Dodd and Conrad Lied; Sweetheart Loans Were Applied
Why those dirty, rotten liars.
Despite their denials, influential Democratic Sens. Kent Conrad and Chris Dodd were told from the start they were getting VIP mortgage discounts from one of the nation’s largest lenders, the official who handled their loans has told Congress in secret testimony.
Both senators have said that at the time the mortgages were being written they didn’t know they were getting unique deals from Countrywide Financial Corp., the company that went on to lose billions of dollars on home loans to credit-strapped borrowers. Dodd still maintains he got no preferential treatment.
Dodd got two Countrywide mortgages in 2003, refinancing his home in Connecticut and another residence in Washington. Conrad’s two Countrywide mortgages in 2004 were for a beach house in Delaware and an eight-unit apartment building in Bismarck in his home state of North Dakota.
Countrywide, you might recall, was the leading subprime mortgage lender in the country before the mortgage market crashed (thanks largely to subprime mortgages). Its CEO, Anthony Mozilo has been charged with several counts of fraud and insider trading.
Countrywide also contributed $10,000 to Senator Dodd over the past nine years, even though Mozilo doesn’t live in Connecticut and Countrywide’s HQ wasn’t there either. Dodd, however, is the chair of the Senate Banking, Housing and Urban Affairs Committee, which is responsible for regulating home lenders like Countrywide.
Dodd is up for re-election in 2010. If he had a shred of honesty left in his politician’s body, he’ll resign before the campaign even begins.
(via NRO)
Other Posts of Interest:
Category: Our New Democratic Overlords
