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.

HousingPANIC Stupid Question of the Day

What year will it be when the majority of Desperate Homedebtor Hamsters say "Damn, I wish I would have sold in 2005 and just rented"

2007?
2008?
2009?
2010?

Later?

Never?