WASHINGTON — The former Countrywide Financial Corp. gave preferential loans to more than three dozen employees of Fannie Mae while the two giant housing enterprises...
Seniority, party loyalty and congressional etiquette don't seem to get in the way of Rep. Mike Quigley (D-Ill.). The freshman lawmaker is ready to break...
Dodd didn't get a "sweatheart deal", what he got was a regular home loan. The telling part is that Countrywide is such an egregious predatory lender, that anyone who got a "fair" loan seems by comparison, to have gotten a "deal". The reason they couldn't pad the loan with fees like they do everyone else, is because of Dodd's public stature. They knew if they loaded him with junk fees, he would squeal to the media about it and people would LISTEN.
Years ago, when I was working as a community organizer and attempting to make a connection between the increasing presence of predatory lenders (Countrywide) and the 500% increase in home foreclosures in NE Ohio, I was visited in my office by a woman who's elderly mother had been targeted and "taken" by Countrywide. Her mother had been cited by the city for not having her house painted, steered toward shoddy contractors that never finished the job, and when she got the loan documents, she had been padded with so many fees, that she owed back DOUBLE her mortgage, to the tune of $250,000!!!!
Countrywide has been getting away with this for years. The fact that they didn't do it to Dodd, tells me that they only save their really egregious predatory lending for peons like us--and our elderly parents who don't know any better.
Ohioan730: Dodd didn't get a "sweatheart deal", what he got was
I think its important to point out that the elderly woman I mentioned in my above post, OWNED her home free and clear. Her mortgage had been paid off for decades. One encounter with a city councilman, shoddy contractors and Countrywide caused her to lose everything she had worked for her entire life.
Predatory lending did more than just give people loans they didn't deserve, in some cases, rings of corruption that involved city officials were discovered. I hope some of that sees the light of day. Man, do I have some stories to tell. People would be REALLY angry right now at Countrywide and not even thinking about Dodd if they had seen even HALF of what I've seen while trying to uncover this cesspool of a situation.
Ohioan730: I think its important to point out that the elderly
Can you really believe Kudlow, a drug addict who has a career arc in the private sector that begins with being the chief economist for Bear Stearns and ends with being bearly employed keeping a job as teleprompter news reader on CNBC, because he espouses a right wing opinion that is popular among CNBC's audience?
furr: Can you really believe Kudlow, a drug addict who has
Kudlow did blow. Obama did blow. Both admitted it. Get off your high horse. Come to an LA political fundraiser at a private home and you'll see many of your stars and politicians engaging in behaviour you would have thought they would have abandoned decades ago. Dodd is a skunk in our party. But he's our skunk. The story is now breaking that Dodd's wife was an outside director for an AIG controlled company domiciled offshore. Dodd received the most of any politician from AIG in political contributions. Why must all of you who are cutting on Kudlow for being a flawed character always pretend that the same nonsense isn't going on in the same amounts on our side. Give me a break. All of these distractions take away from Obama having a decent shot at getting us back on track. Let them get their feathers ruffled and yap like little lap dogs. We have the oval office and congress. Let's use it wisely so it lasts more than one term.
InLosAngeles: Kudlow did blow. Obama did blow. Both admitted it. Get
Experimenting with drugs as a college student and ruining your professional career with a cocaine habit are worlds apart.
Regardless of what Dodd has done (and where there's smoke, there may be fire), Kudlow has zippo credibility. The point of the article is Kudlow told (yet another) blatant lie.
Hard to believe Kudlow and Jim Cramer had a show together on CNBC. Think it may have been the inspiration for Al Franken's book "Liars.."
JayDDrew: Experimenting with drugs as a college student and ruining your
The "stars" of CNBC like Kudlow, Cramer, Santelli, Bartiromo, etc. tell us all we need to know about CNBC. It's only value to viewers and investors comes from the running data strips which are not under their control. To believe otherwise is either stupidity or plain ignorance of the Madoff " investor" types.
ron071: The "stars" of CNBC like Kudlow, Cramer, Santelli, Bartiromo, etc.
Spot on! CNBC has been completely discredited as an insightful information source. They are just talking heads to fill up air time as the ticker goes by.
Robert_Cantor: Spot on! CNBC has been completely discredited as an insightful
"Dodd's critics have asked why he did not hand over all of his loan documents to reporters last June, when Portfolio first made the phony accusation that he saved $75,000. The reason is pretty obvious. The press is not acting in good faith."
What????
Pablo175: "Dodd's critics have asked why he did not hand over
Just a few years back, a neighbor had Aids, and a countrywide loan and no this is not a country and western song. Not a toxic asset, and they knew it. Charged him 12 % interest, considered bad debt loan. The neighbor bought the house so that he could live in it and not die in a hospital and homeless. Countrywide was foreclosing the same day. I told them then that one day they would go down for their horrific practices. Countrywide is a horrible lender and horrible practices. Are they on Geithner call list to get us out of this mess, probably. Believe nothing that they say.
doublewhammy: Just a few years back, a neighbor had Aids, and
1. CNBC's viewers should insist that the network retract Kudlow's lies, specifically: "Dodd claimed there was no discussions between himself and senior people at Countrywide. This whistleblower said that is exactly wrong." and Dodd "has yet to divulge fully his sweetheart mortgage deals with the former Countrywide."
Absurd! - Typical of the left. "We don't like what you are saying, so we are going to try to keep you from speaking".Sen. Dodd - show us your mortage contract! While you are at it - how about a "statement of net worth" from the day you were elected.
blico: 1. CNBC's viewers should insist that the network retract Kudlow's
No, we don't want to keep you from speaking. We would just like for you to present facts and stop with the "got ya" crap like this faux story about Dodd.
98% of this kind of sh*t story comes from the lack of real journalism. Investigative reporting that takes time, money and lots of effort. It of course doesn't help when you have "news" stations that are really just glorified gossip columns.
musicman42: No, we don't want to keep you from speaking. We
You obviously don't read The Hartford Courant. The journalist who is responsible for this investigation, Kevin Rennie, has an impeccable reputation and a long track record of being thorough, fair and unbiased. His investigative work led to the resignation of former Connecticut Gov. John Rowland. Please don't condemn all journalists. Mr. Rennie is a true professional.
martiniandabotoxchaser: You obviously don't read The Hartford Courant. The journalist who
Kudlow, in my opinion, is wrong on so many things I wouldn't know where to begin. He is just a right wing messenger for the U.S. aristocracy. Dodd. however, like so many Democrats and Republicans, is wedded to lobbyists. Many of the lobbyists are influence peddlers for the same right wing aristocracy (or in some cases a left wing aristocracy). The public is supposed to believe that there is a great conflict between Democrats and Republicans. But, there isn't. They both are servants of the aristocracy. In the end you have to figure out things for yourself. Why has China's and Germany's auto industry picked up recently? Because the government is offering incentives to buy cars -- TO ACTUAL PEOPLE! OMG, People and not Big Wigs? Its just simple logic. In the U.S the "theory" to get the economy moving is give banks billions of dollars -- this will create TRICKLE DOWN goodies to the masses! (Intermissionn while I recover from laughter). The U.S. public has been had and doesn't even know it.
kozy: Kudlow, in my opinion, is wrong on so many things
This is the Dodd side of the story. Common sense tells one that Countrywide would not have given preferred loans to VIP without expecting some consideration later. It could be more business or other services the borrower could supply. Dodd had offered to donated the savings he received to charity. Why would he do that if he did not save money? His meeting with reporters was tightly controlled, late and they were not allowed to copy documents or do much. The citizens of CT have started to learn about Dodd and hopefully he will be turned out next year.
dezzertguy: This is the Dodd side of the story. Common sense
No, no,no...other that Fiderer saying that it's "weird" that Dodd somehow magically was ushered into the Friends of Angelo VIP list, he never tackles the WHY of it.
Why would an ostensibly smart lawyer, who oversees the mortgage banking industry, be dumb enough to even talk about discount loans to an insider at a mortgage company-if he really had no financial edge to achieve?
It never occurred to him, with all his years in Congress, that it MIGHT LOOK A TAD BIT ODD?
How the hell did the VIP loan manager find out Dodd was getting a mortgage in the first place?
hippie_chucker: No, no,no...other that Fiderer saying that it's "weird" that Dodd
Kudlow is a waste of skin. I still remember his prediction on the eve of the Iraq invasion that within 6 months, Iraq would be pumping 10 million barrels of oil per day and that the price of oil will be $10/barrel. I also heard him advocate going to war with countries like Syria and Venezuela because it would be good for the stock market. A couple weeks ago, Kudlow was crying about how unfair Obama was in going after offshore tax havens for the rich.
AllenD: Kudlow is a waste of skin. I still remember his
As long as we don't have a News Quality Rating System standard that allows news content to be labeled like almost all other consumer products, this type of information will continue to be passed off as journalism.
If we had a News Quality Rating System these programs would score very poorly against ethical journalism metrics
Yes, indeed! A News Quality Rating System is precisely what is needed to identify the frauds like Kudlow, Cramer and the CNBC Cheerleaders of Wall Street. This would force these faux news outlets to really clean up their acts.
ron071: Yes, indeed! A News Quality Rating System is precisely what
I’ve always viewed Larry Kudlow as the perfect inverse barometer. All of his policy preferences are diametrically opposed to proven policy initiatives and aligned with those that have previously failed. His methodology for saving a sinking ship is to drill another hole in the bottom to let the water out. That he has a platform from which to speak is in and of itself testament to his network’s ambivalence toward reality and truth. He and all of his allies have consistently been clueless as to the economic realty that has engulfed us. The inept that look to Kudlow for guidance are incapable of distinguishing fact from fiction thus his rants only effect the affected.
olephart: I’ve always viewed Larry Kudlow as the perfect inverse barometer.
Years ago, when I was working as a community organizer and attempting to make a connection between the increasing presence of predatory lenders (Countrywide) and the 500% increase in home foreclosures in NE Ohio, I was visited in my office by a woman who's elderly mother had been targeted and "taken" by Countrywide. Her mother had been cited by the city for not having her house painted, steered toward shoddy contractors that never finished the job, and when she got the loan documents, she had been padded with so many fees, that she owed back DOUBLE her mortgage, to the tune of $250,000!!!!
Countrywide has been getting away with this for years. The fact that they didn't do it to Dodd, tells me that they only save their really egregious predatory lending for peons like us--and our elderly parents who don't know any better.
Predatory lending did more than just give people loans they didn't deserve, in some cases, rings of corruption that involved city officials were discovered. I hope some of that sees the light of day. Man, do I have some stories to tell. People would be REALLY angry right now at Countrywide and not even thinking about Dodd if they had seen even HALF of what I've seen while trying to uncover this cesspool of a situation.
Regardless of what Dodd has done (and where there's smoke, there may be fire), Kudlow has zippo credibility. The point of the article is Kudlow told (yet another) blatant lie.
Hard to believe Kudlow and Jim Cramer had a show together on CNBC. Think it may have been the inspiration for Al Franken's book "Liars.."
The loan records were released a long time ago and you can view them on the web site for disclosures.
What????
What about Sweetheart real estate deal in Ireland?
Absurd! - Typical of the left. "We don't like what you are saying, so we are going to try to keep you from speaking".Sen. Dodd - show us your mortage contract! While you are at it - how about a "statement of net worth" from the day you were elected.
98% of this kind of sh*t story comes from the lack of real journalism. Investigative reporting that takes time, money and lots of effort. It of course doesn't help when you have "news" stations that are really just glorified gossip columns.
Maybe you could read the article. If there is no proof Dodd got a sweetheart deal, he doesn't
need to show anyone anything.
Why would an ostensibly smart lawyer, who oversees the mortgage banking industry, be dumb enough to even talk about discount loans to an insider at a mortgage company-if he really had no financial edge to achieve?
It never occurred to him, with all his years in Congress, that it MIGHT LOOK A TAD BIT ODD?
How the hell did the VIP loan manager find out Dodd was getting a mortgage in the first place?
Uhh, his wife called to find out if the loan was going through?
If we had a News Quality Rating System these programs would score very poorly against ethical journalism metrics
http://FixNewsNow.org ( aka http://CeaseSPIN.org )
The business press are nothing but cheerleaders, who have never seen a pile of money they questioned.