Tag: adjustable rate mortgages

Us Versus Them, We Don’t Count

I’ve been reading all this information on Julian Assange and WikiLeaks. I’ve tried to generate some interest. Glenn Greenwald has devoted not just one or two posts but a whole week to this gentleman and his plight. Wrongful prosecution, freedom of the press –  the posts go on and on. I’m sorry, maybe I’m missing the bigger picture, but can Julian Assange put food on my table? Fixing this one man’s plight does little for me. Now fixing the plight of Christopher Marconi, Tom Williams, Warren Nyerges or Rachel Keyser, this is what I’m talking about. Each one of these people

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Did Senator Chuck Schumer cause IndyMac to fail?

You remember what happened, don’t you? Everything started to unravel late in 2007. The first one who was found without a chair when the music stopped was Countrywide. Bank of America was able to buy Countrywide for $4 billion (a stock swap) in early 2008. Just a year earlier Countrywide was worth over $50 billion. Countrywide’s founder and CEO Angelo Mozilo (Time wrote that he was one of the top 25 people to blame for the financial crisis) was once the darling of Wall Street. He ended up being charged by the SEC for taking more than $139 million in profits.

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What to do with WaMu?

The Senate opens hearings today into the failure of Washington Mutual. Washington Mutual was among a group of banks that jumped into the subprime mortgage sector headfirst. Jumping into anything headfirst is not usually a good idea until you know how deep the pool truly is. It is estimated that over $700 billion of these subprime mortgages were handed out between 2004 and 2007. These were those famous adjustable-rate mortgages. Washington Mutual handed out over $133 billion in these adjustable mortgages. The former CEO Kerry Killinger stated that WaMu wasn’t being treated fairly by the government. He whined that WaMu “should

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ABOUT AUTHOR
Errington C. Thompson, MD

Dr. Thompson is a surgeon, scholar, full-time sports fan and part-time political activist. He is active in a number of community projects and initiatives. Through medicine, he strives to improve the physical health of all he treats.

Books

A Letter to America

The Thirteeneth Juror

Where is The Outrage Topics
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