L.A. grand jury probing Countrywide VIP loans

More corruption, more bailouts!!! These people need to be frog-marched to jail.


latimesblogs.latimes.com...


Report: L.A. grand jury probing Countrywide VIP loans

K314fzncThe Wall Street Journal reports that a federal grand jury in Los Angeles is investigating the so-called "Friends of Angelo" loan program at Countrywide Financial, under which influential borrowers received preferential terms on home loans.

The reported borrowers under the program have included U.S. Sen. Chris Dodd (D-Conn.), former Fannie Mae Chief Executive Franklin Raines, and California state appeals court judge Richard Aldrich

Originally posted by mabus325

More corruption, more bailouts!!!

These people need to be frog-marched to jail.


latimesblogs.latimes.com...


Report: L.A. grand jury probing Countrywide VIP loans

K314fzncThe Wall Street Journal reports that a federal grand jury in Los Angeles is investigating the so-called "Friends of Angelo" loan program at Countrywide Financial, under which influential borrowers received preferential terms on home loans.

The reported borrowers under the program have included U.S. Sen. Chris Dodd (D-Conn.), former Fannie Mae Chief Executive Franklin Raines, and California state appeals court judge Richard Aldrich

HELL man... I worked in the LA MORTGAGE industry, in subprime on top of it.
This appears to be a "setting an example" probe. I say this because every company I know of from small to big did this. The same deal was done for Elton John, John Travolta and SLASH at my old place of employment. The whole industry was so slimy
you couldn't believe it until you experienced. The LO would get out a calculator, figure out the Min. Yearly income and work the buttons until a person qualified. Literally
making up numbers behind the applicants back, calling them back with good news ( "you qualify for ------ rate ARM", etc...

100% false and BS!

A number of us rebelled and nearly got fired for pointing this out to the CFO.