Please click on my headline to read the sad story about our dismal housing market, as related by Robert Scheer!
Tom Donilon, one of Obama's closest aides, whom he recently appointed to the critical job of national security advisor, was the chief lobbyist for Fanny Mae from 1999 to 2005. He successfully pressured Congress to give Fannie Mae the green light to speed past any sound regulation. Indeed, had Congress endorsed the barest semblance of regulation of the Fanny-Mae led housing scam, it would have been stillborn instead of being a very much alive Frankenstein creation. Fannie Mae paid Donilon, a longtime Democratic Party operative, $15 million to lobby Congress to gut the power of government regulators to check the scandalous behavior in what would have been judged a crime until a majority of pro-Wall Street Republicans and Democrats in Congress rewrote the laws. He was also a top executive at Fannie Mae during the period when cooking the books to increase executive compensation would later lead to a $400 million fine. In pursuit of those profits, Fannie Mae entered into partnership with Angelo Mozilo's shady Countrywide Financial, and together they produced the computerized CLUES and MERS credit verification and mortgage registration systems that are the heart of the housing swindle. Mozilo at least was finally slapped with a huge fine last week, while Donilon has yet to return a penny.