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As Dodd in his role as chairman of the Senate Banking Committee proposed a housing bailout to the Senate floor in June 2008 that would assist troubled subprime mortgage lenders such as Countrywide Financial in the wake of the United States housing bubble's collapse, Condé Nast Portfolio reported that in 2003 Dodd had refinanced the mortgages on his homes in Washington, D.C. and Connecticut through Countrywide Financial and had received favorable terms due to being placed in a "Friends of Angelo" program. Dodd received mortgages from Countrywide at allegedly below-market rates on his Washington, D.C. and Connecticut homes. Dodd has not disclosed the below-market mortgages in any of six financial disclosure statements he filed with the Senate or Office of Government Ethics since obtaining the mortgages in 2003.
Angelo R. Mozilo (born 1938 in New York City) was the chairman of the board and chief executive officer of Countrywide Financial until July 1, 2008
The top recipient of insurance industry contributions was Senator Christopher Dodd (D-CT). The leading contributor from the insurance industry — as measured by total political contributions — was AFLAC, Inc., which contributed $907,150 in 2007.
Countrywide has also contributed a total of $21,000 to Dodd’s campaigns since 1997. Dodd has received approximately $70,000 in campaign contributions from Bank of America, which is buying Countrywide, in the last year-and-a-half before the Countrywide Financial loan scandal broke. Only then-Senators Barack Obama and Hillary Clinton have received more money from Bank of America than Dodd with Senator John McCain slightly trailing him at $64,000.  However, no American politician has received more contributions from Fannie Mae and Freddie Mac than Dodd's combined $133,900.
On June 20, 2008, the Heritage Foundation alleged staffers from Bank of America had drafted Dodd's housing bailout bill (FHA Housing Stabilization and Homeownership Retention Act of 2008) in March 2008, before it was introduced in the Senate. The Los Angeles Times also reported on this story on June 21.
Dodd is the number one recipient in Congress of campaign funds from Fannie Mae and Freddie Mac.