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MN GOP PRESS RELEASE: “REPUBLICAN PARTY OF MINNESOTA STATEMENT ON OBAMA ADVISER’S SPECIAL LOANS FROM COUNTRYWIDE FINANCIAL”
By Michael B. Brodkorb | June 10, 2008
St. Paul – Republican Party of Minnesota Chairman Ron Carey today released the following statement:
“The startling revelations about Obama employing in the highest levels of his campaign an individual with such questionable loans from Countrywide Financial are troubling. Minnesotans deserve to hear the details of the special home loans Jim Johnson received from Countrywide Financial that the average American could never dream of. While Barack Obama talks about a different type of politics on the campaign trail, his association with Johnson and unwillingness to be open with the American people show a level of hypocrisy that is more of the same. Minnesotans deserve change, not Barack Obama’s tired politics of the past.â€
Top Campaign Adviser Jim Johnson Received Special Loans From Countrywide:
Jim Johnson, A Former CEO Of Fannie Mae Chosen To Lead Obama’s Vice Presidential Search Committee, Received Special Loans From Countrywide Financial CEO Angelo Mozilo. “Countrywide Financial Corp. makes mortgage loans through a vast network of offices, brokers and call centers. But a few customers have gotten their loans a special way: through Countrywide Chief Executive Angelo Mozilo. These borrowers, known internally as ‘friends of Angelo’ or FoA, include two former CEOs of Fannie Mae, the biggest buyer of Countrywide’s mortgages, say people familiar with the matter. One was James Johnson, a longtime Democratic Party power and an adviser to Sen. Barack Obama’s campaign, who this past week was named to a panel that is vetting running-mate possibilities for the presumed nominee.” (Glenn R. Simpson and James R. Hagerty, “Countrywide Friends Got Good Loans,” The Wall Street Journal, 6/7/08)
- While CEO Of Fannie Mae, Johnson And Mozilo Worked Closely And Maintained A “Close Friendship.” “From 1991 to 1998, Mr. Johnson served as CEO of the Federal National Mortgage Association, also known as Fannie Mae, which worked closely with Countrywide, one of the nation’s leading lenders and loan servicing companies. In 1996, Mr. Johnson named Mr. Mozilo as chairman of Fannie Mae’s national advisory council. A 1999 article in the American Banker said the two men had a ‘close friendship.’” (Josh Gerstein, “Top Talent Scout For Obama Tied To Subprime Lender,” The New York Sun, 6/9/08)
“Property Records Show Mr. Johnson Has Received More Than $7 Million In Loans From Countrywide Since 1998, The First Coming In The Waning Days Of His Fannie Mae Tenure.” (Glenn R. Simpson and James R. Hagerty, “Countrywide Friends Got Good Loans,” The Wall Street Journal, 6/7/08)
- At Least Two Of The Mortgages Were At Rates “Below Market Averages.” “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.” (Josh Gerstein, “Top Talent Scout For Obama Tied To Subprime Lender,” The New York Sun, 6/9/08)
NOTE: Johnson Is Also A Bundler For Obama’s Presidential Campaign And Has Committed To Raising $100,000 To $200,000. (Obama For America Website, www.barackobama.com, Accessed 5/19/08)
FLASHBACK: Obama’s Campaign Attacked Sen. Clinton’s Campaign For Its Countrywide Ties:
Obama Senior Campaign Strategist David Axelrod Criticized Sen. Clinton For Employing Mark Penn, Whose Firm Once Represented Countrywide. MSNBC’s Keith Olbermann: “Senator Clinton not stopping to hear a reporter’s question about Mark Penn, let alone answer it, leading Penn’s counterpart in the Obama campaign to fill in the vacuum about Penn’s non-departure departure this morning on MSNBC.” David Axelrod: “She’s stuck him with him through the revelation that his firm was working for Blackwater and working for Countrywide, and, you know, so, it’s kind of stunning. Remember that the embassy said they weren’t sure whether he was there as a representative of his firm or a representative of Senator Clinton. I mean, I think there are issues associated with this. I’m not – you can use the word hypocrisy, but there are certainly questions that arise from this.” (MSNBC’s “Countdown,” 4/7/08)
- Axelrod: “Penn’s Business Dealings Have Always Been An Issue.” “Last week, she turned her fire on a huge proposed pay-out to the founder of Countrywide Financial, the mortgage company at the centre of the storm. Yet two months ago, Countrywide turned for temporary help with its tattered image to the public relations firm Burson-Marsteller, whose president is Mr Penn. … Mrs Clinton’s criticism of lenders also raised fresh questions over the role of Mr Penn. Mr Obama’s chief strategist, David Axelrod, said: ‘Penn’s business dealings have always been an issue. The Clinton campaign is clearly not too worried who its chief strategist does business with.’ Burson-Marstell er said it was no longer working with Countrywide and that Mr Penn did not have a hands-on role with many of its 2,000 clients.” (Philip Sherwell, “Clintons’ Pain And Gain In Housing Crisis,” The Sunday Telegraph, 1/20/08
- The Obama Campaign Criticized Sen. Clinton For Accepting Contributions From Representatives Of Countrywide. “Obama aides also said Clinton is in no position to stiffen oversight after taking contributions from mortgage industry lobbyists, including funds from representatives of Countrywide, which has been at the center of the mortgage meltdown. ‘If we’re really going to crack down on the practices that caused the credit and housing crises, we’re going to need a leader who doesn’t owe these industries any favors,’ campaign manager David Plouffe said.” (Anne E. Kornblut, “Clinton Unveils Plan To Ease Housing Crisis,” The Washington Post, 3/25/08)
But Now The Obama Campaign Says Reports of Their Hypocrisy Are “Overblown and Irrelevantâ€:
- “This story is overblown and irrelevant.†(Obama Camp Talking Points On Jim Johnson And Countrywide, The Page, 6/9/08)
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16 Responses to “MN GOP PRESS RELEASE: “REPUBLICAN PARTY OF MINNESOTA STATEMENT ON OBAMA ADVISER’S SPECIAL LOANS FROM COUNTRYWIDE FINANCIAL””
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June 10th, 2008 at 10:30 AM
BREAKING NEWS: MDE FINALLY GETS IT. MINNESOTANS DON’T CARE WHAT FRANKEN WROTE
In a startling turn of attention, the republican party’s unofficial blog today changed course, and started attacking president-elect Barack Obama, indicating that the managers of the blog are finally starting to realize that Minnesotans don’t care if a candidate wrote a dirty word ten years ago.
June 10th, 2008 at 10:42 AM
republiCon Ron sees the stories breaking about Abramoff and Boy Blunder, and he knows that Abramoff will be tied to Coleman.
Google “Abramoff” and click “news” and just see what’s popping on The Gift That Keeps On Giving, Jack Abramoff.
The best thing is, is Boy Blunder’s inJustice Dep’t has Abramoff scheduled for a September Sentencing, insuring Abramoff will be in the news ALL SUMMER LONG !!!
That damned misAdministration can’t get Anything “right”!!!
June 10th, 2008 at 10:50 AM
[...] GOP PRESS RELEASE: “REPUBLICAN PARTY OF MINNESOTA STATEMENT ON … Sunday Eleode wrote an interesting post today onHere’s a quick excerptBarack Obama’s campaign, who this [...]
June 10th, 2008 at 11:00 AM
Al’s left nut said: “Minnesotans don’t care if a candidate wrote a dirty word ten years ago.”
Tell that to the members of the Democrat party that have either quit or are actively shunning your daddy.
Al’s right nut chimed in: “Google “Abramoff†and click “news†and just see what’s popping on The Gift That Keeps On Giving, Jack Abramoff.”
Google it ya self, if your daddy says it’s OK to let go of his belt loop.
June 10th, 2008 at 11:07 AM
Oh, the desperation of today’s GOP…
http://www.opensecrets.org/indivs/search.php?capcode=592rg&name=Mozilo%20&employ=&cand=&state=&zip=&all=Y&old=N&c2008=N&c2006=N&c2004=N&sort=N&page=&page=3
Gee – look who Angelo gave most of his dough to….
June 10th, 2008 at 11:13 AM
Say, right nut? Are you talking about the biggest donation?
$2,500 Democratic Senatorial Campaign Cmte (D)
Thanks, for playing moron. Better stick to keeping daddy Al happy, boy.
June 10th, 2008 at 11:20 AM
I saw Countrywide Mortgage on my caller-ID yesterday. I didn’t answer.
June 10th, 2008 at 1:54 PM
This is all you have on Obama? More guilt by association from the apologist party of child molesters, tax cheats and wife beaters.
You sure you don’t want to stick to the tax and spend labels that have worked here and there in the past?
Micheal, you have chosen not so wisely on this one.
June 10th, 2008 at 2:46 PM
Gee, have you noticed recently that on every post the first people to respond are liberals?
It’s almost like they are just sitting there waiting for something to be posted, then trying to change the subect right away.
hmmmmmmmm…
June 10th, 2008 at 3:34 PM
“the apologist party of child molesters, tax cheats and wife beaters.”
You talking about Democrats? Sounds like it.
June 10th, 2008 at 3:35 PM
Audacity, that is surprising. After all, how hard is it for the rightwingnuts to type:
“Dittos, Michael!”
June 10th, 2008 at 6:04 PM
Perhaps GOP Larry Craig may soon be singing C & W songs about his “Country Y’d Stance.”
June 10th, 2008 at 6:18 PM
[...] the highest levels of his campaign an individual with such questionable loans from Countrywide Finahttp://www.minnesotademocratsexposed.com/2008/06/10/mn-gop-press-release-republican-party-of-minneso…News and Features for Wasilla, Alaska Mat-Su Valley FrontiersmanPALMER ?? J.C. Cooks relaxed by a [...]
June 10th, 2008 at 10:39 PM
Glenn Close:
Fatal Attraction I —–> Boiled Bunny
Fatal Attraction II —-> MSP: Rabbit Rendezvous
June 11th, 2008 at 12:07 AM
Did anyone think that voting a sitting Senator was going to really produce change?
Ride hard, Ride Real.
http://JustBicycles.com
June 12th, 2008 at 3:23 AM
In this case, probably just the big spenders.