I believe we have the most corrupt government in our history. They set up the real estate bubble, which led inevitably to the foreclosure crisis which is not over yet. They bailed out their bad guy friends at the banks and mortgage companies.
While the bubble was building, our trusted public servants were able to get sweetheart deals on their own mortgages.
Mirable dictu! Marvelous to say! The House and Senate ethics (that makes me choke) committees decided that their members did nothing wrong.
Foxes guarding the henhouse. Crook Senator Dodd, featured at the left, did not think it was out of the ordinary that he got his special deal from the top brass at Countrywide, the worst offender.
He had plenty of company, as disclosed by John Fund in National review Online:
Representative Darrell Issa (R., Calif.), chairman of the House Government Reform and Oversight Committee, issued a report last July concluding, among other things, that Countrywide lobbyists would frequently refer members of Congress and their staff to the company’s VIP desk so they could receive “enhanced customer service.” E-mail evidence was found showing that specific requests for personal loans were made to the VIP desk and quickly facilitated. Issa’s committee found that more than six current and former lawmakers — including retiring Senate Budget Committee chairman Kent Conrad, a North Dakota Democrat, and House Armed Services Committee chairman Buck McKeon, a California Republican — obtained mortgages through the Countrywide VIP program.
Angelo Mozillo was the head of Countrywide, the worst purveyor of garbage mortgages and predatory loans. How did he get away with it? By corrupting public officials and the quasi-public Fannie Mae, whose bailout bill is still being paid.
“Countrywide partnered with Fannie Mae in a strategic business alliance that also included joint lobbying efforts,” it concludes. “Countrywide lobbyists and CEO Angelo Mozilo used discounted loans as a tool to ingratiate itself with policymakers in an effort to benefit the company’s business interests,”
My ex-Congressman, defeated in the last election primary by another incumbent Democrat, after the Republican re-districting, describes the complete lack of intestinal fortitude of our fearless leaders:
Everybody in this building knows that the housing market was the root of the financial crisis. Here’s the problem: They’re scared of crossing the financial industry and being defeated with the industry’s money. So they’re silent. Silent. Silent. Silent. Their rationale is: If I get defeated, I’m not going to be able to do anything. That’s what the problem is.
And their actions caused hundreds of thousands of foreclosures and tens of thousands of bankruptcies.
They should be held accountable.