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Notes:
Excellent report on the ineffective oversight of Countrywide Financial by its regulatory agency, the Office of Thrift Supervision (OTS). This in-depth investigation provides extensive factual evidence from multiple sources to document the failure of OTS to fulfill its public duties and police the thrift industry it was supposed to regulate. A textbook example of enterprise journalism.
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Notes:
a long-form article with many names, places, facts, etc. about a specific banking regulating agency and its' relationship over ~1998-2006 with Countrywide. Well researched and reported.
Notes:
The two reporters did a fantastic of weaving together the sleaze-ball loans given to people could never re-pay just for the short term profit.
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| Topics | U.S., Politics, Business, World | Bush Administration, U.S. Economy, Finance, Global Economy |
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Editorial
| Submitted by | Submitted by Leo Romero - Nov 23, 2008 - 6:57 AM PST |
| Reviewed by | Leo Romero (review), Kenneth Sibbett (review), Fabrice Florin (review), Robin 'Roblimo' Miller (review), Richard Soenneker (review) |
| Edited by | Fabrice Florin - Nov 23, 2008 - 1:04 PM PST |
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Quotes
Fabrice Florin shared this quote:
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The agency’s goal is to “allow thrifts to operate with a wide breadth of freedom from regulatory intrusion.”
James Gilleran, former director of the Office of Thrift Supervision
Comments
Kenneth Sibbett wrote:
(See Full Review)
While reading this story, I was thinking about the Saving's and loan bailout, and lo and behold someone from that tainted period shows up in the article, Charles Dochow, appointed to head Countryside Western division head. I had never heard of Dochow, but it goes to show, if you hang around long enough (like Nixon) somebodies going to use your services to screw the American Taxpayer.