It appears that the mortgage cancer is starting to really show it’s true reach, and it’s spreading to every continent and almost every human on earth. From America to Ireland and to Japan, the tumors have spread and no one knows just how bad it’s going to get.
Screw global warming! It looks like this mortgage cancer may swallow the world and will make today’s serious environmental issues, look like a walk in the “North Pole” park.
It looks like everyone had their hands in the mortgage cookie jar. Good Rate Chocolate Chips and No Cost Macadamia Mortgage Nut cookies for all.
Countrywide Financial, the largest mortgage lender at the center of the US housing crisis, regularly gave loans on favorable terms to prominent lawmakers and former cabinet members, according to US media.
The preferential treatment for senators including Democrat Chris Dodd, chairman of the Senate Banking Committee and a recent presidential candidate, was approved by Angelo Mozilo, chief executive of Countrywide Financial, the Washington Post reported on Saturday.
CondeNast Portfolio magazine first broke the story on Wednesday, saying the recipients of the favorable terms were known as “Friends of Angelo” in internal company documents and e-mails.
“Make an exception due to the fact that the borrower is a senator,” Mozilo wrote in one e-mail obtained by the magazine, referring to a loan for Kent Conrad, a Democratic lawmaker from North Dakota.
Just imagine how many of these email, deals, and exceptions were made over the glorious and hugely profitable years of the unregulated mortgage industry.
Even our law makers had their hands in the mortgage cancer cookie jar.
“It appears Countrywide waived one point on my mortgage,” Conrad, a North Dakota Democrat, said in a statement today in Washington. “Although I did not ask for or know that I was receiving a discount, and even though I was offered a competitive loan from another lender, I do not want to have received preferential treatment.”
Now, the lights have turned on and their finger prints are all over the lid of the jar, and crumbs are all over their faces. Oops, they say, as they swallow the remainder of the mortgage cookie and regret every second of it.
Conrad and Senator Christopher Dodd, who oversees the U.S. mortgage industry as chairman of the Senate Banking Committee, were among those who received loans through Countrywide’s “V.I.P.” program, which waived points, fees and borrowing rules for prominent people, Portfolio magazine reported June 12. Dodd has denied receiving preferential treatment.
How many powerful careers will this ruin with over a 1% reduction in loan fees or a special interest rate? My guess is ALOT!
Looks like this mortgage cancer is definitely terminal, and not a soul on earth is immune from its reach.