The Daily Caller
Massachusetts Gov. Deval Patrick, the Democrat who was named a national co-chair of President Obama’s re-election campaign on Wednesday, served on the board of a company that is widely blamed for helping start the subprime mortgage crisis in 2007.
Beginning in 2004, Patrick served two years on the five-member board of ACC Capital Holdings, the parent company of Ameriquest Mortgage. He was paid a $360,000 annual salary for his efforts, according to “All the Devils Are Here,” a history of the financial crisis by Bethany McClean and Joe Nocera.
Ameriquest had already been the subject of numerous criminal complaints when Patrick joined the board of ACC. But despite its troubles, the mortgage company was the country’s “dominant subprime lender” in the years preceding the housing crisis, according to McClean and Nocera.
The company’s short-term success had much to do with the fact that it would loan money to just about anyone, regardless of income. In an effort to compete, other mortgage companies began issuing loans that were unlikely to be repaid, a practice that would eventually cripple the industry and later the American economy itself.
To all you folks who suffered foreclosure or are upside down on your mortgage, Obama has just rewarded one of the people (along with Dodd & Frank) who created your painful experience with a plumb job.
The fact that when more things like this come to light and we are not surprised is frightening. We are somehow becoming accustomed to sleaze and nefarious goings-on. Outrage at things like this seems to be sorely lacking and nobody is being held accountable for the state of our economy, housing, “Fast & Furious”, Solyndra, unsuccessful “green projects”, bailouts, wasteful spending, deficits and the debt. There don’t seem to be many good or viable solutions coming from ANY politicians (republican or democrat) about how to solve any of these or to hold the proper people accountable when things go wrong.
Knowing what we know about Obama and who he surrounds himself with, this is no surprise. What is surprising is that this blatant corruption continues and that all of these people have not been rounded up arrested and held accountable for their crimes. There are more of us then of them. It is time to reclaim our country. Let’s vote them out and prosecute!
This really is Not a Surprise!
The crash was an engineered event to get Obama elected the first time. He needs this fool to create a new crisis to get him elected the second time!
What’s not to understand about that?