June 16, 2008

Countrywide 'Sweetheart Loans' Tied to Legislation

Rick Moran
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.

Comments

But who will ask the questions? Not the media, that's for sure.

They were "Hired".
Can anyone say they shouldn't be Fired?
For pity's sake people. Do you hope to get the same from these pilfering reprobates that they're getting for themselves with YOUR money?
Wake Up!! Your house is on fire.

These are the thieves running our country. While they throw up "Smoke Screens" and "Straw Men" and outright lies regarding Bush and Cheney and "Big Oil"...these bastards,Dodd, Conrad and their ilk, who already are doing quite well, continue to feather their own nests at our expense. This country better wake up and fast. Our house is being looted!!!

If there was an (R) by their names we would see it on the evening news and front pages!

Opprobrium, such an accurate but unknown word to most Americans is aptly descriptive of both political parties we are now ruled by. Yes ruled. They don't represent "the peoples" interest; they do the bidding for foreign governments, rule us in the manner of old Soviet apparatchiki with regard to the US population and are so corrupt that most should be waterboarded.

The American population gets what and who they vote for and more and more, with a dumbed down and dependent population they are voting for socialism.
The rulers are shaking down or in league with big business for the lifestyles of sheiks of the Middle East.

It's time to consider this part of Jefferson's second paragraph of the Declaration of Independence:
That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness. Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shown, that mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed.

Many of us are no longer disposed to suffer the outrageous conduct of our rulers. Revolution!

We need to build a correctional facility with D.C. in the middle and close the door when Congress is in session.

Lord love a duck! It's about time the Torch & Pitchfork crowd marched on the hill to slay the monsters that are destoying this country and their employers.

I have to say that I'm not shocked. I would guess that 99% of people would take a sweetheart deal if they knew nobody would find out. It is human nature. People take office supplies for their house from work. Cops let friends off without a ticket. Business owners give discounts to other business owners for goods and services. It is completely natural behaivor, why is anyone surprised?

What's the problem here? Last time I refinanced and didn't want special treatment, I just called the CEO of Wachovia and asked him to pencil in the loan rate, points and fax me back the docs so I could sign, no need to go through one of those pesky loan officers...so what's the problem again? Don't all bank CEOs handle personal refinance loans??

Where in Hell is the attorney-general? These two should be indicted.

Both Conrad and Dodd should resign immediately. The "bailout" legislation should be stopped.
Charges should be filed against both of them and anyone else who is involved.

There have alway been corrupt politicians, but these conflicts of interest involving government officials are occuring more and more frequently. That the citizenry rewards these outlaws by re-electing them instead of running them out of town on a rail indicates the degree of moral decay that underlies the system today. Soon it will be impossible to cover it up anymore.

More and more people are riding in the wagon; fewer and fewer are pulling it. It's reached a tipping point. Th. Jefferson's thoughts in the DofI are a beautiful idea, but the concept of overthrowing the masters like Conrad and Dodd that are enslaving us has passed us by. Too many live by the maxim "why walk when you can ride."

Was it not Thomas Dodd (D-Conn) who had problems accepting gifts decades ago? What do they say about the apple and the tree? As for choices, we can only vote (not vote) for the candidates presented by the two major parties. Are they "imperfect" - YES! But who wants to run for elected office these days? Take back the political parties from the grassroots and maybe we will have qualified candidates for public office.

More interesting is how did Conrad obtain a million dollar beach house!

Well said Habu!
I am with you.

This story was a top news item on Fox and Friends this morning. I do not know how the other morning shows treated it. FNC may lead the rest of the media into having to devote more airtime to this scandal than they would prefer.

I have been trying to refinance my home, I have never been late on a payment and have had a mortgage for 13-years. The fees are outragious and now I here that two senators received preferencial treatment. They both need to resign and resign now. We as the people need to vote all those who use there powers to benefit themselves out of office. Jessie Ventura had it right don't forget to call me when the revoluntion starts.

It really is a pity to have people of such callibre engaging in corrupt dealings and then they end up giving some lifesavers like loans a bad taste to them.Short term loans are really time savers in tight money situations too bad if politicians don't see that.A shame really.
..........................
mani kanna
http://www.loan-digger.co.uk/

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