Comments on: Real Culprits in CA Housing Crash

By: Hondo

Hondo — Tue, 15 Jan 2013 03:00:24 +0000

Bank of America was talked into buying Countrywide by the feds to avoid their going bankrupt,without looking closely at the books. Then the fed turns around and sues BofA. No wonder their CEO got thrown out.
Everyone has dirty hands in that mess.
Hondo…

By: Marten Purdy

Marten Purdy — Sat, 12 Jan 2013 18:31:24 +0000

In the United States, Fannie Mae and Freddie Mac are examples of Crony Capitalism. Government backing let Fannie and Freddie dominate mortgage underwriting. The politicians created the mortgage giants, which then returned some of the profits to the politicians – sometimes directly, as campaign funds; sometimes as “contributions” to favored constituents.

By: jimmydeeoc

jimmydeeoc — Fri, 11 Jan 2013 20:42:18 +0000

This week, Bank of America agreed to pay Fannie Mae $11.6 billion to settle a claim that its subsidiary, Countrywide Financial, sold questionable mortgage-backed securities to the government mortgage agency.
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The Federal Government as playground bully? Hmmmmmmm……imagine that.

“Well you didn’t seem to care much back THEN, Fannie. You just gobbled up everything we put in front of you. No questions….let me emphasize…. NO QUESTIONS asked……”

“Ohh yeah? Well we care NOW! Besides……My Uncle Sugar looks out for me! He’ll kick your behind…..So pay up….or he’ll come over and beat you up!”