countrywide

Everything you need to know about the bailouts

Originally posted 2009-03-22 20:41:56 -0500. Bumped by carol.

in 2 short paragraphs. A relatively long post for Atrios. Wheeeeeeeeeeeeee!

What's The Goal?

Others have made this point in various ways, but if the goal is to bail out the banksters and keep the existing too big to fail financial order in place with the same cast of characters in charge, then all of this sounds like a cunning plan.

If the goal was really to get banks lending again they'd be funneling large sums of money to healthy (mostly smaller) financial institutions who actually made sensible choices over the last few years.

Meanwhile a fire sale is going on:

Countrywide legal troubles growing exponentially

Legal problem after legal problem getting piled higher and deeper for Countrywide in the last couple of weeks...

Countrywide Chairman and CEO Angelo Mozilo might just be in some very big trouble:

SEC Begins Formal Probe Of Countrywide
The Securities and Exchange Commission escalated its scrutiny of Countrywide Financial Corp. into a formal investigation, according to a regulatory filing by Bank of America Corp.

The document didn't specify what aspect of the lender the SEC's probe is focused on, although regulators launched an informal inquiry into Countrywide Chairman and CEO Angelo Mozilo's stock trades last fall.

Representatives for Charlotte, N.C.-based Bank of America and Countrywide declined to comment beyond the filing Friday.

Please note the privacy issue story at the end of this because Countrywide's legal troubles just keep getting piled higher and deeper:

Should fraud and other laws be enforced , and how, or should banks be bailed out?

originally posted 2008-03-09 12:04:24 -0500

This is material on some of the different ways in which people are approaching the question of how to deal with the fall out from the housing and mortgage crisis. There's quite a few links here, and not so much comment. I hope you have time to work through the links