Printer Friendly | Permalink |  | Top
 
sarcasmo Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Feb-18-11 04:08 PM
Response to Original message
17. Kick!
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Wed Apr 16th 2014, 03:27 PM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Latest Breaking News Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC