Category Archives: Mortgage Crisis

It’s Our Money, Give It Back!

First of all, Happy Saint Patrick’s Day to all my fellow Irish-Americans!

Do you think we can get Saint Patrick to drive the snakes out of AIG?  Of course, the “geniuses” in Washington are ultimately the ones who simply handed over our money with no oversight so, while he’s at it, he can drive the snakes out of Washington as well.

Poor Performance and Failure = $$$$$

Poor Performance and Failure = $$$$$

Did you hear the comments from Sen. Charles Grassley?  “The first thing that would make me feel a little bit better towards them if they’d follow the Japanese model and come before the American people and take that deep bow and say I’m sorry, and then either do one of two things — resign, or go commit suicide,” Grassley (R-Iowa) said on an Iowa radio station, WMT, a clip repeated on a Washington news station, WTOP.

Bottom Line:

AIG would have failed if not for American taxpayer money, therefore; the executives would not only be out of a job but would not be receiving any kind of bonus.  Take back the bonus money (that was covertly distributed over the weekend) and FIRE them all.  Bring in smart, honest, hardworking Americans who will run AIG the same way they run their own conscientious lives.  Obviously, these egotistical bankers still think the rules don’t apply to them.   It’s time to give them a much deserved introduction to the real world.



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Filed under Financial Crisis, Mortgage Crisis

Former Countrywide Executives Profit From Their Crimes

Stanford Kurland, formerly of Countrywide, has a new venture.

Stanford Kurland, formerly of Countrywide, has a new venture.

What do you think would happen if you ran your business with absolute reckless disregard for ethics or the law, with greed as your only motivator?  Would you be able to sleep at night?  What if the government found out?  They could close your business, or worse, send you to jail, right?

Wrong.  The government could simply let you take your money and walk away with no penance so you can start another venture where you’ll profit from your previous illegal/immoral business deals.

Any executive involved in the mortgage meltdown should be banned from profiting in any way from their criminal behavior.  The government should use the bailout money to run this very type of business and let the American taxpayers profit from foreclosed homes and not the serial crooks responsible for toppling the global economy.

The New York Times published an article yesterday about this very scenario, invovling former executives the dirtiest of all lenders in the real estate shell game, Countrywide.  You can read this article in it’s entirety here.


Filed under Mortgage Crisis

Why Are We Being Held Accountable For The Misdeeds of Others?

bud-seligBud Selig is responsible for the steroid era in baseball.  It happened on his watch and he was most definitely aware of his players using performance enhancing drugs.  He should be held accountable.  Period.

Barney Frank and Chris Dodd are responsible for the sub-prime mortgage debacle.  The Washington Post published an article in December detailing the blatant disregard for fiscal responsibility on the part of Fannie’s and Freddie’s top executives.  Their operating orders came from Frank and Dodd.  They should be held accountable.  Period.barney-frank

When kids get in trouble in this country, parents hire lawyers and deny their child’s accountability and, therefore; their own accountability.  Your kid did it.  He/she should be held accountable.  Period.

Roger Clemens could ultimately be charged with perjury for lying to congress about using steroids.  We all know he lied.  If Roger is charged, and we can prove the CEOs of the banks lied to Congress, these perjured executives should be next, right?  They ran their companies into the ground.  They should be held accountable.  Period.

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Rick Santelli responds to WH on Kudlow Report…

Here’s Santelli’s response to the smug attack from the White House Press Robot:

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Power to the People – Rick Santelli Rant

I urge everyone to search #teaparty and find one that’s being organized near you. They are being planned across the nation during meetings today and tomorrow.  Here’s the rant that started it all:

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I’m Sorry, Mr. President, You Don’t “Get It”

Obama has promised to hold to account the perpetrators of this financial crisis.  “I know how unpopular it is to be seen as helping banks right now, especially when everyone is suffering in part from their bad decisions,” Obama said. “I promise you – I get it.”

I’m sorry.  You don’t get it.  The fact that you acknowledge ‘everyone is suffering’, yet enact legislation that creates unprecedented inequities for a majority of Americans, proves your ignorance.  Where is the balance?

“I understand that on any given day, Wall Street may be more comforted by an approach that gives banks bailouts with no strings attached, and that holds nobody accountable for their reckless decisions,” Obama stated. “But such an approach won’t solve the problem.”

Please, tell me, Mr. President.  Where is the accountability?  Where are the strings?  Under your current plan, the banks receiving government bailout money are in no way required to assist American taxpayers or to disclose a detailed account of their allocation of taxpayer money.

The Associated Press did some fact checking and published the following this morning:

OBAMA: “We have launched a housing plan that will help responsible families facing the threat of foreclosure lower their monthly payments and refinance their mortgages. It’s a plan that won’t help speculators or that neighbor down the street who bought a house he could never hope to afford, but it will help millions of Americans who are struggling with declining home values.”

THE FACTS: If the administration has come up with a way to ensure money only goes to those who got in honest trouble, it hasn’t said so.

I would like to add the following FACTS:

  • If you are unemployed, you are not eligible.
  • If you are current on your mortgage, you are not eligible (you must be in default)
  • If you have a non-conforming loan (greater than $400+K), you are not eligible.

Can the Obama administration clarify the President’s comments from last night?

You can find the entire “Fact Check” published by the Associated Press here.

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Illegal Policy Dictated By Barney Frank, Promoted By Bank Executive

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This video only illustrates the result of arrogance and recklessness on the part of the House Financial Services Committee, headed by Barney Frank.  Although the banks are complicit in these acts of predatory lending, our government devised and promoted a culture that rewarded criminal behavior.

Now, the Obama administration is taking these crooks at their word as they shovel our tax money into their pockets without even the slightest hint of government oversight.  It’s simply more of the same and we can’t afford to be silent anymore.

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