$4 Gas and Countrywide CEO's Special Mortgages to Fannie Mae Peeps!

Interesting news weekend to say the least. The national average of a gallon of gas has reached the $4 dollar mark - not a big surprise but sure to rattle the Monday morning markets.

On the mortgage front there was an interesting article in the WallStreet Journal about Countrywide's CEO Angelo Mozilo playing favorite's with a couple bigwigs from Fannie Mae. Yes, you read that right. Furthermore, one of them is an advisor to the Obama campaign.

Excerpt:

Countrywide Friends Got Good Loans

By Glenn R. Simpson and James R. Hagerty

Countrywide Financial Corp. makes mortgage loans through a vast network of offices, brokers and call centers. But a few customers have gotten their loans a special way: through Countrywide Chief Executive Angelo Mozilo.

These borrowers, known internally as "friends of Angelo" or FoA, include two former CEOs of Fannie Mae, the biggest buyer of Countrywide's mortgages, say people familiar with the matter.

One was James Johnson, a longtime Democratic Party power and an adviser to Sen. Barack Obama's campaign, who this past week was named to a panel that is vetting running-mate possibilities for the presumed nominee.

This brings a couple things to my mind:

1. Is Bank of America sure they want to buy Countrywide?

2. Do You Want to Vote For Someone who's campaign employs advisors with less than credible ethics? Brings to mind that old saying "You Are Who You Hang With".

3. Why hasn't Mozilo been subject to some hard core scrutiny. Mark my words where there's smoke there's fire. I'm sure this isn't the last we'll hear about his questionable business ethics.