These Democrats said they were not aware of loans in excess of $700,000 they received from a corrupt lender. Who would want someone like this making laws for the American people?
Americans want change!
Sens. Conrad, Dodd got special mortgage deals - Capitol Hill - MSNBC.com
updated 5:20 p.m. CT, Fri., June. 13, 2008
WASHINGTON - Senate Banking Committee Chairman Christopher J. Dodd, a leader of Congress' efforts to help homeowners ensnared in the subprime mortgage meltdown, reportedly got special treatment on his own mortgages from the CEO of Countrywide Financial Corp., a company whose practices he has called "abusive."
At least one other lawmaker, Sen. Kent Conrad, D-N.D., also benefited from the VIP treatment after placing a personal call to Countrywide CEO Angelo Mozilo seeking a mortgage.
Both senators say they weren't aware they were getting special deals.
'Friends' of the chairman
Still, their involvement in a special program that awarded discounts and waived fees for "friends" of Mozilo — first reported by Conde Nast Portfolio magazine's Web site — raised questions about whether lawmakers weighing a homeowner rescue themselves benefited from the actions of a leading offender in the mortgage meltdown.
It could be especially damaging for Dodd, D-Conn., one of four Democrats who pursued his party's 2008 presidential nomination, given his high-profile role in crafting a broad housing rescue. It comes as Dodd is engaged in intense behind-the-scenes negotiations with lawmakers and the Bush administration to complete that measure.
"As a United States senator, I would never ask or expect to be treated differently than anyone else refinancing their home," Dodd said in a statement.
Lawmakers' participation in the VIP program is coming to light just days after similar revelations prompted Barack Obama, the presumptive Democratic nominee, to ax one of his vice presidential vetters, Jim Johnson, who also apparently benefited.
Conrad, the Budget Committee chairman, said it was Johnson who referred him to Mozilo in 2002 when the North Dakotan was seeking a loan to buy a vacation home in Bethany Beach, Del.
"I called (Mozilo). I said, 'I'm buying this property. Would you be interested in the mortgage?', and he said, 'Yeah. Call these people and we'll take a look,'" Conrad said.
"I deal with the heads of companies every day, and I didn't find it at all unusual. I did not think for one moment — and no one ever suggested to me — that I was getting preferential treatment," Conrad said.
Portfolio reported that Countrywide made two loans at special rates to Dodd in 2003. One was a $506,000 loan to refinance a Washington townhouse. The second was $275,042 for refinancing a loan on a home in East Haddam, Conn.