superbrowns's Blog

In June 2008 Conde Nast Portfolio reported that numerous Washington, DC politicians over recent years had received mortgage financing at noncompetitive rates because the corporation considered the officeholders "FOA's"--"Friends of Angelo". The politicians extended such favorable financing included the chairman of the Senate Banking Committee, Democrat Christopher Dodd, and the chairman of the Senate Budget Committee, Democrat Kent Conrad. The article also noted Countrywide's political action committee had made large donations to Dodd's campaign. Democrat Senator Dodd proposed that the federal government buy up to $400 Billion in defaulted mortgages. Citizens for Responsibility and Ethics in Washington (CREW) has called for House and Senate to investigate Senators Conrad and Dodd. It was reported that James Johnson, former CEO of Fannie Mae and an adviser to Democratic presidential candidate Barack Obama, had received loans under the "Friends of Angelo".  Johnson announced he would step down from the vice-presidential vetting position on June 11, 2008 in order to avoid being a distraction to Obama's campaign.

In June 2008 The Wall Street Journal reported that Franklin Raines, a former CEO of Fannie Mae, received below market rates loans at Countrywide Financial because the corporation considered the officeholders "FOA's"--"Friends of Angelo" (Countrywide Chief Executive Angelo Mozilo). He received loans for over $3 million while CEO of Fannie Mae.  On July 16, 2008, The Washington Post reported that Franklin Raines had "taken calls from Barack Obama's presidential campaign seeking his advice on mortgage and housing policy matters."Subsequent attempts to connect Obama's campaign with Franklin Raines were characterized by The Washington Post as "a stretch".