Think Progress | Mitt Romney Profited From Mortgage Lenders Foreclosing On Thousands Of Floridians

Romney Profited From Mortgage Lenders Foreclosing On Thousands Of Floridians

A ThinkProgress examination of Mitt Romney’s presidential personal financial disclosures from May 2011 reveal that the former Massachusetts governor and his wife own or owned millions of dollars worth of a Goldman Sachs investment fund invested heavily in mortgage-backed obligations. And the current owners of those mortgage debts began foreclosure proceedings against thousands of Floridians.

Along with his investments in Bain Capital funds linked to offshore tax havens, the Romneys have large investments in the Goldman Sachs Strategic Income Fund (institutional class). The firm’s March 2011 annual report for the fund notes that about 8 percent of the fund is invested in banks and 24.5 percent is invested in mortgage-backed obligations. Romney’s form says he has invested between $1,000,001 and $5,000,000 in the fund and his wife Ann has invested an additional $1 million-plus. Since the 2008 economic meltdown and the enactment of the Troubled Asset Relief Fund, this fund has done quite well, growing 7.88 percent between April 2010 and March 2011.

The mortgage-backed securities in the fund include adjustable rate mortgages from Bear Stearns, Countrywide, IndyMac, and Washington Mutual. A 2009 Center for Public Integrity report identified all four of those companies as among the top-25 subprime lenders in the lead-up to the market’s collapse. Countrywide ranked first in that report and Washington Mutual ranked second. While the remnants of those companies have been purchased by major financial institutions, an array of mortgage loan service companies bought up the individual mortgages.

Check out the rest here…

Copy of the annual report below



annual report

8 Responses to “Think Progress | Mitt Romney Profited From Mortgage Lenders Foreclosing On Thousands Of Floridians”
  1. To Tell The Truth says:

    For the record…I am not against capitalism, that is the maverick of our society and why this was once and still can be the great nation ever in this world…I am an entrepreneur myself, albeit a small one but that is what many of us are, people that know and understand freedom to create our own wealth…God gives us the ability to create wealth…Deuteronomy…and why America can survive and re developed by people small and large that believes in the free enterprise system without trampling on others to gain our wealth…there is always so much for everyone as not everyone wants the huge wealth that the banksters and their investors are grabbing after…wealth is relevant to the free man…we value our freedom more…we are willing to make sacrifices and willing to assist others in gaining their wealth…what happen to that America…lets re awaken the American Dream for us all…our Founding Fathers were surely divinely inspired to develop such a constitution that has stood the test of so many centuries…why fix what is not broken…lets make sure it does not get broken…

  2. To Tell The Truth says:

    If Floridians vote for Romney, then I am living in a much deceived State of Florida and people that do not think for themselves. No one has made the observation regarding Romney…he does not even know how his money is earned? He does not know what his employees do with his money by his own confession

    but he knows enough that he has a lot of money and does not ever have to work a days labour for the rest of his lives while the defrauded homeowners have lost homes, are in forecloses and some out on the streets while he continues to collect off their blood.

    What kind of accountability will he have as president when he does not know the condition of his own flock, guess he will blame his czars when ask about how the peoples taxes are being spent or invested and will blame his advisers when ask about anything that the leader should have first hand knowledge of!!! GO Figure…no one is considering this in their comments…

    His so called generosity to charity, his cult church, is another money laundering and controlling tactics for his personal gain…and of course he will pay the IRS as little as possible but as much as will avoid his being audited…did we not hear that he has not been audited at all?

    And he is so much like Obama, a white version, and so similar in their views, of course, they both need Jesus. Mormonism is not a christian group, on the not deceived…for many will come in His name…deceiving and as angel of light…you’ve been warned…

  3. ali says:

    Gringrich on Fox Sunday news interview Gingrich. Grinrich has the the number of just how how much Romeny and his wife have made in 2010, and 2012 from foreclosing on peoples home, especially in Florida. He was highly invested in Lehman, Washington Mutual, Coountrywide. Given the way he has spead his money around in differant countries Come on A ‘Swiss” bank account reraly? Only someone with thing to hide does that. And futhermore he keeps praising Bondi. Come on Flaridians, just think of it this way, maybe the lesser of the two evils. I have a feeling that the shit is about to hit the fan, at high speed!!!!!! While this is all happening Chicago’s county morgue has run out of money and can’t bury the deseased. All this is happening and you turn on the tube and the commercials are like, everything is ok take a trip, go to the casino’s, open credit card accounts, buy expensive vehicle’s. Spend, speand, spend, make sure you are the first in the breadline. As far as the OCC goes, what a joke. My experience? Don’t even bother. I’m beginning to think my only choice is pro se. Dirty rotten greedy basturds, they are worse then having cancer. So Floridians do what you have to do, their are millions of people who have been defrauded by sopposed trustworthy institutions including our goverment. In every state, are they just now understanding that we are also registered voter’s too?????

  4. lvent says:

    666 alert…the politicians have landed!..My local news reporting Senator Kirks condition after his stroke the other day..improving but they had to remove part of the mans brain because of brain swelling?!…I guess the bleeping golden Senate seat is up for grabs again…! Local news also reporting that the price of red meat to skyrocket to the price of caviar…WTF?

  5. lvent says:

    Oh yeah..all of the scumbag politicians are invested in our demise! As I said month ago…don’t believe what they say..find out what their investments are and what Secret Societies the belong to…and remember they use religion as a ruse..most of them are satanists as well..See the you tube video by FORMER FBI AGENT TED GUNDERSON ENTITLED THE CIA AND SATANISM..

  6. Angrybirds says:

    What’s the difference, they ALL proffited from fraudclosures all over the US. And stupid people are really going to vote for these idiots? Geeez

    • ali says:

      The asss lickers have even attached themselves to our our property taxes and homeowners insurance. We have a pending case with our homeowners insurance and they won’t pay. So next I’m going to fire them. My
      local Treasurers office said “there’s nothing we can do if your property taxes are being DOUBLE paid”. I just can’t find the words to say what a cancer these fraudsters are on us. They have wedged themselves into every corner of our lives. No amount of kemo or radiation can kill them.

      • lvent says:

        The media is still reporting Romney in the lead and Gincrich in second…Santorum in third..Ron Paul in last place…Just the opposite of the truth…of course!! Lie, manipulate and decieve…is all they do…!

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