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Could Foreclosure Fiasco Harm the Recovery? You Can Bet the House on It.
By Joann M. Weiner - Politics DailyHalloween is still 10 days off, but the housing market has been rocked by horror stories for weeks: tales of mortgage servicers who rubber-stamped documents approving foreclosure without reading them, robo-signers who handled 10,000 cases a month, affidavits that were signed and backdated with no notary present, homeowners who had been evicted from their homes and are now breaking back in, electronic mortgage registration systems that didn't keep track of who owned the mortgage notes, law firms that acted as foreclosure mills, and judges who have threatened to charge loan servicers with fraud ...
Countrywide CEO Mozilo Settles With SEC for $67.5M
By not in system - AOL NewsCountrywide Financial Corp. co-founder Angelo Mozilo has reached a settlement agreement with the Securities and Exchange Commission related to charges of insider trading and civil fraud, according to numerous sources. Mozilo will reportedly pay $67.5 million in fines. ...
Some Senators Won't Give Mortgage Details
By Christopher Weber - Politics DailyIs there a bigger mortgage scandal a'brewin' in Washington? By now you've read about Senators Chris Dodd (D-Conn.) and Kent Conrad (D-N.D.), who -- they say unknowingly -- received VIP treatment on their home loans from Countrywide. Now Politico is wondering how widespread the problem is. Politico has asked all 100 senators to reveal the details of their mortgages. "Seventy-seven senators have complied so far. Twenty-three have not."Senate ethics experts say the controversy over the special mortgages received by Dodd and Conrad has opened a window into the clubby world where senators can dial ...
Mortgage Scandal Nets More Obama Supporters
By Mark Impomeni - Politics DailyJim Johnson, a member of Sen. Barack Obama's Vice-Presidential search committee, resigned from the campaign last week after revelations that he received preferential treatment on mortgages from Countrywide Financial came to light. Now, the scandal is widening, snaring two more prominent Obama supporters, as well as a former Bush Administration official and two former Clinton Administration cabinet members. Obama supporter Sen. Kent Conrad (D-ND), admitted Saturday that he received a discounted mortgage from Countrywide under the same "friends of Angelo" program as Johnson, although he claimed ...
Rapid Reaction: McCain on Jim Johnson
By Dave - Politics DailyJohn McCain wasted no time responding to Barack Obama's firing of a key vetter for his Vice Presidential pick: "Jim Johnson's resignation raises serious questions about Barack Obama's judgment. Selecting the vice presidential nominee is the most important decision a presidential candidate can make and one even Barack Obama has said will 'signal how I want to operate my presidency.' By entrusting this process to a man who has now been forced to step down because of questionable loans, the American people have reason to question the judgment of a candidate who has shown he will only make the ...
Embattled Obama Adviser Steps Down
By Mark Impomeni - Politics DailyJim Johnson, a member of Sen. Barack Obama's Vice-Presidential selection committee embroiled in a controversy over discounted mortgages he received from mortgage giant Countrywide Financial, resigned his position with the campaign today. Sen. Obama released a statement announcing the resignation and said that Johnson did not want his service to the campaign to become a distraction."Jim did not want to distract in any way from the very important task of gathering information about my vice presidential nominee, so he has made a decision to step aside that I accept." When asked about the ...
Obama VP Vetter Jim Johnson Draws Scrutiny
By Mark Impomeni - Politics DailySen. Barack Obama responded today to news reports that a member of his Vice-Presidential vetting and selection committee received favorable treatment and specially discounted mortgages from Countrywide Financial. Jim Johnson, the former CEO of the mortgage giant Fannie Mae, is a veteran Democratic operative and has served two other Democratic nominees as the head of their running mate selection teams, Michael Dukakis in 1984, and Sen. John Kerry in 2004. The discounted mortgage deals have been the subject of recent media scrutiny, forcing Obama himself to address them at a morning news ...
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