Archive for July 26th, 2010

A Little Housing Help from my Friends – At Countrywide Financial

Monday, July 26th, 2010

A significant portion of the destruction wrought on the Las Vegas real estate market during the housing bubble was facilitated, or should we say enabled, by Countrywide Financial, since absorbed by Bank of America. Maybe you have read about the infamous “friends of Angelo” program they had running under the table in the heyday of the real estate boom. I know it’s shocking to think that corporations and their regulators get cozy and sexy sometimes, but BP didn’t invent the practice, that’s for sure. In this case, a federal investigation has revealed that 27 key people at Fannie Mae received especially special treatment when it came to their own personal mortgage needs. Was Countrywide trying to win friends and influence people in government and quasi-government positions important to their fraudulent cash cow machine? Well of course!