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Countrywide's Many 'Friends'

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posted on Jun, 13 2008 @ 04:04 PM

Senators Dodd and Conrad are among the government officials who scored V.I.P. loans from C.E.O. Angelo Mozilo.

Senators Christopher Dodd, Democrat from Connecticut and chairman of the Banking Committee, and Kent Conrad, Democrat from North Dakota, chairman of the Budget Committee and a member of the Finance Committee, refinanced properties through Countrywide’s “V.I.P.” program in 2003 and 2004, according to company documents and emails and a former employee familiar with the loans.


Lest I be considered partisan let me first point out that the article also implicates a couple of Republicans as well.

I don't see any way that this could not be considered a bribe. The fact that Sen. Dodd is chairman of the Banking Committee and Sen. Conrad is a member of the finance committee should immediately set off the corruption alarms in regards to this. Further into the article it indicates that these officials recieved favorable rates and waived charges. Before you ask "what are a couple of hundred dollars worth of processing fees and half or a whole point of intrest rate amongst freinds?", I'd say that over the life of a 15 or 30 yr loan its quite alot especially on a Georgetown townhouse. As a matter of fact it is probably the same as making a several grand yearly bribe to the recipient of that loan.

The sleaziness that was Countrywide amazes even a cynical person like myself. Bank of America is in the process of jumping on the hand grenade
that was Countryslime. I personally believe that they (BoA) will be heading hat in hand to Congress at somepoint in the next 18months due to the toxicity of what Countryslime has on their books. Guess which committees they will be heading to? The one headed by Sen. Dodd and the one Sen. Conrad is a member of course. I personally believe that if the BoA takeover of Countryslime goes through as currently conceived they will in short order be in the same shape as WaMu and Citigroup.

I have no doubts that other lenders have similar V.I.P programs and don't for a minute think that Republican lawmakers aren't participating in such programs.

[edit on 13-6-2008 by jefwane]

posted on Jun, 21 2008 @ 03:09 PM
Hiyah Jefwane, thanks for pointing me out to your thread

Perhaps the mods should close mine since you beat me to it by 3 days!

The more research I have been doing about this mortgage scam the more outraged I get...I am an Independent, so I have no dog in this fight either...I am sure Republicans and Democrats alike will go down.

And yes it angers me to no end that Dodd is behind pushing the bill that will leave the tax payers holding the bag for all of this since he profitted.

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