September 17, 2008

Hi,

I finally figured it out!

I have decided to settle down and get serious about a career in Public
Garden Management and Horticulture.  This decision allows me to work in
areas where public transportation is readily available, work in a greenhouse
environment, avoid the stress of production related capitalism, contribute
to the beauty of urban areas, preserve plants for future generations, and
educate people who are really interested in plants.  It also solves the
dilemma about what I want to do when I grow up, because this way I can do a
little of everything.

Cornell and the University of Delaware both have fellowship only programs
for Master’s degrees (both fully funded with a living stipend).  There are
other programs out there as well.

I have joined the Horticulture club as an active member (I might consider
running for an office) and am taking an extracurricular Urban Gardeners
Program with a 40-hour community service requirement at the local community
greenhouse (Hunter Park in Lansing – 2 minutes from my door walking).  I am
working on a proposal for an internship with Beal Gardens here at MSU,
probably revamping the website and working on grant acquisition as we all
know that I can weed just fine.

Now to 4.0 everything and do well on the GRE.

 Love,

 Me

“Cultivated plants are neatly planted; wild plants flourish in chaos.”

– Susun Weed

A former Countrywide Financial loan officer, Robert Feinberg, has come forward saying Dodd knowingly saved thousands on his 2003 re-fi’s as “part of a special program the California mortgage company had for the influential.” 

He says he’s in possession of internal company docs proving Dodd knew full well he was getting very preferential treatment as a “Friend of Angelo” Mozilo, Countrywide’s then-CEO. 

From the WSJ piece:

“People are referred into that department as ‘very important people.’ You’re told that your loan is priced from Angelo. As the ‘Friends of Angelo department,’ [the department] has to give them a sense of importance and explain the reduction of fees and the rate as a result of being a ‘Friend of Angelo,’” [Feinberg] says. According to a report by Dan Golden in Condé Nast Portfolio in August, other VIPs included Senator Kent Conrad. Mr. Golden reported that “Countrywide also offered special discounts to congressional staffers involved in housing issues.”

As to Mr. Dodd, Mr. Feinberg says he spoke to the Senator once or twice and mostly to his wife and that like other FOAs Mr. Dodd got “a float down,” which means that even after he had a preferred rate, when the prevailing rate dropped just before the closing, his rate was reduced again. Regular borrowers would pay extra for a last-minute adjustment, but not FOAs. “They were aware of it because they were notified and when they went to the closing they would see it,” Mr. Feinberg says, adding that he “always let people in the program know that they were getting a very good deal because they were ‘Friends of Angelo.’”

And:

One indicator of [Dodd's] influence is the $165,400 in campaign contributions — more than to any other politician — that Fan and Fred have given him since 1989, according to the Center for Responsive Politics. These contributions are legal.

But favors like those Mr. Dodd is alleged to have received may not be.

Mr. Feinberg says he went public with his story because when he heard Senator Dodd on TV talking about predatory lending, he felt it was “hypocritical” and he says, “I just thought, ‘This is wrong.’”

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in 15 markets — including the New York metropolitan region — will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans.

and

In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980’s.

and

”From the perspective of many people, including me, this is another thrift industry growing up around us,” said Peter Wallison a resident fellow at the American Enterprise Institute. ”If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.”

(Hat Tip:  Nicky Cheese)