Banking Regulator Played Advocate Over Enforcer

When Countrywide Financial felt pressured by federal agencies charged with overseeing it, executives at the giant mortgage lender simply switched regulators in the spring of 2007.

The benefits were clear: Countrywide's new regulator, the Office of Thrift Supervision, promised more flexible oversight of issues related to the bank's mortgage lending. For OTS, which depends on fees paid by banks it regulates and competes with other regulators to ... Full Story »

Posted by Leo Romero
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Posted by: Posted by Leo Romero - Nov 23, 2008 - 6:57 AM PST
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Edited by: Fabrice Florin - Nov 23, 2008 - 1:04 PM PST
Fabrice Florin
4.1
by Fabrice Florin - Nov. 23, 2008

Excellent report on the ineffective oversight of Countrywide Financial by its regulatory agency, the Office of Thrift Supervision (OTS). This in-depth investigation provides extensive factual evidence from multiple sources to document the failure of OTS to fulfill its public duties and police the thrift industry it was supposed to regulate. A textbook example of enterprise journalism.

The agency’s goal is to “allow thrifts to operate with a wide breadth of freedom from regulatory intrusion.” More »

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Robin 'Roblimo' Miller
4.6
by Robin 'Roblimo' Miller - Nov. 23, 2008

Good piece about how "deregulation" was a synonym for "enabling financial criminals."

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Leo Romero
3.0
by Leo Romero - Nov. 23, 2008
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Richard Soenneker
4.8
by Richard Soenneker - Nov. 24, 2008

a long-form article with many names, places, facts, etc. about a specific banking regulating agency and its' relationship over ~1998-2006 with Countrywide. Well researched and reported.

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Kenneth Sibbett
5.0
by Kenneth Sibbett - Nov. 23, 2008

The two reporters did a fantastic of weaving together the sleaze-ball loans given to people could never re-pay just for the short term profit.

While reading this story, I was thinking about the Saving's and loan bailout, and lo and behold someone from that tainted period shows up in the article, Charles Dochow, appointed to head Countryside Western division head. I had never heard of Dochow, but it goes to show, if you hang around long enough (like Nixon) somebodies going to use your services to screw the American Taxpayer.

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