Its more than Obamaland - its America-land.
Countrywide gave benefits to Congressmen, and Congressmen wrote the rules that allowed countrywide to sell crap mortgages to GSE’s like Fannie and Freddie, whose losses are covered by taxpayers. Bank of America bought Countrywide for $4 billio, and will wind up losing possibly $40 billion on the deal, while the US Gov’t bails them Bank of America with TARP, and the Federal Reserve also bails them out with zero interest rates and buying questionable debt for their its account. It is in the interest of all of America’s ruling class for this problem to disappear as quietly as possible.
Obama is now just sitting atop the pile of corruption that is the Wall Street-Govt nexus, hoping to push things in his favor - but the structure was built long before him.
I’m well aware of that.
Obama is definitely a symbol of what is going on in 2013.
In mid 1998 I had to jump through flaming hoops to qualify for a construction/permanent (CP) loan from Countrywide for the house I wanted to build. Shortly thereafter in 1998 the qualifications suddenly loosened up and my loan was promptly approved. The day after the house was built and the deal closed in mid 1999, Countrywide sold my mortgage to Fanny Mae. Based on my experience, mid 1998 is when Countrywide opened the floodgates and began dumping all their loans on Fanny Mae. This whole fuster cluck commenced then.