If President Barack Obama needed any more incentive to go all out for Democrats this fall, here it is: Republicans are planning a wave of committee investigations targeting the White House and Democratic allies if they win back the majority.
Everything from the microscopic — the New Black Panther party — to the massive –- think bailouts — is on the GOP to-do list, according to a half-dozen Republican aides interviewed by POLITICO.
Republican staffers say there won’t be any self-destructive witch hunts, but they clearly are relishing the prospect of extracting information from an administration that touts transparency.
And a handful of aggressive would-be committee chairmen — led by Reps. Darrell Issa (R-Calif.) and Lamar Smith (R-Texas) — are quietly gearing up for a possible season of subpoenas not seen since the Clinton wars of the late 1990s.
Issa would like Obama’s cooperation, says Kurt Bardella, spokesman for the ranking Republican on the House Oversight and Government Reform Committee. But it’s not essential.
“How acrimonious things get really depend on how willing the administration is in accepting our findings [and] responding to our questions,” adds Bardella, who refers to his boss as “questioner-in-chief.’
That’s feeding anxieties within the West Wing — even if administration officials won’t admit it publicly.
“I actually think it will be even worse than what happened to Bill Clinton because of the animosity they already feel for President Obama,” says Lanny Davis, a deputy White House counsel who lived through Clinton’s trials.
Showing posts with label Rep. Darrell Issa. Show all posts
Showing posts with label Rep. Darrell Issa. Show all posts
Monday, August 30, 2010
Wednesday, July 21, 2010
3 ex-CEO's at Fannie Mae were among 42 employees at Fannie and Freddie Mac who got sweetheart loans from Countrywide
Under the guise of providing sweetheart loans to Fannie and Freddie executives, Countrywide was able to game the system at the expense of the American people and our nation’s fiscal solvency. Countrywide was very cognizant, calculating and ultimately effective at furthering their bottom line by co-opting the very people who should have been acting as stewards of the mortgage market and instead swapped their responsibilities for VIP loans.”
This most recent news exposing the true size, scope and intent of Countrywide’s VIP program comes as the Obama Administration and Congress legislate the aftermath of the financial crisis.
“It is disturbing that the very people charged with managing the stability of our housing and mortgage markets were apparently co-opted by one of the largest sub-prime lenders,” said Issa. “The decision not to include reform of Fannie Mae and Freddie Mac in financial reform legislation underscores the importance of investigating these influence buying efforts and presenting information explaining Congress' clear obligation to act. I am committed to exposing the full scope of how actions taken by Countrywide through its VIP program and other lobbying efforts compromised federal government officials who should have been more vigilant and skeptical about risky lending practices.”
Yesterday, Issa sent a letter to Federal Housing Finance Agency (FHFA) General Counsel Alfred M. Pollard raised concern that 173 Countrywide VIP loans given to 42 Fannie Mae and Freddie Mac employees, including three former Fannie Mae CEOs, violated ethics rules and created a conflict of interest.
“As our nation marched down the path leading to a crippling financial crisis, Fannie Mae should have been trying to cool off risky sub-prime lending and protect the economy from a volatile housing bubble,” said Rep. Issa. “The sweetheart deals to officials at Fannie Mae and Freddie Mac, however raise serious doubt that they could have said no to the risky business practices of Countrywide.”
The letter notes that spikes in Countrywide’s VIP lending to Fannie Mae officials occurred in 1998 as Countrywide was negotiating a volume discount with Fannie Mae and in 2001-2003, on the leading edge of a mortgage boom. In 1999, Countrywide reached an exclusive agreement to sell Fannie Mae billions of dollars in mortgages at a discounted rate. The deal was designed by Fannie Mae to lock competitor Freddie Mac out of the market for Countrywide’s loans.
This most recent news exposing the true size, scope and intent of Countrywide’s VIP program comes as the Obama Administration and Congress legislate the aftermath of the financial crisis.
“It is disturbing that the very people charged with managing the stability of our housing and mortgage markets were apparently co-opted by one of the largest sub-prime lenders,” said Issa. “The decision not to include reform of Fannie Mae and Freddie Mac in financial reform legislation underscores the importance of investigating these influence buying efforts and presenting information explaining Congress' clear obligation to act. I am committed to exposing the full scope of how actions taken by Countrywide through its VIP program and other lobbying efforts compromised federal government officials who should have been more vigilant and skeptical about risky lending practices.”
Yesterday, Issa sent a letter to Federal Housing Finance Agency (FHFA) General Counsel Alfred M. Pollard raised concern that 173 Countrywide VIP loans given to 42 Fannie Mae and Freddie Mac employees, including three former Fannie Mae CEOs, violated ethics rules and created a conflict of interest.
“As our nation marched down the path leading to a crippling financial crisis, Fannie Mae should have been trying to cool off risky sub-prime lending and protect the economy from a volatile housing bubble,” said Rep. Issa. “The sweetheart deals to officials at Fannie Mae and Freddie Mac, however raise serious doubt that they could have said no to the risky business practices of Countrywide.”
The letter notes that spikes in Countrywide’s VIP lending to Fannie Mae officials occurred in 1998 as Countrywide was negotiating a volume discount with Fannie Mae and in 2001-2003, on the leading edge of a mortgage boom. In 1999, Countrywide reached an exclusive agreement to sell Fannie Mae billions of dollars in mortgages at a discounted rate. The deal was designed by Fannie Mae to lock competitor Freddie Mac out of the market for Countrywide’s loans.
Thursday, July 15, 2010
Senate recipients of cut-rate Countrywide loans now up to 30
U.S. senators or Senate employees received 30 loans—far more than had previously been known—under a controversial lending program at Countrywide Financial Corp. that provided cut-rate terms to favored borrowers.
The information is contained in a letter sent to the Senate Select Committee on Ethics by Rep. Darrell Issa (R., Calif.), who has been spearheading the House Oversight and Government Reform Committee's investigation into Countrywide's so-called VIP mortgage program.
No specific loan recipients were named in the letter. But Mr. Issa's letter said borrowers on a dozen loans listed their place of employment as the office of "Senator Robert Bennett." Available public records don't indicate that Sen. Bennett, a Utah Republican and member of the Senate Banking Committee, received a Countrywide home loan.
Sens. Christopher Dodd (D., Conn.) and Kent Conrad (D., N.D.), have previously been identified among the high-profile individuals who received such loans. Both senators have denied wrongdoing. Until the Issa letter, no other senators or their staff members had been linked to the VIP loan program.
A spokeswoman for Sen. Bennett didn't respond to questions. Sen. Bennett recently lost his primary election battle and will be leaving the Senate in January after 18 years.
A spokesman for the Senate Ethics panel declined to comment. A spokesman for Bank of America Corp., which in 2008 acquired Countrywide, said the company had cooperated with the investigation by the House committee.
The VIP program operated during the housing boom earlier this decade, often writing mortgages with terms more favorable than those available to the general public. An estimated 28,000 loans were made, mostly to private parties such as Countrywide employees or their friends and relatives.
The House Oversight panel, where Mr. Issa is the ranking Republican member, is probing whether such loans were issued to public officials in an attempt to influence them. Last year, the committee subpoenaed VIP loan records from Bank of America.
The information is contained in a letter sent to the Senate Select Committee on Ethics by Rep. Darrell Issa (R., Calif.), who has been spearheading the House Oversight and Government Reform Committee's investigation into Countrywide's so-called VIP mortgage program.
No specific loan recipients were named in the letter. But Mr. Issa's letter said borrowers on a dozen loans listed their place of employment as the office of "Senator Robert Bennett." Available public records don't indicate that Sen. Bennett, a Utah Republican and member of the Senate Banking Committee, received a Countrywide home loan.
Sens. Christopher Dodd (D., Conn.) and Kent Conrad (D., N.D.), have previously been identified among the high-profile individuals who received such loans. Both senators have denied wrongdoing. Until the Issa letter, no other senators or their staff members had been linked to the VIP loan program.
A spokeswoman for Sen. Bennett didn't respond to questions. Sen. Bennett recently lost his primary election battle and will be leaving the Senate in January after 18 years.
A spokesman for the Senate Ethics panel declined to comment. A spokesman for Bank of America Corp., which in 2008 acquired Countrywide, said the company had cooperated with the investigation by the House committee.
The VIP program operated during the housing boom earlier this decade, often writing mortgages with terms more favorable than those available to the general public. An estimated 28,000 loans were made, mostly to private parties such as Countrywide employees or their friends and relatives.
The House Oversight panel, where Mr. Issa is the ranking Republican member, is probing whether such loans were issued to public officials in an attempt to influence them. Last year, the committee subpoenaed VIP loan records from Bank of America.
Wednesday, July 7, 2010
Issa blasts government's performance in Gulf oil spill
Rep. Darrell Issa (R-Calif.), top Republican on the House Committee on Oversight and Government Reform, has issued a report resulting from the committee’s fact-finding exercise to the Louisiana Gulf Coast to personally assess the impact of the oil spill and the effectiveness of the federal government response.
(snip)
• While the White House has tried to use the delay in finding a visible leak to explain its early silence on the oil spill, Transocean officials and Coast Guard documents from the scene of the oil spill reveal clear and early indications of a substantial oil leak days earlier than White House accounts;
• The failure of Administration officials to quickly waive laws preventing necessary foreign assets from reaching the Gulf and other regulations are hampering efforts to clean-up and limit damage from the oil spill. Local officials feel the federal government is making the perfect the enemy of the good in cleanup efforts;
• Local officials strongly dispute President Obama’s insistence that the federal government -- and not BP -- has been in control since day one. One Coast Guard Admiral told congressional investigators that decisions on the ground are made through a “consensus-based” process with BP. In practice, the Federal Government is not in charge of oil spill response efforts through a command-and-control approach;
• Local officials strongly believe the President’s call for a drilling moratorium will significantly compound the economic damage caused by the oil spill and will actually increase risk associated with future offshore drilling projects.
(snip)
• While the White House has tried to use the delay in finding a visible leak to explain its early silence on the oil spill, Transocean officials and Coast Guard documents from the scene of the oil spill reveal clear and early indications of a substantial oil leak days earlier than White House accounts;
• The failure of Administration officials to quickly waive laws preventing necessary foreign assets from reaching the Gulf and other regulations are hampering efforts to clean-up and limit damage from the oil spill. Local officials feel the federal government is making the perfect the enemy of the good in cleanup efforts;
• Local officials strongly dispute President Obama’s insistence that the federal government -- and not BP -- has been in control since day one. One Coast Guard Admiral told congressional investigators that decisions on the ground are made through a “consensus-based” process with BP. In practice, the Federal Government is not in charge of oil spill response efforts through a command-and-control approach;
• Local officials strongly believe the President’s call for a drilling moratorium will significantly compound the economic damage caused by the oil spill and will actually increase risk associated with future offshore drilling projects.
Tuesday, April 20, 2010
GOPers question immaculate timing of action against Goldman & rollout of financial overhaul
Rep. Darrell Issa, the top Republican on the House Oversight committee, is demanding a slew of documents from the Securities and Exchange Commission, asserting that the timing of civil charges against Goldman Sachs raises “serious questions about the commission’s independence and impartiality.”
Issa’s letter, addressed to SEC Chairwoman Mary Schapiro and signed by eight other House Republicans, asks whether the commission had any contact about the case, prior to its public release, with White House aides, Democratic Party committee officials, or members of Congress or their staff.
“[W]e are concerned that politics have unduly influenced the decision and timing of the commission’s controversial enforcement action against Goldman,” Issa writes.
Issa implied that the timing was a bit too convenient, saying President Barack Obama’s push on Wall Street reform “neatly coincided with the commission’s announcement of the suit.”
The letter is also signed by Republican Reps. Jim Jordan of Ohio, Jason Chaffetz of Utah, Patrick McHenry of North Carolina, Dan Burton of Indiana, John Mica of Florida, Blaine Luetkemeyer of Missouri, Aaron Schock of Illinois and Anh “Joseph” Cao of Louisiana.
Issa’s letter, addressed to SEC Chairwoman Mary Schapiro and signed by eight other House Republicans, asks whether the commission had any contact about the case, prior to its public release, with White House aides, Democratic Party committee officials, or members of Congress or their staff.
“[W]e are concerned that politics have unduly influenced the decision and timing of the commission’s controversial enforcement action against Goldman,” Issa writes.
Issa implied that the timing was a bit too convenient, saying President Barack Obama’s push on Wall Street reform “neatly coincided with the commission’s announcement of the suit.”
The letter is also signed by Republican Reps. Jim Jordan of Ohio, Jason Chaffetz of Utah, Patrick McHenry of North Carolina, Dan Burton of Indiana, John Mica of Florida, Blaine Luetkemeyer of Missouri, Aaron Schock of Illinois and Anh “Joseph” Cao of Louisiana.
Wednesday, March 24, 2010
Issa threatens request for prosecutor to investigate White House job offer to Specter's Dem challenger
Rep. Darrell Issa, the top Republican on the House Oversight committee, told CBS News Wednesday that he will call for a special prosecutor to investigate the White House if it does not address Rep. Joe Sestak's claim that he was offered a federal job in exchange for dropping out of the Pennsylvania Senate primary.
"If the public doesn't receive a satisfactory answer, the next step would be to call for a special prosecutor, which is well within the statute," Issa (pictured) told Hotsheet.
The California Republican has been pushing for the White House to provide details of conversations between Sestak and administration officials in the wake of Sestak's comment during a radio interview last month that he was offered a high-ranking administration job in exchange for dropping his primary challenge against Sen. Arlen Specter.
"If the public doesn't receive a satisfactory answer, the next step would be to call for a special prosecutor, which is well within the statute," Issa (pictured) told Hotsheet.
The California Republican has been pushing for the White House to provide details of conversations between Sestak and administration officials in the wake of Sestak's comment during a radio interview last month that he was offered a high-ranking administration job in exchange for dropping his primary challenge against Sen. Arlen Specter.
Friday, February 19, 2010
ACORN got names of at-risk home owners from banks, signed them up as dues-paying members
From the executive summary of Rep. Darrell Issa's Oversight Committee's investigation of ACORN and the SEIU:
ACORN, as a corporation, is responsible for thousands of fraudulent voter registrations throughout the United States.
Responses from various state election offices show that ACORN’s late filings of voter registration cards and the sheer amount of fraudulent cards obstructed election administration efforts in many states. Fraudulent voter registrations are not isolated incidents; they reflect ACORN’s criminal motive to compromise the system of free and fair elections promised in the Constitution of the United States.
ACORN used provisions in the Community Reinvestment Act of 1977 that allowed community groups to challenge bank mergers and acquisitions if a bank did not adequately invest in its own community. These challenges, which featured ACORN’s standard intimidation tactics, successfully forced banks to make lending agreements with ACORN Housing. If banks refused ACORN’s demands, they jeopardized approval of mergers in a timely manner. ACORN Housing moved to become a conventional service provider for the loans. ACORN reaped profits from over a billion dollars in loans to low- income neighborhoods. Because of the policies and financial instruments developed, in part through ACORN’s lobbying activities, borrowers eventually defaulted on the loans. The end result was the bursting of the housing bubble.
ACORN Housing received a total of $39,925,620.13 from Bank of America, JPMorgan Chase & Co., CitiBank, HSBC, CapitalOne, and SunTrust. These lenders and banks also provided ACORN with grants, address and bank account information of at-risk homeowners so ACORN could provide free counseling services. Instead, ACORN used the address and bank account information to target struggling Americans who would be signed up as dues-paying members of ACORN. ACORN’s membership recruiting brought in $48 million a year for ACORN—a boon for their Muscle for Money program.
ACORN, as a corporation, is responsible for thousands of fraudulent voter registrations throughout the United States.
Responses from various state election offices show that ACORN’s late filings of voter registration cards and the sheer amount of fraudulent cards obstructed election administration efforts in many states. Fraudulent voter registrations are not isolated incidents; they reflect ACORN’s criminal motive to compromise the system of free and fair elections promised in the Constitution of the United States.
ACORN used provisions in the Community Reinvestment Act of 1977 that allowed community groups to challenge bank mergers and acquisitions if a bank did not adequately invest in its own community. These challenges, which featured ACORN’s standard intimidation tactics, successfully forced banks to make lending agreements with ACORN Housing. If banks refused ACORN’s demands, they jeopardized approval of mergers in a timely manner. ACORN Housing moved to become a conventional service provider for the loans. ACORN reaped profits from over a billion dollars in loans to low- income neighborhoods. Because of the policies and financial instruments developed, in part through ACORN’s lobbying activities, borrowers eventually defaulted on the loans. The end result was the bursting of the housing bubble.
ACORN Housing received a total of $39,925,620.13 from Bank of America, JPMorgan Chase & Co., CitiBank, HSBC, CapitalOne, and SunTrust. These lenders and banks also provided ACORN with grants, address and bank account information of at-risk homeowners so ACORN could provide free counseling services. Instead, ACORN used the address and bank account information to target struggling Americans who would be signed up as dues-paying members of ACORN. ACORN’s membership recruiting brought in $48 million a year for ACORN—a boon for their Muscle for Money program.
Subscribe to:
Posts (Atom)
