Free Republic

House Minority Leader Nancy Pelosi’s strong statements in support of the “Occupy Wall Street” movement raise an interesting question: Does she, then, oppose the preferential treatment her son received at the hand of the financial industry? Pelosi’s son, Paul Pelosi, Jr., was protected from a round of layoffs when he was a mortgage broker for Countrywide, according to “Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon,” a 2011 book by Pulitzer Prize-winning New York Times columnist Gretchen Morgenson. “Paul Pelosi, Jr., the son of Nancy Pelosi, the former Speaker of the House, worked as a mortgage...

Angelo Mozilo, former boss of Countrywide Financial, has been charged with civil fraud and insider trading by the Securities and Exchange Commission. He is the highest profile executive to face charges relating to the US sub-prime mortgage crisis in 2007. --snip-- Mr Mozilo has denied doing anything wrong. Two other former executives have also been charged with civil fraud. --snip -- The SEC published extracts from e-mails sent by Mr Mozilo. "The bottom line is that we are flying blind on how these loans will perform in a stressed environment of higher unemployment, reduced values and slowing home sales," he...

Senate Banking Committee Chairman Chris Dodd (D-Conn.) seems to at tract friends who, in turn, attract scrutiny from the Securities and Exchange Commission. Thursday, the SEC hit subprime-mortgage giant Countrywide Financial's ex-CEO Angelo Mozilo with a fraud suit for allegedly deceiving investors on the true condition of the company. He was also charged with insider trading. In 2003, Dodd's role on the Banking Committee got him dubbed a "Friend of Angelo" by Countrywide -- and thus eligible for two sweetheart $800,000 loans. The Senate Ethics Committee is -- at a glacial pace -- investigating the circumstances behind Dodd's Countrywide-refinanced mortgages....

House Democrats Lock GOP Out of Committee Room A bitter divide over Countrywide mortgage scandal. By JAMES FREEMAN Democratic staff for the House oversight committee informed their GOP counterparts today that the majority has changed the locks on the committee's hearing room. While Republicans previously enjoyed their own key to the room, they will now have to request access from Democrats. This followed a bitter partisan argument in which Republicans refused to take down a video from their website that contradicted Dem explanations about a closed-door meeting on the Countrywide VIP loan scandal. As we reported last week, the committee...

Issa demands details on Countrywide's VIP loan programBy Peter Schroeder - 02/16/11 06:31 PM ET Bank of America will have to turn over all documents and records tied to Countrywide Financial's VIP lending program after House Oversight Committee Chairman Darrell Issa (R-Calif.) issued a subpoena for them Wednesday. Issa announced the far-reaching subpoena, his first as chairman of the panel, and made clear that he wanted to know specifically what public employees or elected officials may have benefited from the program. Issa is looking for all documents about the program, and is particularly interested in what "covered borrowers" were involved...

ABC News has learned that Richard Holbrooke, the US Special Representative to Afghanistan and Pakistan, has died. On Friday, Holbrooke was rushed to the hospital with a torn aorta. He went through more than 20 hours of surgery. Earlier this evening, speaking at the US State Department, President Obama sang Holbrooke's praises and called him "a tough son of a gun." Holbrooke, 69, was a former ambassador to the United Nations and served as chief negotiator at the Dayton Peace Accords, which ended the war in Bosnia. The New Yorker's George Packer wrote a nice story about Holbrooke last year,...

At the end of last week's letter on the whole mortgage foreclosure mess, I wrote: "All those subprime and Alt-A mortgages written in the middle of the last decade? They were packaged and sold in securities. They have had huge losses. But those securities had representations and warranties about what was in them. And guess what, the investment banks may have stretched credibility about those warranties. There is the real probability that the investment banks that sold them are going to have to buy them back. We are talking the potential for multiple hundreds of billions of dollars in losses...

TWO cut-rate mortgages from failed subprime giant Countrywide Financial continue to cost Sen. Christopher Dodd, shredding the Connecticut Democrat's credibility as he faces re-election next fall. This week, news of the secretive Senate Ethics Committee investigation into Dodd's unusual mortgage deals leaked to The Associated Press. AP reported that at least one witness, Robert Feinberg, starkly contradicted Dodd's account of what favors he knew he was getting from a company that, as a member of the Banking Committee, he helps regulate

Corruption: Chris Dodd's teetering re-election chances weren't helped by news that the senator may have lied about not knowing he got preferential treatment as one of Countrywide Financial's Friends of Angelo program.Can you foreclose on a house of cards? Dodd, D-Conn., may soon find out after the official who handled his mortgages testified before both the House Government Reform and Oversight Committee and the Senate Ethics Committee that Dodd did in fact know he got sweetheart deals from a company that went on to lose billions of dollars on home loans to credit-strapped borrowers. As the No. 1 recipient of...

Ethics: Sen. Dick Durbin cashes out of the market and invests with a key Democratic contributor after a Treasury briefing warning of collapse. Meanwhile, Sen. Chris Dodd's Irish cottage appraises at triple the value he's disclosed.Those investors who rode the stock market down to the bitter end and saw their 401(k) accounts evaporate in the morning sun could have used the information Senate Majority Whip Durbin had at his fingertips on Sept. 19, 2008, when he sold $42,696 worth of mutual fund shares. By the end of September, Durbin had sold investments totaling $116,000.

Another thing to be po'd off at Ken Lewis about if you're a Bank of America (BAC) shareholder: You're paying for Angelo Mozilo's legal defense, as fe faces civil fraud charges from the SEC. Granted, The Tanned One had that agreement in place with Countrywide prior to the sale, and Bank of America inherited that when it bought the company. And it's also true that in Q1 Countrywide was a big contributor to Bank of America's earnings. So maybe you should be grateful! A few extra lawyer bills are a small price to pay. Although if the refi boom melts...

Just in time for the Oscar’s, Chris Dodd makes his bid for Best Actor in a Corrupt Role . . . On this weekend’s Journal Editorial Report on FNC, host Paul Gigot interviewed Kevin Rennie of the Hartford Courant, who has been closely following the story of the sweetheart deal Dodd, Chairman of the Senate Banking Committee, received from Countrywide Financial under the “Friends of Angelo” program, a reference to Countrywide CEO Angelo Mozilo. The segment opened with a clip of Dodd speaking with reporters at a recent meeting at which he made available a carefully selected set of papers...

The worst economic turmoil since the Great Depression is not a natural phenomenon but a man-made disaster in which we all played a part.In the second part of a week-long series looking behind the slump,Guardian City editor Julia Finch picks out the individuals who have led us into the current crisis Alan Greenspan, chairman of US Federal Reserve 1987- 2006Only a couple of years ago the long-serving chairman of the Fed, a committed free marketeer who had steered the US economy through crises ranging from the 1987 stockmarket collapse through to the aftermath of the 9/11 attacks, was lauded with...

Transition: Jamie Gorelick may be back, this time as attorney general. It was her "wall of separation" that that left us blind pre-9/11. And let's not forget her admirable service at Fannie Mae.Not many people can claim to have been at the center of arguably the greatest financial disaster and greatest national security disaster in American history. But Gorelick, said to be on the short list for attorney general by the New York Times, can. Surely that qualifies her for further government service. Gorelick earned an estimated $26 million serving as vice chair of Fannie Mae from 1998 to 2003....

Will there be a MORTGAGE-GATE controversy in the 2008 election? Judicial Watch has filed a complaint against the sweetheart deal that Senator Obama Barack has received in terms of a mortgage. So has Senator Christopher Dodd, D-CT, who is chair of the Senate Banking Committee. One must ask the question are these two Democrats: are they Dumb, Dishonest, or both -- to have accepted these sweetheart mortgage deals for their personal life? Should the US Justice Department start investigating these politicians and others for such deals to receive favorable treatment in legislation now that the mortgage industry is in serious...

'I would never take 'trust me' for an answer, not even in the best of times. Not even from a president on Mount Rushmore." So declared Sen. Christopher J. Dodd last week on the floor of the U.S. Senate during a debate on government surveillance. Dodd declared he will not trust our leaders unless he gets to see certain national security documents. Dodd insists, however, that we trust him when he says he didn't know he received special treatment when he borrowed nearly $800,000 from Countrywide Financial Corp. in 2003. Dodd continues to refuse to release the standard documents (commitment...

Two influential US senators got "VIP" loans from a subprime mortgage lender saving them tens of thousands of dollars. Democrats, Chris Dodd, Connecticut and Kent Conrad of NDakota, received highly favorable loans under "Friend of Angelo," a reference to embattled Countrywide head Angelo Mozilo, Condé Nast Portfolio reported. Dodd chairs the Senate Banking Committee; Conrad chairs the Budget Committee and is a member of the Finance Committee. Others who received "FOA" loans include Alphonso Jackson, HUD Secy under Pres Bush ( resigned in April), and Donna Shalala, Clinton's HHS secretary. The report came one day after Democratic heavyweight Jim Johnson...

If you're going to promise "new politics," it would probably be wise to eschew the same old Beltway cronies and insiders who have served presidential nominees of yore. And if you're going to attack political opponents for playing "textbook Washington games," it would probably be best not to play them yourself. If you do, you'll end up tongue-tied in front of the cameras, hung by your own holier-than-thou rhetoric and faced once again with the decision to throw another bad choice under the bus. Yes, Barack Obama, we're talking about you. Again. It's getting mighty crowded under that bus, isn't...

WASHINGTON (AP) -- Barack Obama is considering former top military leaders among his possible running mates, according to a senator who met Tuesday with the Democratic presidential candidate's vice presidential vetting team. North Dakota Sen. Kent Conrad told The Associated Press said the team asked him about potential candidates from three broad categories _ current top elected officials, former top elected officials and former top military leaders. Conrad would not disclose which names they discussed, and the Obama campaign has been keeping the process a closely guarded secret. "We talked about many names," Conrad said, including "some that are out...