Bank Of America Liable For What? Countrywide

What If Countrywide Had Declared Bankruptcy?

NPR and other news outlets stress it was a jury decision! If I had been on the jury this would not have happened! Clearly, the jury was mislead. Jury nullification should be restored ASAP (see my blog post here)!

Without big government intervention under President George W. Bush, Countrywide Financial Corp. would have most likely gone bankrupt. This is what should have happened! Would then, the federal government have sued on behalf of the two GSE (government sponsored entities) to recover these alleged losses?

First The Government Forced The Purchase, Then It Sues The Buyer

This is another one of business enemy no. 1 or President Obama’s masterpieces. President George W. Bush’s Treasury Secretary Henry Paulson forced Bank of America to buy the distressed Countrywide Financial Corp. Then, President Obama’s administration sues BoA.  The previous president did not have too much of a clue about economics, but this president is totally clueless.

It used to be the business of America is business until about the turn of the 20th century. With President Obama it is bigger government at any cost.

The federal case against J.P. Morgan bank is very similar. A $13 billion settlement would be outrageous!

Friends Of Angelo Mozilo

More about it here.

The politicians extended such favorable financing included the chairman of the Senate Banking Committee, Christopher Dodd, the chairman of the Senate Budget Committee and Kent Conrad. The article also noted Countrywide's political action committee had made large donations to Dodd's campaign.

It was reported that Franklin Raines, a former CEO of Fannie Mae, received below market rates loans at Countrywide Financial because the corporation considered the officeholders "FOA's". He received loans for over $3 million while CEO of Fannie Mae.

Adding Insult To Injury

The federal government sued on behalf of Fannie Mae and Freddie Mac, who are both major contributors to the Financial Crisis of 2008 by enabling lower or non-existing lending standards, buying sub prime mortgage loans, by securitizing mortgage loans and so on.

Without those two government run giant mortgage banks, the financial crisis of 2008 would not have happened!

Why Does Wikipedia Not Have An Article On Countrywide Financial Corp.?

Wikipedia has no article about this company and its history. The purchase is very briefly covered under Bank Of America Home Loans, but the link to this article has the URL http://en.wikipedia.org/wiki/Countrywide_Financial.

This is all very peculiar to say the least!