Fmr. Countrywide Exec Says Dodd Knew Of Special Mortgage Deal

Posted by Orb Staff on July 28, 2009 No Comments
Categories : Residential Mortgage

ons surrounding the relationship between Senate Banking Committee Chair Chris Dodd, D-Conn., and former Countrywide CEO Angelo Mozilo have again arisen – the result of a recent Senate Ethics Committee interview with a former Countrywide executive. According to statements from Robert Feinberg, a former Countrywide loan officer, Dodd, as well as Sen. Kent Conrad, D-N.D., were aware they were being given below-market-rate mortgages by Countrywide. The story first came to light last summer, when it was revealed that Dodd and Conrad were enrolled in the lender's now-infamous ‘VIP program.’ A [link=http://www.washingtonpost.com/wp-dyn/content/article/2009/07/27/AR2009072703260.html?hpid=topnews][u]Washington Post[/u][/link] article quotes Feinberg attorney Elana Goldstein as saying that Mozilo ‘always made a big deal about [Dodd and Conrad] being in the VIP program.’ Spokespeople for both Dodd and Conrad say that neither senator expected or sought the special mortgage rates afforded under Countrywide's program. SOURCE: Washingt

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