MoziloGate Update: Senate ethics committee proposes Senators disclose their mortgage details, may now be investigating Dodd and Conrad

Never thought I'd see the day. The Senate Ethics Committee doing the right thing. Amazing. Now let's see if the full Senate will vote for this, and if the House will do the same (don't hold your breath).

And then let the good times roll, as we possibly find out one day how bad Mozilo and REIC bribery was.

Ethics Committee Seeks Fuller Disclosure of Senators’ Mortgage Deals

All six members of the Senate Ethics Committee on Tuesday formally proposed more stringent disclosure requirements for senators’ mortgages — a reaction to recent charges that Countrywide Financial gave sweetheart mortgage deals to two Democratic committee chairmen.

Because the committee almost always operates in secret, there is no way to know how long the early stage of its examination of the mortgage deal could take or whether a formal investigation has commenced.

For the time being, at least, the committee has responded publicly only by endorsing increased disclosure requirements.

HousingPANIC Quote of the Day

"Make an exception due to the fact that the borrower is a senator"

- Angelo Mozilo, making sure powerful Democratic Senator Kent Conrad, chairman of the Senate Budget Committee, got the "Angelo VIP Special Deal", after Sen. Conrad called him personally to ask for favors on a $1 million mortgage, April 2004