A key provision of the housing bill now awaiting action in the Senate — and widely touted as offering a lifeline to distressed homeowners — was initially suggested to Congress by lobbyists for major banks facing their own huge losses from the subprime mortgage crisis, according to congressional staff members and bank officials.
I wonder, wonder, wonder….hmmmmmm….what state has a lot of banks in it and has representatives in it that have totally caved under their pressure in the past??? Damn, drawing a total blank….
Bank of America, which is acquiring Countrywide Financial, the country’s largest mortgage lender, followed with a similar and more detailed proposal, principal negotiators on the legislation said.
Bank of America executives presented a 28-page “discussion document” on March 11 to the same congressional staffs, which was marked “confidential and proprietary.” It was filled with detailed explanations of how a system similar to Credit Suisse’s plan might work, complete with flow charts and graphs.
This is the part to sit down for….
Bank of America said its participation came at the request of congressional aides. “They were reaching out to all sorts of people who have been thoughtful about this crisis,” said Peter McKillop, a spokesman for Bank of America. “They were talking to us and talking to every bank that had a sophisticated mortgage business. We wanted to come up with a bipartisan solution that stabilizes the housing market.”
sigh…if true, why would it surprise you…Hmmmm. did you know:
Tom Carpers office and Mike Castle’s office is in the same building that Chase Bank occupies
Joe Biden’s is in the same building as Wilmington Trust
and Castle’s is