Banking Law

In February of this year, Colorado?s Attorney General proudly announced that ?Colorful Colorado? had squeezed $6 million out of Countrywide Financial Corp. for alleged violations of Colorado?s Consumer Protection Act, arising out of Countrywide?s subprime mortgage lending in that state. As we noted, the $6 million was only a small drop in the bucket compared to the amounts that other states were flushing out Countrywide?s fire hydrant of cash.

Texas recently showed how much blood a great big pair of Justin boots can stomp out of the Countrywide turnip.

Countrywide Financial will send $7.46m in restitution to eligible Texans who lost their homes to foreclosure, according to a statement from the Texas attorney general.

The restitution program, first announced by Attorney General Greg Abbott in February, disperses the funds to Countrywide?s Texas customers whose loans originated between Jan. 1, 2004 and Dec. 31, 2007.

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The program was part of a $345m settlement between the attorney general?s office and Countrywide, which also provides $335m in loan modifications for 30,000 Texans.

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And roughly 1,400 Texans who are in or approaching default and voluntarily relinquish their residence to the Relocation Assistance Program could receive $2,000.

The Relocation Assistance Program plans to send $2.8m in benefits to Texas homeowners.

So, all told,Texas made out like a bandit compared to Colorado. However, California, with a whopping $3.5 billion carved out of Countrywide's hide, remains the Platonic ideal of claimants, of whom all other claimants are merely pale reflections.

While it may have placed well on down the list of Countrywide jackpot winners, Colorado won bragging rights to one of the most hotly contested competitions in recent memory, namely, the right to be named as the beer of choice by one of the three participants in The Change We Have Been Waitng For?s ?teachable moment? this Thursday before dinner at The White House. Apparently, "The One" prefers a Budweiser (surprisingly, because customarily Bud's the choice of those pathetic lower class prols who cling to their guns and their religion). Well, this Bud?s for you, Mr. White House Change Meister!

The bantam rooster who helped provoke this firestorm of a ?teachable moment,? Harvard Professor Henry Gates, reportedly prefers either Red Stripe or Becks. That means in a contest between The Change and The Prof over who'd you rather pop a frosty with, the Prof wins hands down. Not to be outdone, however, Officer James Crowley, the other half of the testosterone-laden duo, is quaffing a blue ribbon beer, and we don't mean Pabst, we mean Blue Moon. That beer started out as a microbrew sold only at The Sandlot, a pub within the confines of Coors Field in Denver. As a season ticket holder of the Colorado Rockies when they made the move into Coors Field in 1995, I consumed many a Blue Moon, although it's been a blue moon since I've had one (being now converted to the wonders of Shiner Bock). Nevertheless, as the world now understands, Colorado's own Blue Moon is a beverage worthy of the most teachable moments in the most powerful hovels that this planet possesses.

Colorado may have been short-changed on Countrywide "swag," but it can take pride in its place at The White House table. Unless, of course, Crowley and Gates over-imbibe their respective favorites, once again pull out their rulers and start measuring, and all hell breaks loose. Actually, that would be one teachable moment I'd enjoy watching, with or without my favorite beer in hand.