Tuesday, February 25, 2014

History Lesson: Pete Sessions' Subprime Mortgage Bribe

"And why do you look at the speck in your brother’s eye, but do not consider the plank in your own eye? Or how can you say to your brother, ‘Let me remove the speck from your eye’; and look, a plank is in your own eye? Hypocrite! First remove the plank from your own eye, and then you will see clearly to remove the speck from your brother’s eye."
Matthew 7:3-5

Team Sessions' is now attacking Katrina's personal finances, how cute:
Texas Rep. Pete Sessions, a top member of the House GOP leadership, received a VIP mortgage from defunct lender Countrywide Financial Corp., making him the fourth current member of the House who has acknowledged getting a sweetheart deal.

Sessions’ office would not comment on the amount of the loan or when it was issued, although press reports state that it was a 2007 transaction worth as much as $1 million. The loan does not appear on any of Sessions’ annual financial disclosure reports on file with the House Clerk’s office. Lawmakers and senior aides must file such reports each year, but they are allowed to leave off information regarding personal homes or property that do not generate any income.


House ethics rules require that lawmakers and staff may only accept “loans from banks and other financial institutions on terms generally available to the public.”

Sessions, the chairman of the National Republican Congressional Committee, joins Reps. Ed Towns (D-N.Y.), Elton Gallegly (R-Calif.) and Buck McKeon (R-Calif.) in acknowledging being notified that they received below-market loans from Countrywide’s VIP program. The program was put in place by Angelo Mozilo, former Countrywide CEO, and it was designed to boost the company’s standing with celebrities, athletes, and well-connected business and government officials.

Sen. Kent Conrad (D-N.D.) and former Sen. Christopher Dodd (D-Conn.) also received special loans through Countrywide’s VIP unit. No charges were ever filed against the two senators, but the Senate Ethics Committee said both Conrad and Dodd “should have exercised more vigilance” in their dealings with Countrywide.
But why discuss the favorable terms a sitting Congressman got on a seven figure deal when you can raise lame questions about a single Mom?!?

1 comment:

  1. The elected of today on both sides of the aisle think they can live the life of entitlement and privilege even as far as to think they are beyond the law and reproach. Time to TOUGHEN up penalties for CORRUPTION to set very HARSH Examples! Even as far as to not allow to resign and run, but fire publically and to pay for their corruption and by seizing all wealth obtained during his time in ELECTED OFFICE!


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