subprime lending

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Problems of a Feather

Oh, this is awesome. Larry Abrams, who has written for public radio for many years, gets to the heart of the vicious circle that is corporate lobbyist/elected official relationship and why we need public financing of our campaigns to break the cycle.

Catching a Break

Bank of America has announced it's buying out Countrywide Financial for a cool $4.1 billion and taking a huge tax break by writing off the losses that Countrywide brings to the table from the collapse of the subprime mortgage market, and shifting the tax burden right on over to the taxpayers (many of whom were bitten by the subprime crisis and are now without homes).

Going Dutch

It's not that I begrudge a guy an urge to spend time in the land of gouda and windmills but tell me it doesn't look a mite suspicious when Roland Arnall dumps millions into the election of George W. Bush then winds up Ambassador to The Netherlands?

The Minnesota Monitor certainly finds it suspicious, and lays out the money ties between Arnall and his wife and the White House:

 

Gaps Upon Gaps

The Democratic presidential field has been at each other's throats of late over how much they're taking in campaign contributions from private equity fund and hedge fund managers (particularly as the subprime storm rages on).

(Sub)Priming the Slump

Reports abound of homeowners squeezed by their mortgage companies, and foreclosure signs springing up like weeds as the housing bubble goes "pop." Surprise, surprise: this latest assault on the homeowner was facilitated by the cosy relationship, conceived in checkbook, between mortgage lenders and lawmakers. The Common Cause Education Fund connect the dots (pdf document).