Tuesday, October 21, 2008

"Friends of Angelo"--Are They Crooks?

Angelo Mozilo was the President of Countrywide Mortgage, which specialized in sub-prime and Alt-A loans. Those loans were sold to Fannie and Freddie, and sometimes re-sold to predators like Bear Stearns, Lehman, Goldman Sachs, (etc.) who re-sold them to ....ah.....rubes.

The U S Taxpayer will pick up the pieces, which will run between $200Bn and $1Trillion.

Angelo Mozilo also arranged for "sweetheart" loans to his Extra-Special-Government Pals.

Franklin Raines, ex-CEO of Fannie

James Johnson, also an ex-CEO of Fannie

Sen. Christopher Dodd, D-Conn (the sweetheart mortgage was IN ADDITION to the campaign contributions from Countrywide)

Sen. Kent Conrad, D-N.D

Secretary of Housing and Urban Development Alphonso Jackson (a BushBoyyzzzz)--now you know why he suddenly "resigned."

Donna Shalala

Richard Holbrooke (Clinton hanger-on)

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