CHRIS DODD UPDATE: Influence with U.S. Senators Easy to Buy.
If I had an eight-unit apartment building, Countrywide representatives would have refused to provide a refinanced mortgage for me. But for Sen. Conrad, they said they’d make an “exception.”
I own two homes, one owner-occupied and the other a rental. I cannot afford to refinance my rental because the rate, points and fees on a rental are too high. Not so for Sen. Dodd. Countrywide made an “exception” and allowed him to claim his first and second homes as “owner occupied” so he could get a great rate, points and fees and he was able to refinance both homes.
These two senators did sit on very powerful committees that deal with legislation affecting the mortgage industry and Countrywide Mortgage, and they still do. Does any American really believe that Countrywide provided these special deals to these two senators and others just to be nice?
Read the whole thing.