With his faith in government and coziness
with big business, Watt personifies Obamanomics.
Big government and big banks -- Watt is the
perfect fit for Fannie, Freddie, and Obama.
THESE ARE OBAMA’S
MEXICAN DRUG CARTEL MONEY LAUNDERING BANKS
The
banks have been friendly with Watt. Bank of America, Wachovia, and the American
Bankers Association were Watt's second-, third-, and fifth-largest sources of
donations over the past decade, according to the Center for Responsive
politics. Bank of America's PAC has given more to Watt over the years than any
other corporate PAC.
Tim Carney: Obama's housing pick likes big government,
big banks
May
29, 2013 | 7:00 pm
Senior political columnistPopular in Politics
Mel
Watt, President Obama's nominee to oversee government-sponsored mortgage giants
Fannie Mae and Freddie Mac, is a liberal Democrat fond of big government. He is
also longtime politician, intimate with K Street and Wall Street.
With his faith in government and coziness
with big business, Watt personifies Obamanomics.
Obama
has nominated the 11-term congressman as director of the Federal Housing
Finance Agency, which oversees Fannie and Freddie. Created by government,
Fannie and Freddie were private companies until the federal government took
ownership of them in the bailout bonanza of 2008. They subsidize the mortgage
industry by buying mortgages from banks.
Back
in 1994, when Fannie Mae was a private company, Congressman Watt co-sponsored a
series of housing fairs with Fannie, according to the Greensboro (N.C.) News
& Record. This was part of Watt's efforts to "increase the number of
lower income residents of Charlotte who can go on to become homeowners,"
as he put it in a press release.
The
banks have been friendly with Watt. Bank of America, Wachovia, and the American
Bankers Association were Watt's second-, third-, and fifth-largest sources of
donations over the past decade, according to the Center for Responsive
politics. Bank of America's PAC has given more to Watt over the years than any
other corporate PAC.
Watt
is also connected to big banks through the revolving door.
Hilary
West was Watt's legislative counsel, and now she is a lobbyist for the largest
bank in the U.S., JPMorgan Chase. The bank's lobbyist disclosure forms show her
lobbying Congress, the Treasury Department and the Federal Reserve this year on
banking issues, including "the impact of GSE reform and other proposed
changes to the housing finance market" -- in other words, what to do with
Fannie and Freddie. West also lobbied this year on "home mortgage loan
modifications, foreclosures, servicing, and refinancing," according to the
disclosure forms.
Joyce
Brayboy worked for Watt for 12 years, including as his chief of staff. After
Watt moved into the majority in 2007, Brayboy joined the Democrat-heavy
lobbying firm Glover Park Group, where her clients included the American Bankers
Association. Today, Brayboy is a lobbyist for Goldman Sachs, where she lobbies
on "housing" issues, among others, according to Goldman's lobbying
disclosure filings.
Brayboy,
while serving at Watt's right hand, played a cameo role in one of the scandals
of the housing crisis.
Subprime
mortgage giant Countrywide was found to have extended VIP loans to powerful
political players. In an email made public in 2009, Countrywide lobbyist Jimmie
Williams wrote to a colleague, "Could you please assist Joyce Brayboy,
Chief of Staff to Congressman Mel Watt with a loan?"
Brayboy
was seeking "100 percent financing," Williams explained, noting
pointedly that she "reports directly to Congressman Mel Watt who
introduced predatory lending legislation to address unscrupulous lending
practices, and they do view Countrywide as a trusted advisor."
It's
unclear whether Brayboy ever received such a loan.
Watt
has voted for bailing out banks every chance he's had: In July 2008, he voted
for a mortgage bailout bill, and a couple of months later he twice voted for
the Great Wall Street Bailout.
While being very close with the banks, Watt
is also a big-government liberal. His career score from the free-market Club
for Growth is in the bottom 10 percent of the House of Representatives.
To his
credit, Watt called for a stronger regulator of the two government-sponsored
enterprises when George W. Bush was president, while top Financial Services
Committee Democrat Barney Frank objected.
So
what does this all mean for Watt as regulator of Fannie and Freddie? It means he's pro-bank and pro-government.
This is confusing if you listen to President Obama's rhetoric, but it makes
perfect sense if you've been following the bailouts and subsidies for mortgages
and banks.
Watt
talks of wielding a big government hammer in the name of the poor. He's spent
two decades demanding more homeownership for the poor. One way to do that is
resume Fannie & Freddie's subsidizing of mortgages for the poor.
His
liberal fans hope Watt will push "principal writedowns" -- using
Fannie and Freddie to reduce the amount struggling homeowners owe on their
houses. Some principal writedown proposals involve haircuts for the banks.
Others involve subsidies for the banks.
Big government and big banks -- Watt is the
perfect fit for Fannie, Freddie, and Obama.
Timothy
P. Carney, The Washington Examiner's senior political
columnist, can be contacted at tcarney@washingtonexaminer.com.
His column appears Monday and Thursday, and his stories and blog posts appear
on washingtonexaminer.com.
OBAMA BANKSTERS AND MEX DRUG CARTELS
BUILDING THE OBAMA
DICTATORSHIP: BANKSTERS, LA RAZA FASCIST and the MEXICAN DRUG CARTELS… business
is good for them under the Obamanation!
“Not one banker was prosecuted for illegal
involvement in the drugs trade.”
Government of, by, and
for the banks
25 May 2013
Five years since the 2008 financial meltdown,
the speculation and fraud that caused the crash are back in full force in the
United States. Flush with the $85 billion in cash printed up and handed to the
banks every month by the Federal Reserve, business at the Wall Street casino is
booming. Stock values are at record levels and so are bank profits, amidst
declining wages and mass poverty.
Big Banks Get Break in Rules to Limit Risks
OBAMA-STYLE CRONY CAPITALISM…
business as usual for Obama’s banksters!
OBAMA
AND HIS CRIMINAL BANKSTERS… THE LOOTING GOES ON, AND AS PER OBAMA’S
PROMISE…NONE HAVE GONE TO PRISON!
“The changes to the rule, which will be
announced on Thursday, could effectively empower a few big banks to continue
controlling the derivatives market, a main culprit in the financial crisis.”
assault on America – THE OBAMA – JP
MORGAN LOOTING of a nation
DID OBAMA PUNKED US OR IS HE SIMPLY A FAILED PRESIDENCY?
OBAMA, THE MAN THAT NEVER VOTED DURING THE BRIEF PERIOD HE
WAS IN THE SENATE, OWNED AND OPERATED BY BIG BANKSTERS, IS NOTHING BUT A CON
JOB CALLED “CHANGE”… OR DICTATOR IN THE MAKING.
EITHER WAY HE IS THE MOST FAILED PRESIDENCY IN MODERN
AMERICAN HISTORY.
OBAMA’S BILLIONAIRE NOMINEE FOR COMMERCE, PENNY PRITZKER…
BILLION$$$$ MADE OFF HIRING CHEAP ILLEGAL LABOR??? show me even one dem
billionaire that does not push for obama’s agenda of OPEN BORDERS, NO E-VERIFY
and NO ENFORCEMENT of LAWS PROHIBITING THE EMPLOYMENT of ILLEGALS…even one!
Based
in Chicago, Pritzker operates an international empire based on low-wage service
work in Hyatt-operated hotels and nursing homes, along with several investment
firms.
Pritzker has garnered broad support from Democrats and groups such as the
U.S. Chamber of Commerce and the Business Roundtable.”... these entities endorse Obama's assault
on the American worker, our borders for more illegals, the Obama amnesty hoax
to keep wages depressed and NO E-VERIFY!
PRITZKER IS ALL THE ABOVE!
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