August 30, 2007

Sen. Schumer threatens Countrywide Mortgage and Orange Mozilo. HP just laughs and laughs and laughs some more

Senator Schumer, you, my friend, are a poodle.

Don't you get it? The cat is already out of the bag. The damage has been done. Your banker buddies got burned. And all your grandstanding and blowharding (is that a word?) isn't gonna help 'em, or America. We're toast.

Sure, go after Countrywide and Orange Mozilo - good luck with that. Once they file for Bankruptcy protection, is there really much you or they can do? (note - I'm short CFC)

Here's Schumer's
money boys FYI. All the big banks and bagholders that got burned by Countrywide's reckless lending. Kinda makes you see things in a different light, eh HP'ers?

Schumer Tells Countrywide To End Lending Practices

WASHINGTON -(Dow Jones)- Countrywide Financial Corp. (CFC) should stop paying brokers higher commissions for steering borrowers to adjustable rate subprime home loans, Sen. Charles Schumer, D-N.Y., said Wednesday.

"Startling reports have shed light on how Countrywide has led the industry in the practice of steering borrowers into risky subprime loans," said Schumer, who is chairman of the Senate Housing Subcommittee. Schumer said that as of June 30, approximately one in four of the subprime loans issued by Countrywide was delinquent.


Marianne said...

It should be noted that there is a differentiated value for subprime or stated income loans in the commercial lending market. This loan type is not entirely bad despite the abuse of some in the residential lending arena. Oftentimes, individuals that want to start or acquire a small business, purchase a gas station, acquire a motel, open an auto repair shop or any of a myriad of sole proprietor establishements, and do not have the portfolio that would make them attractive to the big box leaders. Lending companies like Ocean Capital in Rhode Island offer subprime and stated income loans by using up close and personal evaluations of the borrower and the opportunity. We need companies like this to support new business opportunities.

Anonymous said...

Paging Mr. Mozillo, paging Mr. Mozillo: Please ready yourself for an appearance before a Congressional committee.
And if you're really unlucky, a perp walk.

DAGG said...

Follow up interview of Mozilo by Maria Bartiromo, this is priceless

Countrywide Feels the Heat
Embattled CEO Angelo Mozilo answers critics who claim the lender helped bring on the housing crisis


Anonymous said...

Well, at least no one's accused him of being a Craig clone.

Magoo said...

I thought it was the borrowers that were sub-prime, not the toxic loans? The media really needs to improve their buzz word dictionary; funny how things don't always boil down well into talking points.

And did anyone else shudder from Obama's suggestion of "shared appreciation"? Do we really want to directly create lender speculators? That would quickly lead to closing statements like: The purchase price is $4.3 million, for which you will pay $857.78 monthly in interest with rights to 3% of the appreciation (21% of depreciation) at the time of sale or refinance. An excellent way to soften the industries FB dependency and allow corporate America to print money.

Anonymous said...

All this talk about perp walks for the main players is nonsense. You want to know who is going to take the blame for this mess? Appraisers. Think about it, most are independent contractors, they have no legal staff or politicians on their side, and there is a paper trail a mile long. Everyone will point the finger at them and they've go nowhere to run.

Watch as these poor bastards take the fall while guys like Mozillo cruise in their yachts.

Anonymous said...

At least one player will do a perp walk.
It's the American way. Just ask Ken Lay and his boys.

Anonymous said...

Magoo said...

"I thought it was the borrowers that were sub-prime, not the toxic loans? The media really needs to improve their buzz word dictionary; funny how things don't always boil down well into talking points."


Sometimes I wonder if the MSM understand the words that are coming out of their own mouths. ? Personally I think they have a more sinister agenda-- they will intentionally twist words, dice up concepts, and generally do whatever it takes to not be in a position where they're criticizing Joe Public.

Isn't it convenient? Instead of having to insult the hundreds of thousands of brainless sheeple, or having allude to the fact that "subprime" means the people not the loan product, we now have a scapegoat... "the subprime loan."

This is the same dumbing-down process that caused the bubble in the first place.

Anonymous said...

Shumer has good intentions..(I think)..but he dosent really know his a$$ from a hole in the ground here.
Countrywide does not steer people into subprime loans, in fact, they have serious policies in place to make sure that dosent happen. Look at the 142 broker shops that make up the "imploded" list on THEY are the ones to blame. CW has been more conservative that most lenders you will ever know.

deepcgi said...

I think it would be "blowhardary"

The Cops said...

Can we arrest Martha NOW??Come on already.

Anonymous said...

Sir, you are a coward for not posting all that is sent!

sick of it said...

Check out the top contributors to Clinton, Dodd and Obama. They are just like Schumer. No wonder they are all pushing for a bailout of Wall Street. They should all be thrown out of the country along with Bush and his cronies. Get rid of the top tapping Senator too. What a disgrace we have in DC.

Paul E. Math said...

Part of me wants to support his witch hunt. At least someone gets blamed for this mess.

I kinda want to support Obama's effort to make subprime lenders accountable for this mess too. I don't believe it will do anything but at least it will keep them busy and prevent them from concocting some half-baked taxpayer bailout.

Anything is better than bailing out these ignorant, greedy b@st@rds with my t@x dollars.

Did you notice how I implied that 'tax' is a swear word? Was that too subtle or not subtle enough?

Anonymous said...

The US is looking a lot like a banana republic. Thanks for voting with your feet sheeple. Keep on spinning that hamster wheel harder because GOP is not done with your wallet yet, much more phony wars and terrorism bullsh*t to come with Giuliana and Mitt. Boooo, watch out for the terrorist bogeyman under your bed:

"(NYT) U.S. Says Company Bribed Officers for Work in Iraq

WASHINGTON, Aug. 30 — An American-owned company operating from Kuwait paid hundreds of thousands of dollars in bribes to American contracting officers in efforts to win more than $11 million in contracts, the government says in court documents.
Skip to next paragraph
The Reach of War
Go to Complete Coverage »

The Army last month suspended the company, Lee Dynamics International, from doing business with the government, and the case now appears to be at the center of a contracting fraud scandal that prompted Defense Secretary Robert M. Gates to dispatch the Pentagon inspector general to Iraq to investigate."

Anonymous said...

Hell I don't know what to think anymore this country sucks. If there is a bailout I think I will bailout myself. Let them do it with a little less tax money

oath said...

Keep on spinning that hamster wheel harder because GOP is not done with your wallet yet

Hey idiot, Schumer is a Democrat. Lay off the crackpipe before posting

Anonymous said...

Shumer is one of the sleaziest scummiest filthiest anti-American traitor slimebags to ever walk the face of the earth.

Anonymous said...



'I have no genitals'!