Waters and Brown calling out ASC. Questioning the granted ND appraisal waiver

[Deleted member 122624]

Waters and Brown Call on Appraisal Subcommittee to Provide Answers on Unprecedented Appraisal Waiver

financialservices.house.gov

 

[Terrel L. Shields]

I am no Democrat but they are right. The very purpose of appraiser licensing was to provide accountability upon the banks lending by insuring that "safe and sound" banking was in place to avoid the S & L crisis and bail out. These non appraiser appraisers should be accountable and the bank that hires them should have their officers held financially and legally accountable for any loss sustained from loans made that go sour after only a non appraiser appraisal.

 

[djd09]

But here we go again asking the fox to guard the henhouse.

Back during the financial crisis of 2008 to 2009, which wiped out trillions of dollars of the wealth and retirement savings of middle-class families, we put the two major arsonists in charge of putting out the fire. Former Democratic Sen. Chris Dodd of Connecticut and former Democratic Rep. Barney Frank of Massachusetts were the co-sponsors of the infamous Dodd-Frank regulations. Readers will recall that good old Barney resisted every attempt to rein in Fannie Mae and Freddie Mac and said he wanted to “roll the dice” on the housing market. That worked out well.

Meanwhile, Dodd took graft payments in the form of low-interest loans from Countrywide, while greasing the skids for the housing lenders in these years. Instead of going to jail or at least being dishonorably discharged from Congress, he wrote the Dodd-Frank bill to regulate the banks.

Enter Maxine Waters. Back in 2009, I had a run-in with “Mad Maxine,” as she is called on Capitol Hill. The two of us appeared together on HBO’s “Real Time With Bill Maher,” and when she pontificated about the misdeeds of the housing lobby, I confronted her on the money she took from Fannie Mae and Freddie Mac PACs for her campaign.

Here is how the conversation went:

MAHER: Don’t you think Wall Street needs regulation? That’s where the problem is: that there was no regulation.

MOORE: Well, let’s talk about regulation. One of the biggest institutions that have failed this year was Fannie Mae and Freddie Mac. This is an institution that your friends, the Democrats, in fact, you, Congresswoman Waters, did not want to regulate. You said it wasn’t broke five years ago at a congressional hearing, and you took $15,000 of campaign contributions from Fannie and Freddie.

WATERS: No, I didn’t.

MOORE: Yeah, you did. It’s in the FEC (Federal Election Commission) records.

WATERS: No, it’s not.

MOORE: And so did Barney Frank. And so did Chris Dodd.

WATERS: That is a lie, and I challenge you to find $15,000 that I took from Fannie PAC.

I have to confess that Waters is very persuasive. I feared when the show was over that I had gotten my numbers wrong and that I had falsely charged the congresswoman of corruption. But several fact-checking groups looked it up, and sure enough, I was right. She took $15,000 from the PAC and another $17,000, all told.

I was also right about her statements during a 2004 congressional hearing when she said: “Through nearly a dozen hearings, we were frankly trying to fix something (Fannie and Freddie) that wasn’t broke. Chairman, we do not have a crisis at Freddie Mac, and particularly at Fannie Mae, under the outstanding leadership of Franklin Raines.”

Maxine Waters the last person who should head financial oversight

Democratic Rep. Maxine Waters of California appears a lock to become the next chairman of the House’s powerful Financial Services Committee. Waters is pledging to be a diligent watchdog for mom and pop investors, and recently told a…

www.bostonherald.com

 

[Eli]

Good for Maxine. She woke up apparently.

I like it. I’ll send her a note thanking her.

 

[Renee Healion]

"Meanwhile, Dodd took graft payments in the form of low-interest loans from Countrywide"
That is BS. Because I was in the area, I looked at the property in question and read the mortgage note and posted here about that. He may have been a 'friend of angelo' but the mortgage transaction which is public record did not show anything unusual. These things can be debunked and yet live forever.

 

[djd09]

Friends of Angelo” loans went to Sen. Chris Dodd (D-Conn.), the Senate Banking Committee chairman; Sen. Kent Conrad (D-N.D.), Budget Committee chairman and a Finance Committee member; Secretary of Housing and Urban Development Alphonso Jackson; Jim Johnson, a former Fannie CEO and adviser to candidate Barack Obama; Clinton Jones III, senior counsel to the House Financial Services Subcommittee on Housing, and Franklin Raines, since-disgraced Fannie CEO.

But the more than 44,000 documents subpoenaed by Issa showed that the corruption in the system ran even deeper. They show that a staggering 153 VIP loans were extended to the quasi-governmental employees who decided what loans Fannie would buy with the taxpayers’ money. Another 20 VIP loans were made to Freddie Mac executives.

Mozilo’s seemingly systematic efforts to sway lawmakers, a cabinet member, White House staff and the executives at Fannie and Freddie appear to have paid off. In 2007, Countrywide alone originated 23 percent of a massive volume of Fannie and Freddie’s mortgage purchases. In that year alone, Mozilo made more than $140 million. VIP borrower and Fannie CEO Jim Johnson signed a strategic agreement with Countrywide granting Fannie exclusive access to Countrywide’s junk loans. Mozilo, in effect, had managed to make the United States and Countrywide joint venturers in the most prodigious — and dangerous — subprime-mortgage operation in our country’s history.

Mozilo also seems to have stifled numerous bills in Congress aimed at reform — despite warnings by Republicans that a failure to rein in Fannie and Freddie posed grave dangers to taxpayers. When Sen. Richard Shelby (R-Ala.) pushed for a comprehensive fix, Dodd successfully threatened a filibuster.

‘Reform’ missed ‘friends of Angelo’

Democrats claim their sweeping financial-sector reforms will guard against the kind of problems that triggered the recent economic meltdown. But if they really wanted to do that, they would’v…

nypost.com

i was there, too. no Revisionist history.

 

[Eli]

Go Maxine !!!!!!!!! Do it Girl!!!!!!!

 

[Eli]

Where can I donate to her cause? I’m sure she will tell me.

 

[Renee Healion]

DJ The specific loan was identified in published criticism. Because it is near here, I went there and looked at the property. I read the assessment record. You did not. I read the mortgage note and compared it to others. You did not but you could have (or could now even) because it is recorded in full in the public records. Sign a mortgage note at closing? The entire document is recorded and available to read to anyone. Why go after something so easily debunked? Why not stick to something proven. Or provable?

I lost heart with the "reform" in that reform legislation when I saw them scrambling at the last minute with the details and the reporter identified the assistance as being provided by BoA. It is understandable that a giant piece of legislation cannot be composed by Senate staffers, but their contribution was not an auspicious sign.

 

[CANative]

The relevant portion of DJ's post is right up at the top of it... FOX.