Sunday, March 9, 2008

McHorny defends his predatory banking buddies

From Jerimee at BlueNC:

I have trouble talking about this in any terms other than a string of profanities. Durham's own Center for Responsible Lending has been reporting on the damage wrought by predatory lendors for at least a decade.

Republicans have vigorously defended the predatory lending industry. Even now, with the human cost illustrated by the 40,000 North Carolina families who have had their homes stolen by dishonest financial advisers, Republicans refuse to turn against their friends on the radically dishonest fringe of the banking industry.

During yesterday's hearing on CEO compensation, NC's own Patrick McHenry asked Countrywide executives, "Isn't it true that you love kittens?" and "Didn't Mother Theresa publically state that she considered you men to be personal role models?" Go to cspan to watch the hearing: CSPAN.

Obviously all the banks, and most elected officials, share some blame for this. Some are culpable by protesting too weakly, some by ignoring predatory lending, others by participating, and some by inventing and aggressively promoting it. McHenry looks toward those most personally and directly responsible and suggests we all give them a round of applause.

For what it is worth, Bank of America has at times stood up to oppose predatory lending practices. When we had a Republican majority, and all the sketchy ass banks wanted to push through radical legislation that would have made even easier for them to rip off America, BoA refused to sign up and reigned in the pillagers.

4 comments:

gregflynn said...

Looks like he should have checked with the FBI first:
Countrywide reportedly under FBI investigation
"The FBI has launched an investigation into the lending practices of battered home lender Countrywide Financial Corp. according to a U.S. government official, CNN has learned. The mortgage company is suspected of fraud, the official said, which may have contributed to the subprime mortgage crisis that has rocked the U.S. economy.

The story was first reported in The Wall Street Journal Saturday."

joyfulrunner said...

Someone called me and told me to watch this on C-Span. If I had not known better, I would have thought that McHenry was one of the defense attorney's for the CEO of Countrywide. He even made a statement that the initial premise of the hearing was "false", because the CEO's being questioned actually try to get the best "value for their dollar" when hiring executives. I guess that means that their exhorbitant salaries are justified, even when their customers are losing their homes.

I just don't get it...who is McHenry representing? Of course, he does get major contributions from the banking industry...hmmm.

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