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Government information blog with an Anti-Corruption agenda.

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Congress Accepting Gratuities? Noooooo!!

Posted by italco on July 27, 2009

Senators Mortgages

Despite their denials, influential Democratic Sens. Kent Conrad and Chris Dodd were told from the start they were getting VIP mortgage discounts from one of the nation’s largest lenders, the official who handled their loans has told Congress in secret testimony.

Both senators have said that at the time the mortgages were being written they didn’t know they were getting unique deals from Countrywide Financial Corp., the company that went on to lose billions of dollars on home loans to credit-strapped borrowers. Dodd still maintains he got no preferential treatment.

• Dodd heads the Banking Committee and is a major player in two big areas: solving the housing foreclosure and financial crises and putting together an overhaul of the U.S. health care system. A five-term senator, he is in a tough fight for re-election in 2010, partly because of the controversy over his mortgages.

• Conrad chairs the Budget Committee. He, too, shares an important role in the health care debate, as well as on legislation to curb global warming.

Both senators were VIP borrowers in the program known as “friends of Angelo.” Angelo Mozilo was chief executive of Countrywide, which played a big part in the foreclosure crisis triggered by defaults on subprime loans. The Calabasas, Calif.-based company was bought last July by Bank of America Corp. for about $2.5 billion.

Mozilo has been charged with civil fraud and illegal insider trading by the Securities and Exchange Commission. He denies any wrongdoing.

Asked by a House Oversight investigator if Conrad, the North Dakota senator, “was aware that he was getting preferential treatment?” Feinberg answered: “Yes, he was aware.”

Referring to Dodd, the investigator asked:

“And do you know if during the course of your communications” with the senator or his wife “that you ever had an opportunity to share with them if they were getting special VIP treatment?”

“Yes, yes,” Feinberg replied. http://news.yahoo.com/s/ap/20090727/ap_on_go_co/us_senators_mortgages

UPDATE:  08/07/09

The Senate Ethics Committee on Friday dismissed complaints against  Sens. Christopher J. Dodd (D-Conn.) and  Kent Conrad (D-N.D.) that they used their positions of power to obtain special deals on home loans from lender Countrywide Financial. After a year-long investigation, the committee told Dodd and Conrad that it found “no substantial credible evidence” that they violated the Senate’s ethics rules. The committee found that the senators’ loans were processed through the special program, but that they didn’t appear to profit financially from it.

But the committee also admonished the senators, saying they “should have exercised more vigilance in your dealings with Countrywide in order to avoid the appearance that you were receiving preferential treatment based on your status as Senator.” http://www.washingtonpost.com/wp-dyn/content/article/2009/08/07/AR2009080703015.html?hpid=moreheadlines

 

Why are we tolerating this?    Vote Them Out!!

“Beat The Drum”

(go here to get info on Congress Members in your area)  https://italco.wordpress.com/politics-anti-government-corruption/ 

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