If I had it all to do over again I'd be a banker - DFWstangs Forums
 
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post #1 of 7 (permalink) Old 06-22-2008, 09:36 PM Thread Starter
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If I had it all to do over again I'd be a banker

I swear. People love ya' when the going is good and the government bails your ass out when things go against you.

Quote:
National Review Online has obtained an internal Bank of America "discussion document" (PDF here) on the subject of the FHA Housing Stabilization and Homeownership Retention Act of 2008, a.k.a. the Dodd-Shelby mortgage-lender bailout bill .... This discussion document (dated March 11, 2008) would appear to support the contention that BofA essentially wrote the bailout section of the bill.
http://corner.nationalreview.com/pos...EzZTI1OGZjZTg=

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post #2 of 7 (permalink) Old 06-22-2008, 09:57 PM
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Pfft. You're already a freakin' bank...
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post #3 of 7 (permalink) Old 06-22-2008, 10:10 PM
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"on the subject of the FHA Housing Stabilization and Homeownership Retention Act of 2008, a.k.a. the Dodd-Shelby mortgage-lender bailout bill.

Yesterday, Tim Carney reported that the prevailing sentiment on Capitol Hill is that the Dodd-Shelby bill "is exactly what Bank of America and Countrywide wanted." BofA is in the process of acquiring Countrywide. Countrywide is currently embroiled in a scandal over its V.I.P. program, under which several powerful politicians, including Sen. Chris Dodd, got preferential loan rates.

What, I don't see anything wrong here?

Who knows what a "preferential loan rate" is, but it must be enough to fly your flag on a ship of scandal.

"Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it."
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post #4 of 7 (permalink) Old 06-23-2008, 08:45 AM
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Quote:
Originally Posted by barronj

Yesterday, Tim Carney reported that the prevailing sentiment on Capitol Hill is that the Dodd-Shelby bill "is exactly what Bank of America and Countrywide wanted." BofA is in the process of acquiring Countrywide. Countrywide is currently embroiled in a scandal over its V.I.P. program, under which several powerful politicians, including Sen. Chris Dodd, got preferential loan rates.

What, I don't see anything wrong here?
I think fox news is the only channel covering the story... figures...
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post #5 of 7 (permalink) Old 06-23-2008, 10:39 AM
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Quote:
Originally Posted by barronj
Who knows what a "preferential loan rate" is, but it must be enough to fly your flag on a ship of scandal.
Oddly enough the preferential rate is no better than I offer most any customers I speak to. Basically Mozilo gave a few friends (politicians) up to 1 discount point towards their interest rate.


The big ruccus should be that I believe one of the loans was for an 8 unit property which we cannot do (if I remember).
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post #6 of 7 (permalink) Old 06-23-2008, 04:28 PM
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And we just print all the money we want. Hell we don't even have to print it as long as someone signs for it. Don't even need the 10% reserve anymore.

I laugh at this board when I think about all the self righteousnes that supported the bankruptcy bill, AKA Joe Biden's special windfall for MBNA.

This is just a red herring. The real story goes back a few years
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post #7 of 7 (permalink) Old 06-23-2008, 04:36 PM Thread Starter
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Quote:
Originally Posted by AdamLX
Oddly enough the preferential rate is no better than I offer most any customers I speak to. Basically Mozilo gave a few friends (politicians) up to 1 discount point towards their interest rate.


The big ruccus should be that I believe one of the loans was for an 8 unit property which we cannot do (if I remember).
Are your customers saving 10s of thousands on their mortgages and also writing legislation to support the crooks at Countrywide and B of A?

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