Suddenly, two very powerful Democrat senators are finding their Very Important Person status a nuisance.
When word leaked that senators Kent Conrad of North Dakota and Chris Dodd of Connecticut were the recipients of “sweetheart” mortgage deals from Countrywide, both issued denials. Conrad, who heads the Senate Budget Committee, and Dodd, who heads Banking, claimed not to know the mortgage company gave them special rates. Neither could imagine why the company– with lots of business before their committees– would grant them VIP status.
Well, AP has acquired transcripts of secret testimony before the House Oversight and Government Reform Committee. According to Robert Feinberg, who worked in Countrywide’s VIP section, both Conrad and Dodd were told “from the start they were getting VIP mortgage discounts.” By the way,not just for one home. Dodd got sweetheart deals on homes in Washington, DC and Connecticut; Conrad’s got his swag on an eight-unit apartment building in Bismarck and a beach house in Delaware.
Both Democrat senators were in the “friends of Angelo” program,named after former Countrywide CEO Angelo Mozilo –who’s now charged with civil fraud and insider trading by the SEC. Robert Feinberg said he told both senators directly they were getting special treatment. “You don’t say ‘no’ to the VIP,” he told investigators.
Countrywide was up to its neck in the subprime mortgage foreclosure crisis created by Democrats,and Democrats were up to their necks in sweetheart mortgage deals. Somehow, it all makes sense. It’s silly for these people to even deny it.
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