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PerpWalkWatch - # of Hours New AG Eric Holder Has Let Angelo Mozilo Run Free
Eric Holder and Barack Obama
Failure to
Arrest
Angelo Mozilo
2862 Hours
(countdown suspended 6/21/2009)
ERIC HOLDER - YOU ARE A COWARD
DO YOUR JOB
(UPDATE 6.4.09 - SEC CHARGES MOZILO WITH INSIDER TRADING. YET ERIC HOLDER STILL SITS ON HIS ASS AND DOES NOTHING)
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They warned us: US was told to 'expect foreclosures, expect horror stories'
WASHINGTON (AP) -- The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown, according to an Associated Press review of regulatory documents.
"Expect fallout, expect foreclosures, expect horror stories," California mortgage lender Paris Welch wrote to U.S. regulators in January 2006, about one year before the housing implosion cost her a job.
Bowing to aggressive lobbying -- along with assurances from banks that the troubled mortgages were OK -- regulators delayed action for nearly one year. By the time new rules were released late in 2006, the toughest of the proposed provisions were gone and the meltdown was under way.
"These mortgages have been considered more safe and sound for portfolio lenders than many fixed rate mortgages," David Schneider, home loan president of Washington Mutual, told federal regulators in early 2006. Two years later, WaMu became the largest bank failure in U.S. history.
The administration's blind eye to the impending crisis is emblematic of its governing philosophy, which trusted market forces and discounted the value of government intervention in the economy. Its belief ironically has ushered in the most massive government intervention since the 1930s.
Many of the banks that fought to undermine the proposals by some regulators are now either out of business or accepting billions in federal aid to recover from a mortgage crisis they insisted would never come. Many executives remain in high-paying jobs, even after their assurances were proved false.
http://biz.yahoo.com/ap/081201/meltdown_ignored_warnings.html
Fuck Bushco and Cheneyburton.
Censure, Arrest and Imprison.
Restore Faith in America, send these douchebags into general population.
.
Hey you Obama voters!
He paid for your gas yet?
What about your mortgage??
Hows that workin out for ya?
.
Hey you Obama voters!:
Did you know that everything is his fault now; months from taking office...
And has been ever since the nomination.
Keep repeating that. ;^D
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