More Sweetheart Loan Details On Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs
The Everyday Republican blog has the details of Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, and buddy-buddy of Countrywide Mortgage co-founder Angelo Mozilo. Within the post is this link to Hartford Courant columnist Kevin Rennie:
No wonder Sen. Christopher Dodd won’t release documents related to the $800,000 in cut-rate mortgages he got in 2003 from Countrywide Financial, once the nation’s largest mortgage lender.
The primary cause of the collapse of the mortgage industry is banks and borrowers who ignored standard rules of sound and responsible lending. Thousands of lenders duped ignorant borrowers and conspired with sophisticated, grasping ones to flout rules in order to create loans with terms they would not normally have obtained.
Many of those misleading and fraudulent loans were sold to investors who began to discover last year that they’d spent billions on loans that would never return anything close to their investment. Pension funds, governments and formerly successful investors have lost billions. Taxpayers, under a bill Dodd championed, will pay billions to buy those bad loans.
Dodd feints and delays, but he can only stymie, not halt, the discovery of the details of his $800,000 in mortgages. Records show Dodd was more notable as part of the problem, a privileged public official who benefited even more than previously acknowledged.
Roll Call thought this was mock worthy:
Briefly Quoted. “I don’t know what the rates are today.”
” Sen. Chris Dodd (D-Conn.), surprising reporters on Tuesday with his unfamiliarity with current mortgage rates. Dodd, who was explaining why he planned to keep his scandal-tarred Countrywide Financial home mortgages, is the chairman of the Senate Banking, Housing and Urban Affairs Committee. (video here)
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