Obama’s Countrywide connection
This article was originally on a blog post platform and may be missing photos, graphics or links. See About archive blog posts.
Two degrees of separation: The Wall Street Journal reports that a very special friend of Sen. Barack Obama is also a very special friend of embattled Countrywide Financial co-founder Angelo Mozilo.
The Journal reports that James Johnson -- a high-ranking advisor to Obama -- was part of an elite group -- ‘friends of Angelo’ -- who got more than $7 million in special loans from Countrywide.
The New York Sun spells out details here: ‘James Johnson, one of three people tapped by Mr. Obama recently to oversee the search for his running mate, took at least five real estate loans totaling more than $7 million from Countrywide Financial Corp. through an informal program for friends of the company’s CEO, Angelo Mozilo, the Wall Street Journal reported Saturday.’
More: ‘The Journal said at least two of the mortgages, among a series of loans made available to people Countrywide officials called ‘friends of Angelo,’ were at rates below market averages, though it is difficult to predict a market rate without access to nonpublic information about a borrower’s credit history and other factors that can reduce interest charges on a loan.’
About James Johnson: He’s part of the permanent government of this country, a long-time Democratic fixer (Mondale and Kerry campaigns), former CEO of Fannie Mae, and as such a big buyer of Countrywide loans. He’s a guy who sits on a bunch of corporate boards, etc.
Outrage: ‘That reeks most high,’ said Bonnie Russell, a public relations specialist and vocal critic of Mr. Mozilo, according to the Sun. ‘Where’s the ‘change to believe in’ if they’re playing the same old game using the same old players?’
Your thoughts? Comments? E-mail story tips to peter.viles@latimes.com
Photo Credit: A.P.
Hat tip: BR, via e-mail, mylessthanprimebeef