James Johnson Loans Obama another Problem.

DuH2 · #1 (**permalink**) 06-09-2008, 03:45 PM

Quote:

Top Talent Scout for Obama Tied to Subprime Lender
Could Become a Political Liability
By JOSH GERSTEIN, Staff Reporter of the Sun
June 9, 2008

Long-standing ties between a member of Senator Obama's new vice presidential search team and a prominent mortgage executive the senator has pilloried could become a political liability that hampers the presumptive Democratic presidential nominee's ability to tap into public ire over the subprime mortgage crisis.

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. 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.

Among the loans to Mr. Johnson, according to the Journal, were a $5 million home equity line of credit against a house in Ketchum, Idaho, a 5.25% loan of $1.3 million for a home in Palm Desert, Calif., and a 3.875% loan of $971,650 for a home in Washington, D.C. The interest rates applied for the first five years of the loans.

"That reeks most high," a public relations specialist and vocal critic of Mr. Mozilo, Bonnie Russell of Del Mar, Calif., said. "Where's the 'change to believe in' if they're playing the same old game using the same old players?"

On the campaign trail, Mr. Obama has criticized Countrywide's executives. "These are the people who are responsible for infecting the economy and helping to create a home foreclosure crisis. Two million people may end up losing their homes," Mr. Obama said in March at a town hall meeting in Lancaster, Pa.

The Chicago Tribune reported that the senator from Illinois "fumed" over a total of $19 million in bonuses set to be paid to Mr. Mozilo and the president of Countrywide, David Sambol. "They get a $19 million bonus while people are at risk of losing their home. What's wrong with this picture?" Mr. Obama asked.

In a written statement issued in March, the senator called the payments "an outrage" and suggested Mr. Mozilo and others had "tricked" homeowners into unaffordable loans. "These executives crossed the line to boost their bottom line," Mr. Obama declared.

http://www.nysun.com/national/top-ta...e-lender/79579

One of many stories on it. Its more or less "breaking news" atm

Wait for it....

"I never noticed"

Thats the campaign line atm...seems to get as much play as Hope and Change...

catalinacat · #2 (**permalink**) 06-09-2008, 03:48 PM

I saw this earlier on another site - I just wonder how much MSNBC will report on it though?

This better not be shut down.

JP5 · #3 (**permalink**) 06-09-2008, 04:40 PM

Isn't it funny how the liberal media is totally ignoring doing ANY "investigation" of Barack Obama? Talk about being biased.

lavell12 · #4 (**permalink**) 06-09-2008, 04:45 PM

lets not forgett the other guy on the vp selection committee is the guy responsible for Clinton pardoning Mark Ritch and some terrorist.

The Jovial One · #5 (**permalink**) 06-09-2008, 04:47 PM

Quote:

Originally Posted by JP5

Isn't it funny how the liberal media is totally ignoring doing ANY "investigation" of Barack Obama? Talk about being biased.

Pardon me for a moment...

LIBERAL MEDIA!!!

Do you also believe in Santa, the Easter Bunny and the Tooth Fairy?

LIBERAL MEDIA!!!! It is to laugh.
(ahem)

I'm sorry. What was the question again?

JP5 · #6 (**permalink**) 06-09-2008, 05:37 PM

Quote:

Originally Posted by DuH2

http://www.nysun.com/national/top-ta...e-lender/79579

One of many stories on it. Its more or less "breaking news" atm

Wait for it....

"I never noticed"

Thats the campaign line atm...seems to get as much play as Hope and Change...

Last time I read something similar was when I first read about what Republican Duke Cunningham was involved in. I said at the time that it sounded like "money laundering" and "fraud" to me. Sure enough it was. He's now in jail.

This seems similar and definitely needs to be examined further. If Johnson paid full price for a lot, turned around and sold it to Barack Obama for way below market value, then that's not only a favor, it's also possibly money laundering and fraud. It's like-----if you are in politics, and I wanted to "give" you some money that doesn't go on any record anywhere---and I sell you a lot valued at $600,000 for $300,000, that's one way to do it. NOT good for Obama.

DuH2 · #7 (**permalink**) 06-10-2008, 10:44 AM

Quote:

Isn't it funny how the liberal media is totally ignoring doing ANY "investigation" of Barack Obama? Talk about being biased.

I don't find it funny. The bias is disgusting.

On the plus side its SO overt that is laughable. The majority of people in the USA do not trust the media do to the overt bias and they recognize the bias for Obama.
SO its in many ways more a negative then a positive.

///

Anyway another BS routine from Obama.

june · #8 (**permalink**) 06-10-2008, 11:35 AM

Quote:

Originally Posted by lavell12

lets not forgett the other guy on the vp selection committee is the guy responsible for Clinton pardoning Mark Ritch and some terrorist.

And the OTHER guy on the VP selection committee lied about WMDs after he appointed himself.

There are lots of areas the GOP will not want the media to get into on Obama because comparisons will be made to Bush (same as McCain) and you've already lost public opinion.

lavell12 · #9 (**permalink**) 06-10-2008, 12:49 PM

Quote:

Originally Posted by june

And the OTHER guy on the VP selection committee lied about WMDs after he appointed himself.

There are lots of areas the GOP will not want the media to get into on Obama because comparisons will be made to Bush (same as McCain) and you've already lost public opinion.

So your point comparing this guy and Cheney shows Obama is just a normal politician. Unless you feel great about Bush which I doubt.

skeptic-f · #10 (**permalink**) 06-10-2008, 12:49 PM

This is different from Republican insiders how?

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