Free Republic

CALABASAS, Calif. — Fairly or not, Countrywide Financial and its top executives would be on most lists of those who share blame for the nation’s economic crisis. After all, the banking behemoth made risky loans to tens of thousands of Americans, helping set off a chain of events that has the economy staggering. So it may come as a surprise that a dozen former top Countrywide executives now stand to make millions from the home mortgage mess. Stanford L. Kurland, Countrywide’s former president, and his team have been buying up delinquent home mortgages that the government took over from other...

WASHINGTON -- U.S. Senate lawmakers on Saturday overwhelmingly passed a broad package of housing legislation, hoping to send a calming message to financial markets and voters amid the ongoing deterioration of the housing market and a growing number of bank failures. Meeting in a rare weekend session, the Senate voted 72-13 in favor of the bill, which includes tax breaks for homeowners, a $300 billion program to refinance loans for struggling borrowers, and a dramatic rescue plan for embattled mortgage finance firms Fannie Mae and Freddie Mac. Other provisions include an increase in the federal debt limit to $10.6 trillion...

Looks like Sen. Christopher Dodd needs to re-recast his story about his dealings with Countrywide Financial. In June, portfolio.com revealed he and other bigwigs got discounted loans from Countrywide under the "Friends of Angelo" program, named for and run by CEO Angelo Mozilo. Sen. Dodd initially denied getting the VIP treatment when he and his wife refinanced two mortgages in 2003. But he later changed his lie, admitting Countrywide had extended them VIP loans, not because he was on the Senate Banking Committee, but because they browbeat a flunky loan officer into lowering the rates. But that lie doesn't jibe...

Chris Dodd is trying desperately to change the subject, but it isn't working. After a year on the presidential campaign trail, he returned to his Senate duties this year only to find his approval rating had fallen to 51 percent. So he did something uncharacteristic: He made several appearance in the state so the soiled masses might get close, but not too close, to him again. Confident he was back in their good graces, he returned to the Capitol to close the sale of his office to subprime lenders. After ignoring the mortgage meltdown for months, he filed legislation to...