RNC Attacks Obama's Countrywide Connection
Monday, June 16, 2008
by Michael Peron
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The Republican National Committee (RNC) released a statement Monday about Democratic Presidential Candidate Sen. Barack Obama's (D-IL) ties to a campaign advisor who received what they categorize as “special loans” from Countrywide Financial Corp. Chief Executive Officer Angelo Mozilo.
The claims are related to Jim Johnson, who is one of Obama's top advisors and the former Chief Executive Officer of Fannie Mae. The RNC quotes a Wall Street Journal article in its statement about the connection. The Journal article suggests that Johnson was one of a few of Mozilo's friends who received special loans due to their connections. The rates for at least two of the loans were described as “below market values” and Johnson is said to have taken out loans totaling $7 million.
“Barack Obama routinely rails against lobbyists and corporate insiders, yet his campaign is stocked with both,” the RNC's Press Secretary Alex Conant said. “Now it turns out that the man leading his vice presidential selection team is receiving highly questionable loans. With millions of Americans struggling to pay their mortgages, it raises serious questions about Obama's judgment when we learn members of his campaign leadership are receiving favors that the average American would never get.”
News coverage of the connection to Countrywide quickly swept through the media Monday. The Obama campaign responded saying, “It’s the height of hypocrisy for the McCain campaign to try and make this an issue when John Green, one of John McCain’s top advisors, lobbied for Ameriquest, which was one of the nation’s largest subprime lenders and a key player in the mortgage crisis. As President, Senator Obama will crack down on fraudulent lenders and bring real relief to Americans struggling in the grip of the housing crisis—the kind of change that works for the American people.”
Meanwhile, the Journal has quoted one of Obama's attorneys as saying the mortgage loans were written well within industry standards.Kerri Panchuk | 06.09.08
The claims are related to Jim Johnson, who is one of Obama's top advisors and the former Chief Executive Officer of Fannie Mae. The RNC quotes a Wall Street Journal article in its statement about the connection. The Journal article suggests that Johnson was one of a few of Mozilo's friends who received special loans due to their connections. The rates for at least two of the loans were described as “below market values” and Johnson is said to have taken out loans totaling $7 million.
“Barack Obama routinely rails against lobbyists and corporate insiders, yet his campaign is stocked with both,” the RNC's Press Secretary Alex Conant said. “Now it turns out that the man leading his vice presidential selection team is receiving highly questionable loans. With millions of Americans struggling to pay their mortgages, it raises serious questions about Obama's judgment when we learn members of his campaign leadership are receiving favors that the average American would never get.”
News coverage of the connection to Countrywide quickly swept through the media Monday. The Obama campaign responded saying, “It’s the height of hypocrisy for the McCain campaign to try and make this an issue when John Green, one of John McCain’s top advisors, lobbied for Ameriquest, which was one of the nation’s largest subprime lenders and a key player in the mortgage crisis. As President, Senator Obama will crack down on fraudulent lenders and bring real relief to Americans struggling in the grip of the housing crisis—the kind of change that works for the American people.”
Meanwhile, the Journal has quoted one of Obama's attorneys as saying the mortgage loans were written well within industry standards.Kerri Panchuk | 06.09.08
