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July 27, 2009

CountryWide Operative Testifies He Told Dodd, Conrad They Were Getting Preferential Mortgage Deals; Despite Their Denials of Ever Being Told They Were Getting Special Rates

Remember, though, Chris Dodd has declared himself the Scourge of Lobbyists and Favor-Seekers. Like last week or something.

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.

Worth reading in full, though I can't quote more due to AP being a total dick about excerpts.

Among other nuggets: Dodd was permitted to contrive the "fiction" that both his Connecticut and DC homes were owner-occupied (that is, neither was second home). Second-home mortgages are usually charged higher mortgage rates, I guess because the odds of default are greater. (One will always make sure he has one home to live in; when money's tight, he may abandon the other. Dodd was allowed to claim that both of his homes were his primary residence.)

And he was told he was getting preferential treatment.

Dodd continues lying about that.


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posted by Ace at 06:34 PM

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