Democrats and Republicans sitting in a tree…

Posted: June 13, 2008 in Politics

P-I-S-S-I-N-G….

On you!

LOAN SLEAZE SPREADS

2 SENATORS GOT ‘EXEC PAL’ DEALS

By DAREH GREGORIAN

NYPost.com

Two influential US senators got “VIP” loans from a leading subprime mortgage lender that saved them tens of thousands of dollars, it was reported last night.

The Democratic pols, Chris Dodd of Connecticut and Kent Conrad of North Dakota, both received the highly favorable loans under the designation “Friend of Angelo,” a reference to embattled Countrywide head Angelo Mozilo, Condé Nast Portfolio reported.

Dodd is chairman of the Senate Banking Committee, while Conrad is chairman of the Budget Committee and a member of the Finance Committee. The two senators refinanced properties through the VIP program in 2003 and 2004, the report said.

Others who received “FOA” loans include Alphonso Jackson, the secretary of Housing and Urban Development under President Bush who resigned in April, and Donna Shalala, who was secretary of Health and Human Services in the Clinton administration.

The report came one day after Democratic heavyweight Jim Johnson stepped down as chief of Barack Obama’s vice-presidential search committee after revelations he’d gotten Countrywide loans at very favorable rates because of Mozilo.

Citing company documents and e-mails, the report says the FOAs paid lower fees, and if rates fell while a loan was pending, the VIPs would get a free “float-down” while regular customers had to pay a surcharge. (more…)

Hat tip: MM

Advertisements
Comments
  1. Lies, all lies. This is the most ethical congress ever. Nancy Pelosi assured us of this

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s