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June 13, 2008

Sen. Kent Conrad Got Special Senator-Only Mortgate from Countrywide Exec; Furthemore Never Disclosed the Home in All His Disclosure Filings

Speaking of Congressmen and Senators getting special subsidized everything.


Senator Conrad borrowed $1.07 million in 2004 to refinance his vacation home with a balcony and wraparound porch in Bethany Beach, Delaware, a block from the ocean. Mozilo instructed a subordinate to “take off 1 point,” or $10,700, according to a March 17, 2004, email.

Later that year, Conrad refinanced an eight-unit apartment building that he and his brothers owned in Bismarck, North Dakota. According to the former employee, the loan violated Countrywide’s normal policy of providing loans for buildings of four units or fewer. In an April 23, 2004, email, Mozilo encouraged an employee to “make an exception due to the fact that the borrower is a senator.”

He claims he had no idea he was receiving special treatment and claims he got a "competitive rate."

As to why he never disclosed the unit as required by law -- Hey, look over there, it's a bear in a scuba-suit!

Whoops! More Democrats involved, including Chris Dodd and Donna Shalala.


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posted by Ace at 03:01 PM

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