Thread: Dodd, Conrad Linked to Countrywide Lending Scandal

From the Desk of Judicial Watch President Tom Fitton:

Dodd, Conrad Linked to Countrywide Lending Scandal

Last week, former Fanny Mae Chairman James Johnson was forced to resign from Barack Obama's vice presidential vetting committee after it was revealed he received preferential treatment from Countrywide Financial, a frequent target of criticism by Obama on the campaign trail. Well it appears Johnson was just the tip of the iceberg in the Countrywide scandal.

This according to Portfolio, which broke the story:

"Two U.S. senators, two former Cabinet members, and a former ambassador to the United Nations received loans from Countrywide Financial through a little-known program that waived points, lender fees, and company borrowing rules for prominent people.

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."

Dodd admitted Wednesday that he was told in 2003 when he refinanced two properties that he was being placed in Countrywide's "VIP Program," but said he believed this was simply a courtesy that had nothing to do with his position in the U.S. Senate. This is either a blatant lie or horribly naïve for a man who has served in the Senate for more than 25 years and currently chairs the Senate Banking Committee that regulates the mortgage industry.

It is important to note that Dodd received other "courtesies" from Countrywide. He is the Senate's leading recipient of campaign contributions from the mortgage lender, and received $15,000 for his 2008 presidential campaign from the company.

Conrad, meanwhile, says that he "unknowingly" received preferential treatment from Countrywide, but that he did nothing "untoward." (Hard to believe, given that the North Dakota Senator received his loan terms following a conversation with Countrywide Chief Executive Angelo Mozilo set up by none other than James Johnson.)

If these charges prove to be true, the preferential loan rates received by Dodd and Conrad may represent illegal and unethical gifts. "The Senate ethics committee has begun looking into the matter," according to Bloomberg. Rest assured we'll be monitoring these proceedings (which I'm sure will be sham) and will seek criminal investigations as appropriate.

I watched CNN try and explain this away the other night on Nancy Grace (cough cough). That so-called talking head that is some times on Lou Dobbs , the black man with the last name starting with a "R" i believe. Had the nerve to say "This is America , We all like "Perks". Whats the big deal". this guy always P's me off he's so for the guilty always . A Senator taking any perk = payola imo ! Chris Dodd is Not Naive . But he is NWO infected . Oh yes , nice job Chris rewriting the Mexican 1.4 Billion loan from our Taxes . Good job indeed , KMA your another Anti-American punk