Democrats Don't Want to Intentionally Make Themselves Look Badly
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Harrison
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Angelo Mozilo Barney Frank Chris Dodd Countrywide Financial democratic obstruction Democrats Edolphus Towns gun ban housing bubble hypocrites Kent Conrad Liberals Nancy Pelosi republicans vip home loans
A countrywide scandal the Democrats would like you to forget.
It’s an inconvenient truth that many Democrats, including Barney Frank, helped to push the lending rules so far to expand the types of people who could get loans that things got out of hand. Now, they don’t want to hold hearings on how many of them personally benefitted from the situation:
House Democrats have declined to subpoena available records that might reveal whether other members of Congress got discounted VIP mortgages from subprime lender Countrywide Financial Corp. similar to the sweetheart deals given Democratic Sens. Chris Dodd and Kent Conrad.
Republicans say they are willing to risk that the records now held by Bank of America may show that GOP lawmakers were also “friends of Angelo” who got preferential terms on personal mortgages at the behest of then-Countrywide CEO Angelo Mozilo.
Countrywide, after losing billions of dollars on defaulted subprime loans that triggered last year’s financial crisis and the consequent recession, was taken over by Bank of America a year ago.
Rep. Edolphus Towns, D-N.Y., chairman of the House Oversight and Government Reform Committee, said he has other work to do on the causes of and fixes for the financial crisis and will not interfere with other investigations of the VIP loans.
The senior Republican on Towns’ committee, California Rep. Darrell Issa, has been trying for months to get Towns to subpoena Bank of America for Countrywide’s records. He said in an interview with The Associated Press that he asked Towns again this week to issue the subpoena.
Any subpoena must be issued by the committee’s chairman. But because Democrats control Congress, there are no Republican committee chairmen. Speaker Nancy Pelosi said through a spokesman Thursday that neither she nor her staff discussed the subpoena with Towns.
Daniel Frahm, a Bank of America spokesman, said the bank is ready to turn over the Countrywide VIP documents if it receives a subpoena. The bank’s lawyer sent Issa the same message in a June letter.”They have it packed and ready to go,” Issa said in the interview.
It seems the “Blame Bush” train stops where it makes the Democrats look badly. And these are the people elected to serve us?
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2:40 PM
Yep, the Democrats are now becoming the new hypocrites of American politics. Their menial congress’ jobs approval ratings just never go up.
And that Pelosi?
I just hope that we get a third party soon, we really need it Harrison.
.-= Marc Chamot´s last blog ..Continent Sized Garbage Dumps, Echo Disasters in the Pacific Ocean Still Being Ignored; Clinton & Obama too Gutless to Confront its Asian Perpetrators =-.
2:42 PM
We both know the Electoral College makes that unlikely!
8:10 PM
Issa is quickly becoming one of my favorite Congressmen. He recently filed an official inquiry in to ACORN and they will be issuing subpoenas on that one shortly.
Additionally, he has been very vocal on wanting to open up an investigation on AmeriCorp as well now that Obama had their OIG Inspector fired.
Let’s hope that when the Repubs take over again in 2010 – they won’t let this stuff slide and will take up these investigations and get corruption and corrupt politicians out of D.C. once and for all – and behind bars.
.-= The BoBo´s last blog ..That didn’t take long! I’m a racist. =-.