Dems deny knowing loans had VIP rates
Friday, June 13th 2008, 8:55 PM
Connecticut Sen. Christopher Dodd, chairman of the Banking Committee, and North Dakota Sen. Kent Conrad, chairman of the Budget Committee and a member of the Finance Committee, both tapped into a little-known program that waived points, lender fees and bent borrowing rules for VIPs, Portfolio magazine reported Thursday.
“As a United States senator, I would never ask or expect to be treated differently than anyone else refinancing their home,” Dodd said in a statement.
Conrad, the Budget Committee chairman, said it was Johnson who referred him to Countrywide in 2002.
“If they did me a favor, they did it without my knowledge and without my requesting it,” Conrad said.
Countrywide, whose overaggressive lending policies helped fuel the mortgage crisis and led to the devaluation of its stock from $45 a share to $5, reportedly is being investigated by the FBI for securities fraud.
Filed under: Barack Obama, Economic Recovery, Economy, Fannie Mae, Financial Crisis, Financial Market Recovery, Financial Services Crisis, John McCain, Politics | Tagged: Democrats accept VIP Loans, Economy, Fannie Mae Crisis, Financial Crisis |