Tag Archives: Countrywide Financial Corporation

The Foreclosure "Crisis" From Another Perspective. Who Is Making A Pile Of Money Off All The Misery?

So, for whatever reason one wakes up some morning and finds themselves in a bit of trouble making the house payment. There are companies making a pile of money from various fees when homes go into foreclosure and in fact the investors behind the companies have absolutely no desire or compunction whatsoever to assist people in trouble with their mortgages…

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Obama "Outraged" Over C.E.O. Pay And Bonuses. Conveniently Forgets About His Friends Franklin Raines, James Johnson

Now we should take a moment to wonder just where Obama was when his friend and one time campaign advisor Franklin Raines, a former Chairman and C.E.O of Fannie Mae when the Securities & Exchange Commission’s chief accountant ruled that Fannie had improperly accounted for hedging transactions in its trillion-dollar portfolio of derivatives. The SEC eventually ordered Fannie to correct its books wiping out at least $6.3 billion of previously reported profit for years 2001-2004.

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