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(National Review)   While everyone was obsessing over Benghazi or the fiscal cliff sideshows, Congress quietly dismissed all charges of wrongdoings by their own ranks in the Countrywide mortgage scandal   (nationalreview.com) divider line 98
    More: Sad, congresses, Jedi Mind, Financial Services Committee, Senate Ethics Committee, government ethics, Buck McKeon, Angelo Mozilo, House Ethics Committee  
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2415 clicks; posted to Politics » on 02 Jan 2013 at 3:44 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-01-02 12:04:43 PM
Wow. If only the author of TFA article hadn't been doing the very same thing he's now accusing others of doing:

i.imgur.com
i.imgur.com
 
2013-01-02 01:16:37 PM
John Fund is a fkn weasel.  And he's almost as backpfeifengesichtisch as Hannity.
 
2013-01-02 01:44:49 PM
The taxpayer guarantee allowed - indeed, encouraged - the lenders to be reckless, creating a moral hazard. In 2008, this set-up helped bring down the whole house of cards built by subprime mortgages.

2008.  That's the ticket.  Before Fannie and Freddie bailed out Countrywide, there was no reckless mortgage lending.

This is preaching to the choir, isn't it?
 
2013-01-02 01:46:31 PM
api.photoshop.com
 
2013-01-02 01:48:15 PM

Rapmaster2000: The taxpayer guarantee allowed - indeed, encouraged - the lenders to be reckless, creating a moral hazard. In 2008, this set-up helped bring down the whole house of cards built by subprime mortgages.

2008.  That's the ticket.  Before Fannie and Freddie bailed out Countrywide, there was no reckless mortgage lending.

This is preaching to the choir, isn't it?


And it also ignores the fact that the banks and mortgage companies got into subprime big time specifically to do an end around on Freddie and Fannie.  Much of what got the GSE's into trouble was trying to keep up with the banks.
 
vpb [TotalFark]
2013-01-02 02:01:07 PM

Somacandra: Wow. If only the author of TFA article hadn't been doing the very same thing he's now accusing others of doing:

[i.imgur.com image 537x174]
[i.imgur.com image 633x441]


Well, he was doing research so it OK according the the first amendment.
That's the ticket.
 
2013-01-02 02:34:51 PM
So you're saying we need some kind of wide ranging regulation to make sure this doesn't happen again?
 
2013-01-02 03:46:27 PM
And which party was responsible for trying to make Benghazi into a scandal, and which party's debt-ceiling shenanigans forced us into this idiotic fiscal cliff situation? Go on, NRO, answer honestly.
 
2013-01-02 03:54:18 PM
Sounds like they are calling for big government intervention.
 
2013-01-02 03:55:10 PM
Fannie and Freddie scooped up Countrywide loans and pooled them and others into mortgage-backed securities

I thought I knew my fair share about the housing collapse, but this is news to me. Anyone smarter than me able to confirm/deny this statement? I didn't think Fannie and Freddie were in the business of bundling these mortgages into securities.
 
2013-01-02 04:11:39 PM
Go back to Israel, Mr. Fund.
 
2013-01-02 04:14:28 PM
Didn't I just read somewhere that the house ethics committee was on the fiscal cliff chopping block?

Ahh the intricacies of government.

Link
 
2013-01-02 04:15:28 PM

theknuckler_33: Fannie and Freddie scooped up Countrywide loans and pooled them and others into mortgage-backed securities

I thought I knew my fair share about the housing collapse, but this is news to me. Anyone smarter than me able to confirm/deny this statement? I didn't think Fannie and Freddie were in the business of bundling these mortgages into securities.


http://www.cbsnews.com/stories/2010/07/20/eveningnews/main6696613.sht m l

Apparently it's legit, although I thought Fannie and Freddie only handled prime loans when these bribes were being paid.
 
2013-01-02 04:17:13 PM

HMS_Blinkin: And which party was responsible for trying to make Benghazi into a scandal, and which party's debt-ceiling shenanigans forced us into this idiotic fiscal cliff situation? Go on, NRO, answer honestly.



That there is comedy gold.
 
2013-01-02 04:17:19 PM

Insatiable Jesus: Go back to Israel, Mr. Fund.


Except he isnt from there.

I believe your statement constitutes "racism" due to playing on stereotypes of different nationalities.
 
2013-01-02 04:18:14 PM
I could have sworn I saw another headline here just a few days ago that said the House Ethics Committee was the only one that actually worked. Or did it have the Ironic tag?
 
2013-01-02 04:20:19 PM
Noise
 
2013-01-02 04:21:26 PM

cman: Except he isnt from there.


He has more loyalty to "there" than here. That much is clear. He doesn't give a crap about destroying the host.
 
2013-01-02 04:23:06 PM

theknuckler_33: Fannie and Freddie scooped up Countrywide loans and pooled them and others into mortgage-backed securities

I thought I knew my fair share about the housing collapse, but this is news to me. Anyone smarter than me able to confirm/deny this statement? I didn't think Fannie and Freddie were in the business of bundling these mortgages into securities.


My 2 cents: My Countrywide loan was bought by Bank of America. Then by Ocwen. I'm trying to unload it through a short sale. Entering month six and the third offer (first two bailed after six and eight weeks of trying to get Ocwen to communicate/cooperate). I'm not staying in town long enough to make up the loss of value from the depressed property values, so I'm cutting my losses and tanking my credit score. I will never buy a house again.
 
2013-01-02 04:28:35 PM

dilettantegrrl: theknuckler_33: Fannie and Freddie scooped up Countrywide loans and pooled them and others into mortgage-backed securities

I thought I knew my fair share about the housing collapse, but this is news to me. Anyone smarter than me able to confirm/deny this statement? I didn't think Fannie and Freddie were in the business of bundling these mortgages into securities.

My 2 cents: My Countrywide loan was bought by Bank of America. Then by Ocwen. I'm trying to unload it through a short sale. Entering month six and the third offer (first two bailed after six and eight weeks of trying to get Ocwen to communicate/cooperate). I'm not staying in town long enough to make up the loss of value from the depressed property values, so I'm cutting my losses and tanking my credit score. I will never buy a house again.


So many people have tanked their credit score by mailing in the keys that banks won't be able to afford to ignore them. If you take the hit, you'll be able to buy a house in 5 years or so.

This time, though, use a credit union or a bank that doesn't sell the mortgage. If you want to buy one at all.
 
2013-01-02 04:35:15 PM

The Jami Turman Fan Club: theknuckler_33: Fannie and Freddie scooped up Countrywide loans and pooled them and others into mortgage-backed securities

I thought I knew my fair share about the housing collapse, but this is news to me. Anyone smarter than me able to confirm/deny this statement? I didn't think Fannie and Freddie were in the business of bundling these mortgages into securities.

http://www.cbsnews.com/stories/2010/07/20/eveningnews/main6696613.sht m l

Apparently it's legit, although I thought Fannie and Freddie only handled prime loans when these bribes were being paid.


I don't see how that corroborates the assertion that Fanny and Freddie were bundling mortgages into securities. Fanny and Freddie buying mortgages from the banks was the whole reason for their existence (to free up capital for the banks to continue to make loans). Bundling those mortgages into securities that were improperly rated is another matter altogether... but that's when things get a little fuzzy for me.
 
2013-01-02 04:35:36 PM

Somacandra: Wow. If only the author of TFA article hadn't been doing the very same thing he's now accusing others of doing:

[i.imgur.com image 537x174]
[i.imgur.com image 633x441]


What a bizarre post. He is not accusing people of obsessing over Benghazi or the fiscal cliff, he is claiming that the Ethics' committee pussed out and slid the news under the door right after Christmas while no one was paying attention, which is an old political trick.

It is also pretty hard to call the fiscal cliff a sideshow.

Silly post is silly.
 
2013-01-02 04:40:20 PM
I agree with the NRO. We need strong. government regulation.
 
2013-01-02 04:40:26 PM

dilettantegrrl: theknuckler_33: Fannie and Freddie scooped up Countrywide loans and pooled them and others into mortgage-backed securities

I thought I knew my fair share about the housing collapse, but this is news to me. Anyone smarter than me able to confirm/deny this statement? I didn't think Fannie and Freddie were in the business of bundling these mortgages into securities.

My 2 cents: My Countrywide loan was bought by Bank of America. Then by Ocwen. I'm trying to unload it through a short sale. Entering month six and the third offer (first two bailed after six and eight weeks of trying to get Ocwen to communicate/cooperate). I'm not staying in town long enough to make up the loss of value from the depressed property values, so I'm cutting my losses and tanking my credit score. I will never buy a house again.


I'm sorry to hear about your situation, but the value of your home or who holds the mortgage shouldn't really have any bearing on your ability to make the payments. Don't take this the wrong way, I'm not attacking you, but having problems with a short sale and going through a possible bankruptcy shouldn't necessarily be used to evaluate home ownership.
 
2013-01-02 04:41:38 PM
The taxpayer guarantee allowed - indeed, encouraged - the lenders to be reckless, creating a moral hazard. In 2008, this set-up helped bring down the whole house of cards built by subprime mortgages.

Not this shait again.
 
2013-01-02 04:42:50 PM
The taxpayer guarantee allowed - indeed, encouraged - the lenders to be reckless, creating a moral hazard. In 2008, this set-up helped bring down the whole house of cards built by subprime mortgages.

Not this shait again.
 
2013-01-02 04:45:27 PM

GAT_00: So you're saying we need some kind of wide ranging regulation to make sure this doesn't happen again?


No. Regulating the Job Creators is socialism, and goes against the Bible.
 
2013-01-02 04:53:30 PM
The real wrongdoing is the 26 fark comments that don't show up in my browser
 
2013-01-02 04:53:48 PM
Fark you.

Sincerely,

American Taxpayer/voter
 
2013-01-02 04:56:51 PM
Well, that was interesting. Server belch double-posting in effect.
 
2013-01-02 04:59:32 PM
Reckless Endangerment.
 
2013-01-02 05:05:06 PM
I am Jack's complete lack of surprise.
 
2013-01-02 05:08:48 PM
In other news, right-wing echo chambers are now considered "everyone."
 
2013-01-02 05:12:08 PM

theknuckler_33: I'm sorry to hear about your situation, but the value of your home or who holds the mortgage shouldn't really have any bearing on your ability to make the payments. Don't take this the wrong way, I'm not attacking you, but having problems with a short sale and going through a possible bankruptcy shouldn't necessarily be used to evaluate home ownership.


If you had a mortgage with a balloon payment, it was expected at the time of the orginal loan that you would refinance when the balloon payment came up. When the value of the house fell below the amount owed on the house, the house could no longer be refinanced. This made it impossible for families to make the balloon payment, and they lost the house.
 
2013-01-02 05:28:37 PM

The Jami Turman Fan Club: theknuckler_33: I'm sorry to hear about your situation, but the value of your home or who holds the mortgage shouldn't really have any bearing on your ability to make the payments. Don't take this the wrong way, I'm not attacking you, but having problems with a short sale and going through a possible bankruptcy shouldn't necessarily be used to evaluate home ownership.

If you had a mortgage with a balloon payment, it was expected at the time of the orginal loan that you would refinance when the balloon payment came up. When the value of the house fell below the amount owed on the house, the house could no longer be refinanced. This made it impossible for families to make the balloon payment, and they lost the house.


people who took balloon loans were fools. With interest rates that low if you could not afford a regular fixed rate mortgage perhaps you should have looked for housing more in your budget.
 
2013-01-02 05:38:52 PM

The Jami Turman Fan Club: theknuckler_33: I'm sorry to hear about your situation, but the value of your home or who holds the mortgage shouldn't really have any bearing on your ability to make the payments. Don't take this the wrong way, I'm not attacking you, but having problems with a short sale and going through a possible bankruptcy shouldn't necessarily be used to evaluate home ownership.

If you had a mortgage with a balloon payment, it was expected at the time of the orginal loan that you would refinance when the balloon payment came up. When the value of the house fell below the amount owed on the house, the house could no longer be refinanced. This made it impossible for families to make the balloon payment, and they lost the house.


It it difficult to imagine a scenario in the mid-2000s where taking out a balloon payment mortgage was a good idea. I'm not saying it didn't happen, I'm just saying it would have been a bad decision even without the looming, unforeseen, housing collapse.
 
2013-01-02 05:50:44 PM
Countrywide victim here. Circa 2008. Anyone who thinks there will be any kind of justice or righting of this ship is downright stupid. This was a crooked, bipartisan hoodwinking aimed at delaying any kind of growth and stability in the middle class. Or just downright eliminating the middle class. Either way, as a personal victim of this, I urge everyone to just get on with figuring out their personal, non-stock based, retirement plan. There's no fix, no justice, no rebound. It's all decided. We're just living out the script. Good luck, and maybe I'll see you on the other side.
 
2013-01-02 05:52:13 PM

TiiiMMMaHHH: Countrywide victim here. Circa 2008. Anyone who thinks there will be any kind of justice or righting of this ship is downright stupid. This was a crooked, bipartisan hoodwinking aimed at delaying any kind of growth and stability in the middle class. Or just downright eliminating the middle class. Either way, as a personal victim of this, I urge everyone to just get on with figuring out their personal, non-stock based, retirement plan. There's no fix, no justice, no rebound. It's all decided. We're just living out the script. Good luck, and maybe I'll see you on the other side.



Someday they will call it The Corporate Coup.
 
2013-01-02 05:53:42 PM

Fart_Machine: The taxpayer guarantee allowed - indeed, encouraged - the lenders to be reckless, creating a moral hazard. In 2008, this set-up helped bring down the whole house of cards built by subprime mortgages.

Not this shait again.


Thanks for posting that. I had apparently fallen for some derp-wing bullshiat without having realized it, especially #2 and #4.
 
2013-01-02 05:54:05 PM
Lionel Mandrake: backpfeifengesichtisch

Im delighted with this word, and intend to use it henceforth.
 
2013-01-02 06:00:24 PM
If the government bears no culpability for ruby ridge and waco, it won't bear culpability for something white collar like the countrywide scandal.
 
2013-01-02 06:01:31 PM

TiiiMMMaHHH: Countrywide victim here. Circa 2008. Anyone who thinks there will be any kind of justice or righting of this ship is downright stupid. This was a crooked, bipartisan hoodwinking aimed at delaying any kind of growth and stability in the middle class. Or just downright eliminating the middle class. Either way, as a personal victim of this, I urge everyone to just get on with figuring out their personal, non-stock based, retirement plan. There's no fix, no justice, no rebound. It's all decided. We're just living out the script. Good luck, and maybe I'll see you on the other side.


Let me guess, you bought a house you could not afford at the top of an obvious bubble, thinking you were gonna ride that farking thing up and flip it for a nice profit.

Look at me ma, top of the world!
 
2013-01-02 06:12:32 PM

halfof33: TiiiMMMaHHH: Countrywide victim here. Circa 2008. Anyone who thinks there will be any kind of justice or righting of this ship is downright stupid. This was a crooked, bipartisan hoodwinking aimed at delaying any kind of growth and stability in the middle class. Or just downright eliminating the middle class. Either way, as a personal victim of this, I urge everyone to just get on with figuring out their personal, non-stock based, retirement plan. There's no fix, no justice, no rebound. It's all decided. We're just living out the script. Good luck, and maybe I'll see you on the other side.

Let me guess, you bought a house you could not afford at the top of an obvious bubble, thinking you were gonna ride that farking thing up and flip it for a nice profit.

Look at me ma, top of the world!


Not the OP. However, my wife and I went house hunting. We were going to use Yale's buyer program but decided not to buy in New Haven. Long story short, we went through the buyer program and the mortgage officer (loan officer for People's Bank) told us we could afford $299k worth of house. My exact words were "Bull shiat." We were making a combined income of just under $75k a year.

People were told what they could afford and, had I not had previous experience in the mortgage business (post closer), I would have been hoodwinked by these bastards. And I'm a pretty friggin smart person.

That said, Countrywide was a dirtbag operation. My step-mother did subprime loans for them (we hate her too). They were doing "NO INCOME VERIFICATION" loans at one point. Wrap your head around that!
 
2013-01-02 06:13:59 PM

halfof33: TiiiMMMaHHH: Countrywide victim here. Circa 2008. Anyone who thinks there will be any kind of justice or righting of this ship is downright stupid. This was a crooked, bipartisan hoodwinking aimed at delaying any kind of growth and stability in the middle class. Or just downright eliminating the middle class. Either way, as a personal victim of this, I urge everyone to just get on with figuring out their personal, non-stock based, retirement plan. There's no fix, no justice, no rebound. It's all decided. We're just living out the script. Good luck, and maybe I'll see you on the other side.

Let me guess, you bought a house you could not afford at the top of an obvious bubble, thinking you were gonna ride that farking thing up and flip it for a nice profit.

Look at me ma, top of the world!


No, it was more like I was a new dad, with a wife that wanted the dream. And to add to that, I actually had the nerve to believe EVERY "expert" I inquired with as to the status of pricing and trending and whether it was a 'bubble'.

BTW, I approached the bank with the novel idea of adjusting my ammortization so that they would get all their money and I'd actually pace out an equity that would allow for repairs and maintenance. But you know, I'm just a dumb subprime borrower. Or whatever other BS you'd like to believe to excuse the downright criminal collusion and CYA that followed.

If your doctor told you you had cancer, would you believe him? What if the second opinion matched the first? Would you, in your wisdom, be able to figure out they both colluded to charge your insurance with chemo treatments? Or would, you know, you believe a verified opinion from people in a position of trust and authority?

/There's always more to the story. Put your iphone down and think.
 
2013-01-02 06:14:07 PM

theknuckler_33: dilettantegrrl: theknuckler_33: Fannie and Freddie scooped up Countrywide loans and pooled them and others into mortgage-backed securities

I thought I knew my fair share about the housing collapse, but this is news to me. Anyone smarter than me able to confirm/deny this statement? I didn't think Fannie and Freddie were in the business of bundling these mortgages into securities.

My 2 cents: My Countrywide loan was bought by Bank of America. Then by Ocwen. I'm trying to unload it through a short sale. Entering month six and the third offer (first two bailed after six and eight weeks of trying to get Ocwen to communicate/cooperate). I'm not staying in town long enough to make up the loss of value from the depressed property values, so I'm cutting my losses and tanking my credit score. I will never buy a house again.

I'm sorry to hear about your situation, but the value of your home or who holds the mortgage shouldn't really have any bearing on your ability to make the payments. Don't take this the wrong way, I'm not attacking you, but having problems with a short sale and going through a possible bankruptcy shouldn't necessarily be used to evaluate home ownership.


Nope, I could make the payments just fine. No balloon payments, but I did try 5 times to refi to a better interest rate (it's 5.75 for chrissakes!) but was consistently lied to and stonewalled by BofA. I'm getting out of the house now because it's what my financial planner calls an "underperforming asset" and I hated to deal with BofA (Ocwen is worse, if you can believe it). I won't live where I live now long enough to reach the point where what I owe meets what it's worth, so I'm selling it now. The decision to sell is entirely my own, but the circumstances of the loss of value are strictly the fault of BofA and all the other banks who farked our economy.
 
2013-01-02 06:20:31 PM

theteacher: Not the OP. However, my wife and I went house hunting. We were going to use Yale's buyer program but decided not to buy in New Haven. Long story short, we went through the buyer program and the mortgage officer (loan officer for People's Bank) told us we could afford $299k worth of house. My exact words were "Bull shiat." We were making a combined income of just under $75k a year.

People were told what they could afford and, had I not had previous experience in the mortgage business (post closer), I would have been hoodwinked by these bastards. And I'm a pretty friggin smart person.



When we bought back in 1999, we were told pretty much the same. We should be looking at house in the 300-400 range instead of 160ish. Its was not too hard to get onto one of those free mortgage calculators and figure about what your payments would be. But they tried to foist balloon, ARMs and other crap onto us. I can see how an person that is not very questioning can get hoodwinked, or simply get greedy anticipating a flip.



That said, Countrywide was a dirtbag operation. My step-mother did subprime loans for them (we hate her too). They were doing "NO INCOME VERIFICATION" loans at one point. Wrap your head around that!


Yeah, well you see, the banks and mortgage companies, with their armies of lawyers and lobbyists , were totally impotent and powerless before the might of a bunch of poor inner-city brown people, so Congress made these poor companies like Countrywide make such reckless loans. And they ran out of gas. They... they had a flat tire. They didn't have enough money for cab fare. Their tux didn't come back from the cleaners. An old friend came in from out of town. Someone stole their car. There was an earthquake. A terrible flood. Locusts! IT WASN'T THEIR FAULT, I SWEAR TO GOD!
 
2013-01-02 06:20:50 PM

TiiiMMMaHHH: halfof33: TiiiMMMaHHH: Countrywide victim here. Circa 2008. Anyone who thinks there will be any kind of justice or righting of this ship is downright stupid. This was a crooked, bipartisan hoodwinking aimed at delaying any kind of growth and stability in the middle class. Or just downright eliminating the middle class. Either way, as a personal victim of this, I urge everyone to just get on with figuring out their personal, non-stock based, retirement plan. There's no fix, no justice, no rebound. It's all decided. We're just living out the script. Good luck, and maybe I'll see you on the other side.

Let me guess, you bought a house you could not afford at the top of an obvious bubble, thinking you were gonna ride that farking thing up and flip it for a nice profit.

Look at me ma, top of the world!

No, it was more like I was a new dad, with a wife that wanted the dream. And to add to that, I actually had the nerve to believe EVERY "expert" I inquired with as to the status of pricing and trending and whether it was a 'bubble'.

BTW, I approached the bank with the novel idea of adjusting my ammortization so that they would get all their money and I'd actually pace out an equity that would allow for repairs and maintenance. But you know, I'm just a dumb subprime borrower. Or whatever other BS you'd like to believe to excuse the downright criminal collusion and CYA that followed.

If your doctor told you you had cancer, would you believe him? What if the second opinion matched the first? Would you, in your wisdom, be able to figure out they both colluded to charge your insurance with chemo treatments? Or would, you know, you believe a verified opinion from people in a position of trust and authority?

/There's always more to the story. Put your iphone down and think.


No no, everyone who got caught in the subprime bubble was a lazy, stupid greedhead who bought a house they knew they couldn't afford, cynically planning to sell it in full knowledge that the market was about to tank. EVERYONE. Not one person could possibly have been suckered in by a bank who should have known better and a broker who had an interest in making as much commission as possible. Or bought a house where the value dropped by half when the market flatlined. No no, you're all just self-deluding fools and you deserve what you got suckahs!
 
2013-01-02 06:22:51 PM

GAT_00: So you're saying we need some kind of wide ranging regulation to make sure this doesn't happen again?


or how about just enforcing existing ones?
 
2013-01-02 06:24:12 PM

TiiiMMMaHHH: Let me guess, you bought a house you could not afford at the top of an obvious bubble, thinking you were gonna ride that farking thing up and flip it for a nice profit.

Look at me ma, top of the world!

No, it was more like I was a new dad, with a wife that wanted the dream.


LOLZ! There was nothing in that tale of woe that even remotely sets you up as a victim. The victims are the poor slobs who saw their house values plummet when out of control yokels were buying too much house on too little income, leaving empty houses all over the neighborhood.

By the way, your "cancer" analogy was absolutely horrible.
 
Ehh
2013-01-02 06:32:13 PM
Is there a "punch a pundit in the face" site? John Fund would get a lot of hits. Or clicks or whatever. Bonus round: you get to punch him with Morgan Pillsbury's fist.
 
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