Friday, October 19, 2007

Nothing to see here, folks

Governor Patrick testifies on the subprime mortgage crisis

The whole truth would read this way:

The Patrick administration in recent weeks has tried to pressure subprime lenders, whose mortgages are fueling the foreclosure crisis, to agree to provide financial assistance for financially distressed homeowners unable to pay sharply rising monthly payments. Subprime mortgages, which peaked in 2005 and 2006 (which overlapped the 2 years when Governor Patrick received $30,000 a month for serving on the board of Ameriquest, the nation’s largest subprime lender) were given to buyers with poor credit who could not qualify for a traditional mortgage.

But somehow in a week's worth of news stories there has not yet been room to mention the relationship between Deval Patrick and Ameriquest in the Boston Globe. So the text in red is not part of today’s subprime story .

Though doubtless the Globe would treat a Republican governor just the same way.

Nothing to see here, folks. Move along now.

P.S. If the picture above is from the recent hearing on subprimes held by Congressman Barney Frank, then Patrick was sitting right next to Menino when the mayor named Ameriquest as one of 5 firms that dominated foreclosures in Boston. But no mainstream media organ reported the coincidence that Menino was sitting next to a former Ameriquest board member.

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