Thursday, September 25, 2008

Countrywide Made Home Loans to Gorelick, Mudd: Leading Democrat, Ousted Fannie Chief Deny Any Favoritism

The Wall Street Journal reports:
Countrywide Financial Corp., the biggest U.S. mortgage lender, made large, previously undisclosed home loans to two additional executives of Fannie Mae, the government-chartered firm at the center of the U.S. credit crisis.

One of Countrywide's previously undisclosed customers at Fannie was Jamie Gorelick, an influential Democratic Party figure whose $960,000 mortgage refinancing in 2003 was handled through a program reserved for influential figures and friends of Countrywide's chief executive at the time, Angelo Mozilo. Ms. Gorelick was Fannie Mae's vice chairman at the time.
We'll quote an old Wall Street Journal editorial:
"What's the difference between Enron and Fannie Mae? Answer: The guys at Enron have been convicted."
With the money Jamie Gorelick made you wonder why she needed a mortgage.Jamie Gorelick sure is amazing.