This news really pisses me off BEYOND belief! The criminal masterminds in collusion with our government are sticking it to us with a smile on their face! Why isn't the MEDIA covering this news? Does the MEDIA not think this is NEWS WORTHY? I'm pretty sure ALL Americans will want to know how our government is perpetuating more of the same BULLSH*T by rewarding those responsible for our economic collapse! Way to go STOOGES! When I heard the SEC was charging Countrywide execs with civil fraud last week I knew in my heart that nothing would become of this investigation. Why you ask? Well because if Countrywide goes down, they'll make sure they bring down every damn politician that participated in this RICO conspiracy! The Sly FOXES are all in the hen house. It's a fairytale to believe JUSTICE would prevail in America anymore. Justice has been locked up somewhere, we need to find her for our sake! I honestly can't wait to see a 1970's style "Watergate Scandal" explode in the media! The TRUTH can only be repressed for so long, it's bound to surface. I only posted a portion of this article. Please click the link to read it in its entirety.
******************************************************************
Mandelman Matters
Former sub-prime lenders are back to profit off the mess they made. Seriously?
written by Mandelman
Tuesday June 9, 2009
If you were thinking that the top executives at Countrywide, once the nation’s largest mortgage lender and the company that never saw a borrower they couldn’t qualify, had fallen from grace… think again. They’re back with a vengeance and they’re positioning themselves to make a bundle off the housing meltdown. Yes, you read that correctly. Breathe… breathe…
Apparently, they were not quite satisfied with the hundreds of millions they stole… I mean made, so they’ve launched a company that will buy distressed mortgages from banks and the government at a discount, modify the loans so that the borrowers can afford them and then pocket the profits from reselling them.
The company’s name is PennyMac Mortgage Investment Trust. It’s located in Countrywide’s hometown of Calabasas, California. PennyMac filed papers in late May for a $750 million initial public offering on Wall Street. The company’s founder and CEO is Stanford Kurland, a 27-year veteran of Countrywide. Kurland was Countrywide’s Chief Operating Officer, President, and the heir-apparent to CEO Angelo Mozilo who was recently indicted by the Securities and Exchange Commission (‘”SEC”) on charges of insider trading, among other things. Kurland left Countrywide in 2006, just a few days after cashing in $130 million worth of Countrywide stock. As a matter of fact, eleven of PennyMac’s 14 officers hail from Countrywide. I tried calling PennyMac for an interview or comment, but they said that they had to decline because they are in the quiet period that precedes an initial public offering, as mandated by the (“SEC”).
It seems that many in the media have expressed concerns that what the ex-Countrywide execs are doing wouldn’t sit well with many Americans, but frankly I don’t see the problem. What’s the big deal? Hell, I think President Obama should just go ahead and give them the $750 million now… oh wait… actually, when you take into consideration the leverage and the credit default swaps, and the CDOs… let’s call it an even $20 billion and write the damn check right now.
Don’t laugh… I’m not kidding… I’m dead serious here… write the damn check Barack. Write it and sign the God damn check on television, just like you do when you sign a bill that’s becoming the law of the land. Don’t screw around with this. If this is what we’re going to do in this country, then let’s do it publicly and with fan fare. If I’m going to get raped, I want a marching band, you slithering spineless sycophants.
In case you’ve been incarcerated in a foreign land, Countrywide sold itself to Bank of America in January of 2008, but they were back in the news last week because Mozilo, along with the former CFO and former COO, a successor of Kurland by the way, were charged with civil fraud. But they all deny the charges, so it’s probably nothing, and none of the three is involved with PennyMac… you know… depending on your definition of “involved”.
Basically, the architects of the sub-prime lending that caused the greatest financial crisis in the history of mankind, are now going to profit from the crisis they caused by buying and selling the very sub-prime loans they couldn’t sell before, using money raised from selling shares of stock to the public.
New York Times columnist Gail Collins wrote: “It’s like Jeffrey Dahmer selling body parts to a clinic.”
Now isn’t that ridiculous? Dahmer selling body parts to a clinic? It’s nothing like that. That would just be gross. This is more like the Nazis committing the atrocities of the Holocaust… twice in a row. The second time with the permission of the world. And then making money selling the body parts to a clinic.
Please click HERE to read this entire article... ABSOLUTE MUST READ!
Former sub-prime lenders are back to profit off the mess they made. Seriously?
written by Mandelman
Tuesday June 9, 2009
If you were thinking that the top executives at Countrywide, once the nation’s largest mortgage lender and the company that never saw a borrower they couldn’t qualify, had fallen from grace… think again. They’re back with a vengeance and they’re positioning themselves to make a bundle off the housing meltdown. Yes, you read that correctly. Breathe… breathe…
Apparently, they were not quite satisfied with the hundreds of millions they stole… I mean made, so they’ve launched a company that will buy distressed mortgages from banks and the government at a discount, modify the loans so that the borrowers can afford them and then pocket the profits from reselling them.
The company’s name is PennyMac Mortgage Investment Trust. It’s located in Countrywide’s hometown of Calabasas, California. PennyMac filed papers in late May for a $750 million initial public offering on Wall Street. The company’s founder and CEO is Stanford Kurland, a 27-year veteran of Countrywide. Kurland was Countrywide’s Chief Operating Officer, President, and the heir-apparent to CEO Angelo Mozilo who was recently indicted by the Securities and Exchange Commission (‘”SEC”) on charges of insider trading, among other things. Kurland left Countrywide in 2006, just a few days after cashing in $130 million worth of Countrywide stock. As a matter of fact, eleven of PennyMac’s 14 officers hail from Countrywide. I tried calling PennyMac for an interview or comment, but they said that they had to decline because they are in the quiet period that precedes an initial public offering, as mandated by the (“SEC”).
It seems that many in the media have expressed concerns that what the ex-Countrywide execs are doing wouldn’t sit well with many Americans, but frankly I don’t see the problem. What’s the big deal? Hell, I think President Obama should just go ahead and give them the $750 million now… oh wait… actually, when you take into consideration the leverage and the credit default swaps, and the CDOs… let’s call it an even $20 billion and write the damn check right now.
Don’t laugh… I’m not kidding… I’m dead serious here… write the damn check Barack. Write it and sign the God damn check on television, just like you do when you sign a bill that’s becoming the law of the land. Don’t screw around with this. If this is what we’re going to do in this country, then let’s do it publicly and with fan fare. If I’m going to get raped, I want a marching band, you slithering spineless sycophants.
In case you’ve been incarcerated in a foreign land, Countrywide sold itself to Bank of America in January of 2008, but they were back in the news last week because Mozilo, along with the former CFO and former COO, a successor of Kurland by the way, were charged with civil fraud. But they all deny the charges, so it’s probably nothing, and none of the three is involved with PennyMac… you know… depending on your definition of “involved”.
Basically, the architects of the sub-prime lending that caused the greatest financial crisis in the history of mankind, are now going to profit from the crisis they caused by buying and selling the very sub-prime loans they couldn’t sell before, using money raised from selling shares of stock to the public.
New York Times columnist Gail Collins wrote: “It’s like Jeffrey Dahmer selling body parts to a clinic.”
Now isn’t that ridiculous? Dahmer selling body parts to a clinic? It’s nothing like that. That would just be gross. This is more like the Nazis committing the atrocities of the Holocaust… twice in a row. The second time with the permission of the world. And then making money selling the body parts to a clinic.
Please click HERE to read this entire article... ABSOLUTE MUST READ!
No comments:
Post a Comment