Video: Fannie Mae, Countrywide’s mutual backscratching

posted at 2:20 pm on July 21, 2010 by Ed Morrissey

Color me a little surprised that CBS covered this story this week — and credit it to Rep. Darrell Issa (R-CA), who has doggedly “followed the money” in this scandal for the last two years.  While we knew about the Friends of Angelo program that counted Chris Dodd and others on Capitol Hill among its beneficiaries, the scale of the income involved for Fannie Mae execs and their reach within government is certainly worth a much closer look.  With Barack Obama threatening to undermine the basis for these kinds of shenanigans in the future, will this coverage become a fashion trend now in the American media?  We can only hope:

Over 150 officials at Fannie Mae got preferential treatment by Countrywide. They now claim, like those at the top, that they had no idea that they got conditions preferable to market conditions when Countrywide offered them. Maybe they can make a porn defense


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Scratch Barney Franks back………….

and Barney won’t scratch your eyes out….

canopfor on July 21, 2010 at 2:27 PM

Obama and Rezco got their real estate loans From the First Backscratch Bank of Chicago.
They had to have a backscratch appraisal to jack up the value.

seven on July 21, 2010 at 2:28 PM

Just like the transformers, there is more here than meets the eye. Something strange is going on if Obama is going to go after Fannie and Freddie, and I am simply not buying it. I smell a ginormous bailout coming that will put Porkulus to shame.

Johnnyreb on July 21, 2010 at 2:35 PM

OMG .. Jamie Gorelick represents BP.

J_Crater on July 21, 2010 at 2:35 PM

At least Jamie Gorelick was not involved. Right? Please tell me she was not involved. My world would be crushed.

PS. Is Jamie Gorelick involved in any of the new Al Gore sex incidents?

WashJeff on July 21, 2010 at 2:35 PM

Republicans and Conservatives working hard to succeed are heartless and greedy, while the wonderful big hearted progressive liberals accidentally get rich with deals like this.

RJL on July 21, 2010 at 2:39 PM

Sure the nets cover this kind of stuff after the financial bill has passed…but where has all the coverage of Fannie and Freddie leading up to its passage?

d1carter on July 21, 2010 at 2:42 PM

Wow, The Perky One was getting a little Beck-ish there. Save your flailing career, Katie….dig a little bit. Do an in-depth report. Here are two names to get you going: Dodd and Frank.

hoosiermama on July 21, 2010 at 2:42 PM

Over 150 officials at Fannie Mae got preferential treatment by Countrywide. They now claim, like those at the top, that they had no idea that they got conditions preferable to market conditions when Countrywide offered them.

The, “I’m stupid”, excuse? Yeah, right. Remember the accounting fraud a few years ago? This organization is incredibly corrupt and mismanaged, but they get by (and off) because of Frank, Dodd and their protectors in the Democrat Party.

Nancy’s Culture of Corruption is located with her party, and as long as they scream at Republicans constantly they deflect attention from themselves. All corruption should be dealt with. Of course, with the media intent on protecting their friends we will probably never see an investigation by the MSM. Nothing to help taxpayers – just their pals.

Cody1991 on July 21, 2010 at 2:42 PM

OT: Daily Caller has dropped another Journolist excerpt after BHO’s victory…

d1carter on July 21, 2010 at 2:48 PM

OT: Daily Caller has dropped another Journolist excerpt after BHO’s victory…

d1carter on July 21, 2010 at 2:48 PM

d1carter: Linky,:)

canopfor on July 21, 2010 at 2:50 PM

CBS choose to NOT cover this before the financial bill was passed as that would force people to ask why the two cash bleeding, federally managed into the ground, mortgage companies were IGNORED by the wonderfull, economy destroying, financial bill!

Freddy on July 21, 2010 at 2:53 PM

canopfor on July 21, 2010 at 2:50 PM

http://dailycaller.com/2010/07/21/obama-wins-and-journolisters-rejoice/

Cody1991 on July 21, 2010 at 2:55 PM

canopfor on July 21, 2010 at 2:50 PM
==================
http://dailycaller.com/2010/07/21/obama-wins-and-journolisters-rejoice/

Cody1991 on July 21, 2010 at 2:55 PM

Cody1991: Thanks I found it,hey,I’m scrolling down the
page,and it was right there at the top,ugh!!
Thanks again:)

canopfor on July 21, 2010 at 2:58 PM

It’s a good thing that the new Financial Regulation bill will finally get after Fanny Mae and Freddy Mac and those at the heart of the financial meltdown…

Oh, wait!

Seven Percent Solution on July 21, 2010 at 3:00 PM

canopfor on July 21, 2010 at 2:58 PM

Ugh! is right. How melodramatic and juvenile they are. Nasty bunch – but typical of leftists.

Cody1991 on July 21, 2010 at 3:03 PM

Scratch Barney Franks back………….

and Barney won’t scratch your eyes out….

canopfor on July 21, 2010 at 2:27 PM

And he won’t use his gavel on you in an unspeakable way.

itsnotaboutme on July 21, 2010 at 3:13 PM

canopfor on July 21, 2010 at 2:58 PM

Rush is right.There are no journalist and no more MSM.

docflash on July 21, 2010 at 3:14 PM

canopfor on July 21, 2010 at 2:50 PM

Sorry, I had to leave a bit. Life got in the way of my web addiction. heh

d1carter on July 21, 2010 at 3:32 PM

Color me a little surprised that CBS covered this story this week

Why the suprise, not a single Democrat mentioned…

Theworldisnotenough on July 21, 2010 at 3:36 PM

Scratch Barney Franks back………….

and Barney won’t scratch your eyes out….

canopfor on July 21, 2010 at 2:27 PM

LOL

Theworldisnotenough on July 21, 2010 at 3:37 PM

canopfor on July 21, 2010 at 2:50 PM
=================================
Sorry, I had to leave a bit. Life got in the way of my web addiction. heh

d1carter on July 21, 2010 at 3:32 PM

d1carter: No problemo,I got it.Just wow,I have never seen
or read a group of people that were so in awe of
a human being!

The closest I have ever seen,would be of the peop
le that were mesmerized of their Leader in Germany
leading up to the start of WW2!:)

canopfor on July 21, 2010 at 3:42 PM

canopfor on July 21, 2010 at 2:58 PM
=========================
Ugh! is right. How melodramatic and juvenile they are. Nasty bunch – but typical of leftists.

Cody1991 on July 21, 2010 at 3:03 PM

Cody1991:Yup,the whole bunch are Star-Struck for a Two
year Senator!!:)

canopfor on July 21, 2010 at 3:48 PM

Here’s the link to the printed version:

Docs Show Countrywide’s Cozy Ties to Fannie Mae</

Paul_in_NJ on July 21, 2010 at 4:50 PM

The lede to the CBS article is interesting in that it seems to contradict the left-wing narrative that ‘greedy bankers’ were behind the market meltdown:

The partnership between Countrywide and government-backed Fannie Mae is partly to blame for the housing crisis. They made billions buying and selling each other’s toxic loans.

But as they were sending America’s housing market down the tubes, CBS News investigative correspondent Sharyl Attkisson reports new documents show Countrywide and Fannie Mae were quietly scratching each other’s backs.

Oh, yeah, then there’s the political angle:

Documents provided to Congress under subpoena show Jim Johnson, who made $21 million as Fannie Mae CEO, took $10 million dollars in VIP Countrywide loans. Other Fannie Mae executives who got VIP loans from Countrywide include: then-Vice Chair Jamie Gorelick, who earned $26 million over four years at Fannie Mae and now represents BP.

Those subpoenaed docs are likely full of interesting tales. Wonder if CBS will have the stones to tell us more about the “Friends of Angelo”?

Paul_in_NJ on July 21, 2010 at 4:56 PM

It would have been nice if Katie mentioned that BHO had given Fannie and Freddie a blank check to continue pillaging America.

That tidbit would have been helpful.

madmonkphotog on July 21, 2010 at 5:30 PM

The whole Fin Reg bill is a sham without Fannie and Freddie included in the bill. Gee, I wonder why Fannie and Freddie are not included in the bill? Obama Administration, nothing to see here move along, we need to keep Rahm on the payroll. Sure wish the bozos at CNBC or Bloomberg would report the entire truth. This bill should not have passed without Fannie and Freddie included, Scott Brown, why did you vote for this monstrosity of a bill?

Atlanta Media Guy on July 21, 2010 at 6:07 PM