Culture of corruption: Democrats got sweetheart loans.
Countrywide Six: All Democrats
Posted on 06/17/2008 3:55:25 AM PDT by Man50D
Not making many headlines because the perps are Democrats, the sweetheart loan deals that former Obama Vice Presidential vetter Jim Johnson accepted from Countrywide Chairman Angelo Mozilo have ensnared two Democratic senators; Ken Conrad of North Dakota and former presidential candidate Chris Dodd of Connecticut.
Conrad's approach was outrageous. Here's how the Wall Street Journal describes Conrad's dealings with Countrywide and Mozilo:
Take Senator Kent Conrad, the North Dakota Democrat whose office issued a Friday statement saying that "I never met Angelo Mozilo." What he did not say then but admitted under later questioning by a Journal reporter is that, although he may not have had a face-to-face meeting with the Countrywide CEO, Mr. Conrad had called Mr. Mozilo and asked for a loan. The result was a discounted loan on his million-dollar beach house and a separate commercial loan of a type that residential lender Countrywide did not even offer to other customers, regardless of the rate.
So after calling the CEO of a company with various matters before the Senate, asking for a loan and then receiving at least two sweetheart deals, Mr. Conrad now says: "I did not think for one moment - and no one ever suggested to me - that I was getting preferential treatment."
The arrogance is breathtaking. And going Conrad one better was Dodd who, as Chairman of the Banking Committee, oversaw actual legislation that directly benefitted Mozilo and Countrywide:
The same goes for Senator Christopher Dodd (D., Conn.), who chairs the very Banking Committee responsible for drafting the laws that govern Countrywide's market. Mr. Dodd is still in denial mode, but so far no one has knocked down the Portfolio.com story that he received discounted loans as part of Countrywide's "Friends of Angelo" program.
But it is Countrywide's connections to Fannie Mae that may turn out to be the most problematic. The government lender did an enormous amount of business with Countrywide and Mozilo evidently encouraged that business by granting sweetheart loans to executives like Johnson as well as lawmakers like Conrad and Dodd.
Democrats in Congress are pushing a bailout of both borrowers and lenders like Countrywide and they have been holding up legislation to reform Fannie Mae (and Freddie Mac) until Bush signs off on the giveaway. Is it coincidence that Dodd is one of the chief sponsors of this giveway and heavily involved in this quid pro quo demand from the Senate on desperately needed Fannie Mae reform?
Judging by the goodies he got from Mozilo, one would have to conclude that Dodd and Conrad have some questions to answer.
Anyone who has gotten any kind of better loan deal has gotten real money — with pending legislation before the committees and before Congress, this is bribery pure and simple. It may be hard to prove due to all the variations in loan rates, etc (who determines what rates they “would have gotten” without the sweetheart deals) but anyone knows that even a few tenths of a percent make a sizable difference in how much is paid over the life of a loan.
These ‘Rats are dirty and need to be pursued to the limit.
And Obama is different. He’s a different democrat. He only takes deals from CEO’s wives for his real estate.
why does this not surprise me.
let’s talk about Big Russ instead
These two ‘Rats are as crooked as a summer day above the Arctic Circle is long.
“I did not think for one moment - and no one ever suggested to me - that I was getting preferential treatment.”
What we’re talking about here is the best politicians that money can buy.
“But it is Countrywide’s connections to Fannie Mae that may turn out to be the most problematic.”
Very interesting. Perhaps we can start an independent commission and get Jamie Gorelic to head it. That should clear up any doubts.
http://findarticles.com/p/articles/mi_m0EIN/is_2003_May_14/ai_101684023
Follow the criminal$ BUMP!
As someone who started a refi a few months ago (and has still not settled), this absolutely infuriates me. There are 2 sets of rules, those for officials and those for everyone else. Vote them all out. I am seeing red right now and these two politicians are poster children for the corruption that infests our government.
It will surprise me even less when the Senate Ethics Committee does absolutely nothing to these creeps. When the she-ite hits the fan, Congresscritters always cover for each other. The arrogance on display here is beyond disgusting.
Please please tell me that someone from the DoJ is pursuing this. Nothing would please me more than seeing that sanctiminious gaseous President-Bush-hating hypocrite Dodd marched out of his office in handcuffs!
Conrad has always been a hypocrite. He told North Dakota voters when he first ran for the Senate that he would limit himself to one term if he couldn’t get the Federal budget balanced - a vow promptly forgotten.
Apparently this was not the Angelo Mozilo he knew...
Senator Christopher Dodd (Criminal., Conn.)
Because it's been going on forever?
Pubbies get busted, Dems get to point fingers. Dems get busted, Pubbies get to point fingers. A few players get tossed to the wolves, the others breathe a sigh of relief that they didn't get caught. And We The People keep voting them back into office. So it goes.
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