Bank of America's Bailout Bill
64 Pages of 'Confidential and Proprietary' Evidence
By Bluey Posted in Barney Frank | Chris Dodd | Congress | Congress | Housing Crisis | Mortgage Bailout — Comments (13) / Email this page » / Leave a comment »
Tim Carney at the Washington Examiner has another solid piece today on Bank of America’s role in the housing bailout bill. With the Senate set to vote on the legislation next week, conservatives are mounting a last-ditch effort to stop an outrageous abuse of taxpayer money.
The “confidential and proprietary” document Carney uncovered (click here to view) illustrates just how intricately involved Bank of America has been in drafting the legislation with Sen. Chris Dodd (D-Conn.) and Rep. Barney Frank (D-Mass.). Bank of America, of course, is in the process of buying Countrywide Financial Corp., which remains at the center of the mortgage meltdown.
A Senate staffer and a House staffer both told me on background that the House version of the bill — or at least the bailout portion — was drafted by Bank of America. I have also reviewed a March 11, 2008, "Discussion Document" currently circulating among Hill staffers that appears to have been drafted by somebody at Bank of America.
The document's title, "FHA Housing Stabilization and Homeownership Retention Act of 2008," is now the title of HR 5831, the House version of Dodd-Shelby, sponsored by Rep. Barney Frank, D-Mass.
The paper more or less spells out the mortgage bailout plan contained in the House and Senate versions. The date of the document is one month earlier than the date HR 5831 was introduced. If the document, stamped "confidential and proprietary" is valid, it points to a Bank of America source as the author of the House version of this bill. Calls and e-mails to Dodd, Frank, and Bank of America were not returned.
If this was happening under a Republican Congress just imagine the media scrutiny. We’re barely hearing a peep.