June 13, 2008

HousingPANIC calls for a Special Prosecutor investigation of all Congressional real estate transactions, and for the resignation of Sen. Chris Dodd


Follow the money...

Follow the money...


After this whole mess is all said and done, you'll be amazed at the level of corruption found in the halls of power in DC - and your state house too.

The REIC, led by Angelo Mozilo at Countrywide Toxic Mortgage, bought our leaders, ran roughshod over the American people, and made a run for the exits when the gettin' was still good.


Dodd, Conrad Tied to Special Mortgage Deals

Senator Christopher Dodd reportedly received two mortgages under a special Countrywide Financial Corporation, a program that gave preferential interest rates to so-called "friends" of the company`s chairman.

Dodd, a Democrat, is chairman of the Senate Banking Committee.

A Conde Nast Portfolio magazine article says a total of $2,700 worth of points were waived on Dodd`s two mortgages.

The magazine said the company`s "V.I.P." program also included Senator Kent Conrad, who`s chairman of the Budget Committee and a member of the Finance Committee.

It says other participants were former Secretary of Housing and Urban Development Alphonso Jackson, former Secretary of Health and Human Services Donna Shalala, and former U.N. ambassador and assistant Secretary of State Richard Holbrooke.

A spokesman says Dodd, who`s Connecticut`s senior senator, did not seek any special treatment but did receive a competitive rate on his loans.

38 comments:

Your Choice Dodd. Pick ONE. said...

Give Dodd 2 choices:

1. Retire today and leave WA. and CT offices by Monday, OR

2. Begin investigations and FORCE to resign and put all benefits of a treasonous coward at jeopardy.

Your Choice Dodd. Pick ONE.

You have cashed your last check Dodd. You are just another scumbag politician after all.

Shame, shame, shame.

Anonymous said...

So they didn't charge points on a loan to Senator Dodd that amounted to a $2700 savings.You expect the senator to resign over this .
Your kidding right.

keith said...

Yes, of course I expect him to resign or be investigated and prosecuted.

Or would you rather Angelo had just dropped by his office and handed him the cash?

Anonymous said...

Follow the money indeed!!!

Use this same methodology to help understand the real criminals of 911.

Anonymous said...

bbbbbut

bbbbut

bbbbbut

Democrats were supposed to be squeaky clean and get rid of dirty politics once and for all.

Anonymous said...

Follow the money indeed!!!

Use this same methodology to help understand the real criminals of 911.

June 13, 2008 6:15 PM

===========

And right on queue the tin foil hat brigade shows up

sundry vermin said...

This story combined with the James Johnson story is beyond amazing.

Big Orange has been busier and more brazen than we thought. He exceeded even OUR estimates for corruption, and that wasn't an easy thing to do.

Another first for Mozilllo. This dude better go to jail, Bernie Ebbers style preferrably.

million said...

to corrupt fat cat politicians like Dodd and Frank, this is chump change... and i'm the chump b/c to me $2700 is good money.

bitterrenter said...

So you think that $2700 in saved closing costs will buy off a senior Senator who is a millionaire?

Um, sure.

Wow, looks like the republicans here have lost their minds.

Tabasco said...

Kudos to whatever reporter unearthed this story. This will surely take the steam out of Dodd's bailout proposals and could end up saving the taxpayers of this country untold amounts of money. Nice to see the MSM doing something right for a change.

Donald said...

Yes, sure Ketih. I am sure Dodd will be investigaged just like Ara Hovnanian was investigaged for telling builders to raise their prices.

Anonymous said...

OFF TOPIC but need some guidance:

I'm interested in buying stock in a Spanish based company. My stock broker at Wachovia says he doesn't have access to it because its international. I'm a novice in stock buying/selling. Any ideas on how to purchase foreign stock? I figured someone here would know.

Thanks,
AF

Anonymous said...

Look at the kool-aid drinking socialists jump to the defense of their corrupt bribe-taking masters

keith said...

We've got a new one: FOA:

http://www.portfolio.com/news-markets/top-5/2008/06/12/Countrywide-Loan-Scandal


Most of the officials belonged to a group of V.I.P. loan recipients known in company documents and emails as “F.O.A.'s”—Friends of Angelo, a reference to Countrywide chief executive Angelo Mozilo. While the V.I.P. program also serviced friends and contacts of other Countrywide executives, the F.O.A.’s made up the biggest subset.

According to company documents and emails, the V.I.P.'s received better deals than those available to ordinary borrowers. Home-loan customers can reduce their interest rates by paying “points”—one point equals 1 percent of the loan’s value. For V.I.P.'s, Countrywide often waived at least half a point and eliminated fees amounting to hundreds of dollars for underwriting, processing and document preparation. If interest rates fell while a V.I.P. loan was pending, Countrywide provided a free “float-down” to the lower rate, eschewing its usual charge of half a point. Some V.I.P.'s who bought or refinanced investment properties were often given the lower interest rate associated with primary residences.

keith said...

more...

Countrywide’s ethics code bars directors, officers and employees from “improperly influencing the decisions of government employees or contractors by offering or promising to give money, gifts, loans, rewards, favors, or anything else of value.”

Federal employees are prohibited from receiving gifts offered because of their official position, including loans on terms not generally available to the public. Senate rules prohibit members from knowingly receiving gifts worth $100 or more in a calendar year from private entities that, like Countrywide, employ a registered lobbyist.

Anonymous said...


Any ideas on how to purchase foreign stock? I figured someone here would know.


Use a decent broker. Wackovia is a joke.

Lost Cause said...

There is the difference between democrats and republicans.

Dodd may have saved $2700 on his loan.

Biilions in fraudulant billing by Halliburton continue unabated.

Didn't one resign because he stole postage stamps? Didn't one get impreached over a blow job?

Anonymous said...

Anonymous said...

OFF TOPIC but need some guidance:

I'm interested in buying stock in a Spanish based company. My stock broker at Wachovia says he doesn't have access to it because its international. I'm a novice in stock buying/selling. Any ideas on how to purchase foreign stock? I figured someone here would know.

ETrade.

iftheshoefits said...

I'm encouraged to see that, even with your biases you're intellectually honest enough to call BS on either side of the policital isle. Even if a lot of your commenters aren't. There's certainly plenty of this crap to go around, and always has been.

Anonymous said...

Hey Keith, funny how you never mentioned a thing about Obama's pal, Johnson, being connected to Mozillo. You know, the same crook who received $7 million in mortgages at 3%, and who was in charge of picking a VP for your Messiah. No sweat, we know this is the new America where bloggers love double standards and couldn't care less about principles.

Anonymous said...

I'm encouraged to see that, even with your biases you're intellectually honest enough to call BS on either side of the policital isle.

No he doesn't. This guy has been trolling for Hussein while everyone in his VP seeking team is a crook linked to Mozillo.

Anonymous said...

yep, dodd got sweetheart deals from countryslide. the guy needs to go down......vote this prick out of office.

michael said...

come on keith didn't you read?

he didn't ask for it.

michael said...

"So you think that $2700 in saved closing costs will buy off a senior Senator who is a millionaire?"

yes.

Anonymous said...

" Tabasco said...
Kudos to whatever reporter unearthed this story. This will surely take the steam out of Dodd's bailout proposals and could end up saving the taxpayers of this country untold amounts of money."

Nice Pick Up, T. Thank You.

Jail Dodd AND Mozilo in same cell.

Anonymous said...

.


Sen Dodd

Countrywide.......


Say it ain't so!


It be so.


.

Anonymous said...

No Shytt!!

Dodd needs to get the F out of there now!!

What a lying hypocrite!! CLASSIC

donald said...

"No sweat, we know this is the new America where bloggers love double standards and couldn't care less about principles."

I would like to ask why HP has had absolutely no coverage of Rev. Wright. If Rev. Wright was McCain's or Hillary's pastor, I am sure that we would see wall-to-wall coverage of Wright on HP.

dumass said...

I thought I saw Dodd doing the hezbolla fist thing with Angelo.

Holyschlitz said...

The democrats are just as corrupt as the republicans, and to quote the talking heads "same as it ever was". Nothing new in this story, if we could look at all the dealings of elected officials we would see this is the tip of the iceberg.

Aaron Krowne said...

Politicians are such cheap whores, huh

Paul E. Math said...

I don't care if it's a democrat or republican and I don't care how small the favour may have been, these guys should be prosecuted.

Senators and congressmen are constantly in a position to put their own interests above those of the public and with dire consequences to the public. They should be highly scrutinized and prosecuted for even the most seemingly minor offense.

James said...

It's good to see someone going after Christopher Dodd! He is the enemy of affordable homeownership.

Tomorrow morning I'll be posting to the Bubble Meter blog about the politicians' war on renters.

Anonymous said...

Actually, the reports claim Dodd received nearly a million dollars in special loans from Countrywide. Why are posters here focusing on the points, and not the loan amount? Of course, he has every reason to promote a government bailout/insurance scheme. It could save him hundreds of thousands, and his friends at Countrywide billions.

http://tinyurl.com/3fs7zd

Anonymous said...

' would like to ask why HP has had absolutely no coverage of Rev. Wright. If Rev. Wright was McCain's or Hillary's pastor, I am sure that we would see wall-to-wall coverage of Wright on HP.'

Is "Reverend" Wright dead? -Good,

Next up will hopefuly be the shakedown twin Reverends of Sharpton and Jackson. Burn the bodies in a dumpster.

lunatic fringe said...

The key issue is not the fees deducted, it's the lower interest rate.

From MSNBC via Denninger's Market Ticker:

"Conrad obtained a $1.16 million loan from Countrywide in 2002 to buy his vacation home, then refinanced twice through the company. Portfolio reported that an internal e-mail from Mozilo instructed an employee to give Conrad a 1-percent discount off his interest rate on his 2004 refinance of $1.07 million, a savings of about $10,000 a year in interest payments."

The interest rate deduction is the gift that keeps on giving, year after year. Not a bad way to hide a bribe, wouldn't you say?

Anonymous said...

Dodd is a sanctimonious self rightous buffoon. He has been a very strong supporter of the communists and hard left governments and groups in central america. Certainly does not believe in, and probably does not understand or has outrigth contempt for things like free market, fairness, rule of law, etc. Probably thinks he has done nothing wrong.

xxxooo said...

"You expect the senator to resign over this. Your kidding right."

where there's smoke, there's fire.