Saturday, June 14, 2008

Cheap Mortgages to Sen. Dodd

Not surprising at all.

Two influential US senators got "VIP" loans from a leading subprime mortgage lender that saved them tens of thousands of dollars, it was reported last night.

The Democratic pols, Chris Dodd of Connecticut and Kent Conrad of North Dakota, both received the highly favorable loans under the designation "Friend of Angelo," a reference to embattled Countrywide head Angelo Mozilo

...Others who received "FOA" loans include Alphonso Jackson, the secretary of Housing and Urban Development under President Bush who resigned in April, and Donna Shalala, who was secretary of Health and Human Services in the Clinton administration

....Dodd reportedly received two loans through the program in 2003 - $506,000 to refinance his Washington town house, and $275,042 to refinance a home in Connecticut. The more favorable terms saved him about $70,000, the report says

Some time back, when the sub-prime problem was breaking news, Sen. Dodd announced that he was writing "reform" legislation. At that time, I had my suspicions about the motives of Sen. Dodd.

So did Angelo Mozilo.

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