Skip to comments.Chris Dodd Under Investigation for Sweetheart Mortgage Deal
Posted on 10/31/2008 3:47:35 PM PDT by randita
Chris Dodd Under Investigation for Sweetheart Mortgage Deal
NBC news reports that the Justice Department has begun an investigation into whether Countrywide Financial Corp used the 'Friends of Angelo (Mozilo)' program to buy influence with Senators Chris Dodd (D-CT), Kent Conrad (D-ND), and others. According to a senior Countrywide official who handled its VIP program, there was no way Dodd and Conrad could not have known they were getting a special deal:
...Feinberg says part of his job was to hammer home to the V.I.P. clients that they were getting special deals.
"You spoke in a manner that was different than you spoke with a regular customer," said Feinberg. "'Your loan has been specially priced by Angelo.' 'You're getting special discounts because you're in the V.I.P. loan department."
So what would a "Friend of Angelo" get that an average customer would not? According to Feinberg, the possible benefits ran the gamut.
"They got a discount on the interest rate," said Feinberg. "They got discounts on their fees. They got a free floatdown option before closing..."
"There were many, many taglines we used to let them know their level of importance to make sure that they understand where they're located," said Feinberg. "And nine times out of ten, once you mention 'V.I.P' the person's gonna ask you 'what am i getting for being in this V.I.P department?' Or 'what am I getting because I know Angelo?' Or 'I talked to Angelo and he said I'm getting this...'"
Feinberg says he's not aware of any discounts linked to favors, but he did see e-mails noting the potential value of the relationships to Countrywide's political and business interests. The e-mails noted one particular client was "of importance to Countrywide." Another encouraged a discount, noting "they are incredibly important to us." Yet another asked that the loan officer, "make an exception" in Countrywide's lending rules, "due to the fact that the borrower is a Senator."
If Dodd and Conrad somehow missed the special treatment they were receiving, Feinberg's testimony suggests that it was only because they chose not to listen. Nevertheless, Dodd is still refusing to release the paperwork related to his loans--information he promised to share weeks ago.
Dodd should share a cell with Stephens.
Only what Dodd did was 1,000 times worse, because his bribed malfeasance crashed the entire economy.
Well..........it’s about effing time!!!
I wonder if Dodd’s current term will be his last?
This should be on digg.
Dodd under investigation, ObamaRezko next? $300,000 discount and a kneepad loan of his own, hayna? Or no?
Is this another “go no where” investigation story of a corrupt DemocRAT we’ll never read about again?
Get those cells warmed up, theres more to come.We demand justice!
Best news I’ve heard all day!
“chris dodd under investigation...”
and the result?
(hint: democrats can do nothing wrong and are immune from the laws that govern the rest of humankind.)
Dodd under investigation? It’s about time. Now let’s also go after a few other like Bawney Fwank.
Why is there a Digg keyword in this post? There is no Digg link anywhere.
For sure, if Barack Odingo is elected.
If they find him guilty, since he’s a Demonkat, what will they do to him, deprive him of Happy Hour for a day?
I’ve loathed that SOB for decades, and while I’d prefer he was charged for un-natural acts committed with Daniel Ortega, I’ll settle for anything. He’s a despicable, slimy, treasonous blow-dried bastard.
Get Barney Frank too!
Don’t know anything about digg.
I also heard Hannity mention this today on the radio. That’s why I looked up the article.
Its about time.Little Chris has some very dirty hands.
I wonder who the “others” are, and if they’re in Congress too.
I've been hoping for years that this corrupt lowlife would make that one misstep that would open the door to an investigation. I'm hoping that Dubya plans to give all these scumbags a DOJ butt reaming as a final FU on his way back to Crawford. That would be sweet.
Even though I am a very optimistic about a huge McCain win I am NEVER optimistic about a member of Congress being convicted of anything. Even the Republicans run to protect their fellow members from any prosecution of any kind. Think William Jefferson.
They know it will force them to uncover their own corrupt activities.
Sadly I do not believe anything will come of this.
I didn’t type that Digg keyword in there. It must have automatically been triggered somehow.
He knows that if 0bama wins, this little problem will go away. He thinks he's above the law just like his daddy...looks like he's right.
Does anyone know the Digg link for this?
Congress has become a corrupt playground. The fact that Barney Frank has not stepped down and is not being investigated is just pathetic. Criminals are running our country and getting away with it. Who calls for investigations? Is it Bush?
All about timing. Right before the election! Sort of like when Foley was going down (no pun intended) for chasing Pages right before the 2006 congressional races
Will the public care? Will the media cover this?
President for Life Idi Amin 0bama will pardon him, Rezko, Frank and any number of DemoRAT do-badders on January 21.
UNLESS we make sure he goes down in flames next Tuesday.
That apple didn’t fall far from the tree did it?
Nope and just as rotten.
Thomas Joseph Dodd (1907-1971) also known as Thomas J. Dodd of Lebanon, New London County, Conn.; West Hartford, Hartford County, Conn. Born in Norwich, New London County, Conn., May 15, 1907. Son of Thomas J. Dodd and Abigail (O’Sullivan) Dodd; married, May 19, 1934, to Grace Murphy; father of Christopher John Dodd. Lawyer; delegate to Democratic National Convention from Connecticut, 1948, 1952, 1956, 1960; U.S. Representative from Connecticut 1st District, 1953-57; U.S. Senator from Connecticut, 1959-71; defeated, 1956 (Democratic), 1970 (Dodd Independent). Catholic. Member, American Bar Association; Elks; Knights of Columbus. Censured by the Senate on June 23, 1967 for financial improprieties, having diverted some $116,000 in campaign and testimonial funds to his own use. Died of a heart attack, in Old Lyme, New London County, Conn., 1971. Interment at St. Michael's New Cemetery, Pawcatuck, Stonington, Conn.
* See also Dodd family of Connecticut
* See also: congressional biography.
Perp walk at 11...
Frog march I tell you. Frog march!
Since June, Sen Dodd has faced an ethics inquiry over allegations that he received preferential treatment on two mortgages in 2003 from major lender, Countrywide Financial. And then came the dramatic financial meltdown last month, placing Dodd at the center of a controversial $700 billion financial rescue plan.
As a member and later chairman of the Senate Banking Committee, Sen. shoulders a good deal of the blame for the collapse of the national housing market, the subprime-mortgage-market meltdown and the convulsions on Wall Street.
Reams of legislation Dodd has written or advocated affecting the housing, lending, insurance and securities industries have drained hundreds of billions out of the economy, ballooned the federal debt, cost tens of thousands of people their jobs and driven hundreds of thousands of homeowners into foreclosure, bankruptcy or both.
For his efforts, Sen. Dodd has been rewarded in the 2008 election cycle alone with $7.65 million in campaign contributions (he took in $11.7 million in all) from the securities, insurance, real-estate and commercial-banking industries. With $165,400, Sen. Dodd also tops the list of members of Congress who took campaign cash from Fannie Mae and Freddie Mac since 1989. Sen. Barack Obama, the self-styled agent of change, is a distant second at $126,000....
SEN DODD'S CAMPAIGN CONTRIBUTORS
SAC Capital Partners, $282,000;
United Technologies, $263,400;
Bear Stearns, $205,600;
St. Paul Travelers, $205,400;
Royal Bank of Scotland, $203,750;
Goldman Sachs, $175,600;
Morgan Stanley, $155,000;
Credit Suisse, $154,550;
Merrill Lynch, $134,950;
The Hartford, $94,350;
Bank of America, $91,300;
JPMorgan Chase, $129,150;
Hartford Finance Services, $101,500
Lehman Brothers, $128,400;
General Electric, $108,250;
Deloitte Touche, $108,000
"America is a nation without a distinct criminal class... with the possible exception of Congress."