The Blog @ Spolitics

Countrywide and the Democrats — A Friendship that Helped Make a Mortgage Crisis?

Before Jim Johnson stepped down from Obama’s campaign, the Presidential candidate said the questions about Johnson were just “a game.”  Now it seems we’re getting a glimpse at the reasons why Barack Obama thought it was no big deal that Johnson received cheap mortgages from Countrywide’s CEO, Angelo Mozilo.  According to the Wall Street Journal, other prominent Dems have been skipping through the mortgage market, hand in hand, with their “friend” Angelo.  Apparently, Johnson told his Democrat colleagues where preferential loans could be gotten for people in power. 

The Dems like to blame Bush for all our economic woes, but it should be pointed out that the mortgage market and the economy in general didn’t start heading south until 2007… after the Dems took over congress.  Just a coincidence?  So, as us taxpayers are being asked to foot the bill for the mortgage crisis, it’s fair to ask, exactly how many friends did Angelo have in this Democrat-controlled congress?

Update: Add Richard Holbrooke and Alphonso Jackson (a deputy HUD secretary under Bush) to the list, among others.  For more, see Portfolio.com’s Countrywide’s Many ‘Friends.’  While a lot of the focus is on Senator Dodd, Jackson’s cheap loans are just as disgusting given the role HUD played in greasing the skids for sub-prime loans.