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A wide ranging congressional investigation into Countrywide Financial will dig into how the mortgage giant went about picking government officials to offer its VIP program, according to aides involved with the inquiry. Thanks to an agreement between Republicans and Democrats reached late Friday night, any name of a member of Congress involved in the VIP program will head straight to the ethics committee, while redacted copies of those documents will be given to the House Oversight and Government Reform. But the committee has cast a much wider net, looking into whether lobbyists or others in Washington helped identify mid-level Hill...

Republicans and Democrats on the House Oversight and Government Reform Committee agreed Friday night on language for a wide-reaching subpoena of Countrywide Financial’s VIP lending program as part of an investigation into allegations of influence peddling by the company at all levels of government, committee aides said. The subpoena, which was sent out Friday night, will ask the lender to fork over documents relating to its “Friends of Angelo” program – named for CEO Angelo Mozilo, who allegedly offered favorable mortgage rates to persons of influence.

Susan Crabtree of The Hill has the scoop: "Two junior Democrats are urging their leaders to open an investigation into the Countrywide VIP mortgage program. Rep. Paul Hodes (N.H.), who is in his second House term, and freshman Rep. Mike Quigley (Ill.) called on the House Oversight and Government Reform panel to initiate an investigation into Countrywide Financial's 'Friends of Angelo' VIP program and whether it was used to gain influence over federal officials. They made their case for the investigation in a letter to Rep. Edolphus Towns (D-N.Y.), the panel's chairman, and Rep. Darrell Issa (R-Calif.), the ranking member....

Two Democrats on the House Oversight and Government Reform Committee are joining with panel Republicans in formally calling for Chairman Edolphus Towns (D-N.Y.) to launch an investigation of the Countrywide VIP loan scandal. “The American people deserve to the know the truth about these lending practices, and if they had undue influence on federal housing or financial policy based on awarding ‘VIP’ loans to federal officials,” Reps. Paul Hodes (N.H.) and Mike Quigley (Ill.) wrote in a letter Thursday to Towns and ranking member Darrell Issa (R-Calif.). Towns and Issa have been feuding for weeks over the California Republican’s demand...

Faced with a promised vote to subpoena documents on Countrywide Financial's "Friends of Angelo" program, Democrats on the House Oversight Committee fled a scheduled 2 p.m. markup today. Rep. Darrell Issa of California, the Ranking Republican on the Oversight Committee, had promised to call for a vote at today's markup on whether to subpoena documents involved in the program that gave sweetheart mortgages to at least four Democratic government officials, including two senators. According to the Wall Street Journal, the program might have also benefitted the chairman of House Oversight, Rep. Edolphus Towns, D-N.Y. Even if it had been ruled...

House Democrats Lock GOP Out of Committee Room A bitter divide over Countrywide mortgage scandal. By JAMES FREEMAN Democratic staff for the House oversight committee informed their GOP counterparts today that the majority has changed the locks on the committee's hearing room. While Republicans previously enjoyed their own key to the room, they will now have to request access from Democrats. This followed a bitter partisan argument in which Republicans refused to take down a video from their website that contradicted Dem explanations about a closed-door meeting on the Countrywide VIP loan scandal. As we reported last week, the committee...

Dodd Rejects That Healthcare Bill Is Being Written Behind Closed Doors; Strongly Backs Public OptionBy Christopher Keating October 16, 2009 4:28 PM Sen. Christopher J. Dodd strongly rejected criticism that the highly important healthcare bill is being crafted only by Democrats behind closed doors. Former U.S. Rep. Rob Simmons, who is challenging Dodd in the 2010 race, and others have complained that the important aspects of the complicated bill are being written without public input. Dodd played a key role in a Senate health committee that passed an earlier version of the bill, which is now being merged with a...

If you think moderate Democrats are afraid of voting for ObamaCare, you should see how they react to a potential vote on the Countrywide Financial loan scandal. The House oversight committee was scheduled to meet on Thursday afternoon to mark up several minor pieces of legislation. Days before the meeting, California Republican Darrell Issa notified committee Chairman Edolphus Towns that Mr. Issa would call for a vote to subpoena Countrywide documents from Bank of America, which bought the failed subprime lender last year. Recall that, under the "Friends of Angelo" program, named for former Countrywide CEO Angelo Mozilo, Democratic Senators...

If you recall, a few days ago Rep. Darrell Issa of California, the Ranking Republican on the Oversight Committee, said that he would bring to a vote a subpoena request for Countrywide documents. It's old news from months ago that the Chairman, Edolphus Towns (D-NY) has said that he would not support it even though his name has been linked to sweetheart deals. So today comes. The hearing is set. Issa is going to bring the matter to a vote. Where are the dems for the scheduled hearing? Watch this video and learn:

Once the final report of the Senate Ethics Committee was released, however, the way was cleared for the House oversight committee to subpoena the records of the Friends of Angelo program to determine the full nature and scope of Countrywide's efforts to manipulate Congress and purchase political favor.

Has it really come to this? Is MSNBC so in the tank for the Democratic Party that it takes far-left documentary filmmaker Michael Moore to bring up malfeasance by a leading Democrat? Moore appeared on MSNBC's Sept. 29 "Hardball" to promote his new film "Capitalism: A Love Story." With exception of "The Ed Show" fill-in host Lawrence O'Donnell noting the Senate Ethics Committee had cleared Sen. Chris Dodd, D-Conn., of wrongdoing and only reprimanded him verbally, over the last couple of months, MSNBC's prime time shows have ignored a deal Dodd got on a mortgage with Countrywide. That is, until...

The revelation that Countrywide Financial recorded phone conversations as part of a specialized "VIP" mortgage loan program has added another twist to a Republican-led inquiry on Capitol Hill. Republican Rep. Darrell Issa, who has aggressively pursued the now-defunct Countrywide program for much of this year, said Monday that a call-recording system put in place as early as 2003 could contain evidence of wrongdoing by prominent public officials. He requested a raft of new information about the program and the taping system from Bank of America, which purchased Countrywide in July 2008 as it struggled with mounting losses amid the collapse...

The Subprime home mortgage collapse...a Primer. It's ALL about the CRA of 1977 Community Reinvestment Act (CRA) of 1977 - This required banks to offer credit throughout their entire market area for “underserved” populations and small businesses. The CRA gave incentives to help low income borrowers become “home owners”. Liberals call this group “low income borrowers”. Conservatives call them a RISK!The CRA was passed by the Carter administration. In 1995 the Clinton administration authorized subprime loans under the CRA. Democrats added these provisions for the securitization of subprime loans and then ENFORCED the lending to high risk individuals. By 2000,...

GOSH, what a surprise: A committee of their fellow senators has decided that Chris Dodd and Kent Conrad did nothing unethical when they took out loans from Countrywide Financial on the kind of favorable terms not available to mere mortals without their financial or political standing -- or a personal connection to the head of Countrywide. The very Select Committee on Ethics did recognize that the whole deal looked bad, and gave its colleagues a gentle pat on the wrist for creating "the appearance that you were receiving preferential treatment based on your status as a senator." But in the...

As the old Irish toast goes, may your sins be judged by the Senate ethics committee. Actually that's not an Irish toast but it must be the fervent hope of every politician who received a "Friend of Angelo" loan from former Countrywide Financial CEO Angelo Mozilo. Late last week the six Senators on the ethics panel dismissed complaints against Senators Kent Conrad and Chris Dodd with a mere admonishment about the appearance of impropriety. The three Republican and three Democratic Senators say they conducted an exhaustive probe and inspected 18,000 pages of documents. They say they found "no substantial credible...

Gosh, what a surprise: A committee of their fellow senators has decided that Chris Dodd and Kent Conrad did nothing unethical when they took out loans from Countrywide Financial on the kind of favorable terms not available to us mere mortals without their financial or political standing -- or a personal connection to the head of Countrywide. The very Select Committee on Ethics did recognize that the whole deal looked bad, and gave its colleagues a gentle pat on the wrist for creating "the appearance that you were receiving preferential treatment based on your status as a senator." But in...

As the old Irish toast goes, may your sins be judged by the Senate ethics committee. Actually that's not an Irish toast but it must be the fervent hope of every politician who received a "Friend of Angelo" loan from former Countrywide Financial CEO Angelo Mozilo. Late last week the six Senators on the ethics panel dismissed complaints against Senators Kent Conrad and Chris Dodd with a mere admonishment about the appearance of impropriety. The three Republican and three Democratic Senators say they conducted an exhaustive probe and inspected 18,000 pages of documents. They say they found "no substantial credible...

Add Congressman Edolphus Towns to the growing list of influential Democratic and Republican VIP's who received loans from Countrywide Financial. That's significant because Towns, a Democrat, heads the committee investigating the mortgage giant's practices. And he personally is blocking the effort to subpoena Countrywide documents. Republican Darrell Issa is behind the subpoena effort. "It's really about what Countrywide sought to do, how vast it was, what they got for their millions of dollars in discounts and how do we make sure it doesn't happen again," Issa said. A Countrywide whistleblower says the company aggressively courted those in position to influence...

Bloomberg link only http://www.bloomberg.com/apps/news?pid=20601103&sid=atlmwyTD7xAg

WASHINGTON (MarketWatch) -- Two key Democrat senators were cleared by the Senate Ethics Committee on Friday from year-long investigations about whether mortgages they obtained from Countrywide Financial Corp. violated the senate's rules on gifts. The bipartisan committee, which supported the decision unanimously, did scold the senior lawmakers, Senate Banking Committee Chairman Christopher Dodd, D-Conn., and Senate Budget Committee Chairman Kent Conrad, D-N.D., for not being more careful in their dealings. "While the committee finds no substantial credible evidence as required by committee rules that your Countrywide mortgage violated Senate ethics rules, the committee does believe that you should have exercised...

n the middle of a difficult re-election campaign, Senate Banking Committee Chairman Christopher Dodd, D-Conn., on Friday was cleared by the Senate Ethics Committee from a year-long investigation about whether mortgages he obtained from Countrywide Financial Corp. violated the senate's rules on gifts. The committee, however, did scold the senior lawmaker for not being more careful in his dealings. "While the committee finds no substantial credible evidence as required by committee rules that your Countrywide mortgage violated Senate ethics rules, the committee does believe that you should have exercised more vigilance in your dealings with Countrywide in order to avoid...

WASHINGTON – A committee that investigated VIP mortgage deals for Democratic Sens. Chris Dodd and Kent Conrad has cleared both of them of breaking Senate rules. The Select Committee on Ethics tells Dodd of Connecticut and Conrad of North Dakota in separate letters that it has found "no substantial credible evidence" that their Countrywide mortgages broke Senate gift rules.

A powerful House Democrat who has turned down a Republican's call to subpoena records of a mortgage program at Countrywide Financial Corp. received two home loans from the lender. Some information in the lawmaker's mortgage documents raises the possibility they were made through the program, which provided loans to public figures and other favored borrowers often at lower interest rates or with lower origination fees than were available to the general public. The loans were made to Rep. Edolphus Towns of New York, who heads the House Oversight and Government Reform committee. The panel's ranking Republican, California Rep. Darrell Issa,...

Sen. Kent Conrad (D-N.D.) lashed out at Rep. Darrell Issa (R-Calif.) after the Republican congressman pushed the powerful Democratic senator to divulge details about low-interest loans he received from Countrywide Financial. In letters provided to POLITICO, Conrad has accused Issa of attempting to impugn his name in a GOP inquiry into the Countrywide mortgage scandal. Conrad said that the Senate Ethics Committee is the “appropriate forum to resolve this matter,” not Issa’s Republican staff on the House Oversight and Government Reform Committee. “It is unfortunate that you chose to damage my good name in your report without giving me the...

When I read last week about the hearings regarding Senator Conrad, Senator Dodd, and the friend of Angelo, I immediately recognized a serious scandal. Some of that has to do with my background in mortgages, and some simply has to do with common sense.

TWO cut-rate mortgages from failed subprime giant Countrywide Financial continue to cost Sen. Christopher Dodd, shredding the Connecticut Democrat's credibility as he faces re-election next fall. This week, news of the secretive Senate Ethics Committee investigation into Dodd's unusual mortgage deals leaked to The Associated Press. AP reported that at least one witness, Robert Feinberg, starkly contradicted Dodd's account of what favors he knew he was getting from a company that, as a member of the Banking Committee, he helps regulate

Democrats resist subpoenaing recordsJul 31, 2009 - 04:05:00 CDT By LARRY MARGASAK Associated Press Writer WASHINGTON - House Democrats have declined to subpoena available records that might reveal whether other members of Congress got discounted VIP mortgages from subprime lender Countrywide Financial Corp. similar to the sweetheart deals given Democratic Sens. Chris Dodd and Kent Conrad. Republicans say they are willing to risk that the records now held by Bank of America may show that GOP lawmakers were also "friends of Angelo" who got preferential terms on personal mortgages at the behest of then-Countrywide CEO Angelo Mozilo. Countrywide, after losing...

Corruption: Chris Dodd's teetering re-election chances weren't helped by news that the senator may have lied about not knowing he got preferential treatment as one of Countrywide Financial's Friends of Angelo program.Can you foreclose on a house of cards? Dodd, D-Conn., may soon find out after the official who handled his mortgages testified before both the House Government Reform and Oversight Committee and the Senate Ethics Committee that Dodd did in fact know he got sweetheart deals from a company that went on to lose billions of dollars on home loans to credit-strapped borrowers. As the No. 1 recipient of...

Kurland left Countrywide in 2006. The lender went under last year and Bank of America took over. PennyMac now services assets similar to those that played a hand in fate of Countrywide and also purchases mortgages from other financial firms.

Two powerful Senate Democrats said Tuesday that they knew they got low mortgage-rate deals in a lender's VIP program but thought the special treatment was a "courtesy" or the same as "frequent flier" discounts. Both vehemently denied any wrongdoing or ethical lapse in the mortgage deals, which came to light a year ago and triggered investigations by the Senate Select Committee on Ethics and the House Oversight and Government Reform Committee. "I thought this was like a frequent-flier program," Sen. Kent Conrad, chairman of the Senate Budget Committee, said of the special benefits. "I thought nothing of it." Sen. Christopher...

Sen. Chris Dodd is overdue for a long talk with his spokesman, Bryan DeAngelis, who wrote: “As the Dodds have said from the beginning, they did not seek or expect any special rates or terms on their loans and they never received any; they were never offered special or sweetheart deals and if anyone had made such an offer, they would have severed that relationship immediately.” That statement is false: Senator Dodd himself has acknowledged that he knew he was given a “VIP” offer from Countrywide, the disgraced mortgage lender where CEO Angelo Mozilo’s “Friends of Angelo” program traded sweetheart...

Whoa. It's looking like Sen. Chris Dodd's involvement with a sub prime-lending company warrants far more than a mere Senate Ethics Committee look-see. Or so suggests closed-door committee testimony from a fomer executive of the firm in question. Dodd, chairman of the Senate Banking Committee, and Senate Budget Committee Chairman Kent Conrad of North Dakota both got sweetheart mortgage deals a few years back from Angelo Mozilo, CEO of subprime-mortgage giant Countrywide Financial.

Despite his denials, Connecticut Sen. Chris Dodd knew from the start he was getting a VIP mortgage break from a major lending group, an official involved in the loan testified secretly to Congress. Dodd and Sen. Kent Conrad (D-ND) both got preferred treatment from Countrywide Financial Corp., but have maintained all along they didn't know they were benefiting at the time their mortgage packages were crafted. The two men were part of an elite group known as "friends of Angelo," a reference to Countrywide CEO Angelo Mozilo.

Some folks are calling yesterday's Ethics Committee hearing as a breaking news. At this hearing, Robert Feinberg, a loan officer at Countrywide, testified that not only did both Dodd and Conrad receive favorable terms on their mortgages under a program known as Friends of Angelo, but they both knew that they were receiving favorable terms not available to the general public. This really isn't news. It was never in doubt that Dodd and Conrad both received favorable terms under this program. The two Senators acknowledged this. They just both claimed that they didn't know they were getting favorable terms.

Caligiuri calls on Dodd to resignPublished on 7/28/2009 SOUTHINGTON, Conn. (AP) _ A Republican opponent wants U.S. Sen. Chris Dodd to resign after a loan official with Countrywide Financial said the Democrat and a colleague knew they were getting VIP mortgages with the lender. Senators Dodd and Kent Conrad have denied the allegation. Robert Feinberg worked in Countrywide's VIP section. According to a transcript obtained by The Associated Press, he told Republican investigators for a House oversight committee last month that both senators were told they were getting preferential treatment. Both men were said to be considered "friends" of Angelo...

With each day Senator Chris Dodd's hold on the Senate seat he has held for almost 30 years grows more tenuous. As the Chair of the Senate Banking committee he deserves a share of of the blame for the economic mess we are in now, on top of that, are the recent scandals in which he has been involved. Ten months ago it was disclosed that the Chairman of the Senate Banking Committee Received TWO VIP Loans from Sub-Prime Lender Countrywide Inc. The Loans were at favorable interest rates. Senator Dodd claimed he didn't know he was receiving a "sweetheart"...

WASHINGTON (AP) - Despite their denials, influential Democratic Sens. Kent Conrad and Chris Dodd were told from the start they were getting VIP mortgage discounts from one of the nation's largest lenders, the official who handled their loans has told Congress in secret testimony. Both senators have said that at the time the mortgages were being written they didn't know they were getting unique deals from Countrywide Financial Corp., the company that went on to lose billions of dollars on home loans to credit-strapped borrowers. Dodd still maintains he got no preferential treatment.

Dodd's wife serves on health care company boards3 hours ago By LARRY MARGASAK and SHARON THEIMER Associated Press Writers (AP:WASHINGTON) The wife of a senator playing a lead role on a national health care overhaul sits on the boards of four health care companies, one of several examples of lawmakers with ties to the medical industry. Jackie Clegg Dodd, wife of Sen. Chris Dodd, serves on the boards of Javelin Pharmaceuticals Inc., Cardiome Pharma Corp., Brookdale Senior Living, and Pear Tree Pharmaceuticals, a financial disclosure report the senator released Friday shows. **SNIP** Mrs. Dodd earned $79,063 in fees from Cardiome...

Former Countrywide Financial CEO Angelo Mozilo has become the highest-profile executive to be accused of wrongdoing in the subprime mortgage meltdown. The Securities and Exchange Commission charged him with allegedly lying to investors and reaping $140 million in profits from illegal insider trading this afternoon. A civil lawsuit filed by the SEC alleges that Mozilo knew that increasingly lax mortgage underwriting standards at Countrywide, once a heavyweight in the subprime home loan industry, would endanger the company but failed to disclose the risk to investors. "Countrywide portrayed itself as underwriting mainly prime quality mortgages using high underwriting standards," said SEC...

Angelo Mozilo, former boss of Countrywide Financial, has been charged with civil fraud and insider trading by the Securities and Exchange Commission. He is the highest profile executive to face charges relating to the US sub-prime mortgage crisis in 2007. --snip-- Mr Mozilo has denied doing anything wrong. Two other former executives have also been charged with civil fraud. --snip -- The SEC published extracts from e-mails sent by Mr Mozilo. "The bottom line is that we are flying blind on how these loans will perform in a stressed environment of higher unemployment, reduced values and slowing home sales," he...

Groton Democrats Endorse DoddPublished on 5/30/2009 Groton - Home court advantage didn't help Senate hopeful Merrick Alpert at the Democratic Town Committee this week, which endorsed Sen. Chris Dodd for re-election. Alpert, who lives in Mystic and is a member of the town committee, announced last week that he would challenge Dodd in the 2010 Democratic primary. The resolution hailed Dodd for being “a forceful advocate for the principles of the Democratic Party during his entire time in Congress,” and criticized what it termed an “orchestrated campaign that has misrepresented his actions in the United States Senate.” And the resolution...

WASHINGTON (AP) -- Barack Obama is considering former top military leaders among his possible running mates, according to a senator who met Tuesday with the Democratic presidential candidate's vice presidential vetting team. North Dakota Sen. Kent Conrad told The Associated Press said the team asked him about potential candidates from three broad categories _ current top elected officials, former top elected officials and former top military leaders. Conrad would not disclose which names they discussed, and the Obama campaign has been keeping the process a closely guarded secret. "We talked about many names," Conrad said, including "some that are out...

Rank-And-File Falling Away From DoddBy Dick Ahles Published on 5/24/2009 Senator Christopher Dodd's campaign to win back the hearts and minds and especially the votes of his Connecticut constituents in time for next year's election is being waged on many fronts. He is working hard to be seen as the champion of the consumer and the bane of some of his most generous big-business supporters as he shepherds long overdue credit card industry legislation through the Congress. He is becoming a frequent visitor to Connecticut. And he has won the coveted endorsement of Sen. Joe Lieberman. Who could ask for...

More headaches for the "tanned one." Read »

When Attacking, Dodd Says Leave Wife AloneUpdated 12:45 PM EDT, Mon, May 11, 2009 We all know that politics leading up to the 2010 Senate race is going to be vicious. U.S. Sen. Chris Dodd is at his most vulnerable as election season nears, but his latest political fight is not for his seat - right now. It’s over his wife’s credentials after a Republican state leader attacked them last week. In an opinion-editorial in the Hartford Courant Sunday, Senator Dodd admitted to making mistakes and said he has been open and honest about them, but said this attack went...

Homeowners brought a federal racketeering lawsuit on Thursday against KB Home, the former Countrywide Financial Corp and appraiser LandSafe Inc, accusing the companies of operating a scheme to fraudulently inflate sales prices of KB homes in Arizona and Nevada.

WASHINGTON (AP) - Wealthy Wall Street executives may be outcasts to some Americans, but not to Democratic Sen. Chris Dodd. Facing his toughest re-election fight, the chairman of the Senate Banking Committee is reaching out to the financial sector's deep-pocketed donors for the campaign cash he needs to hang onto his Connecticut seat.

"Hey, you hear about this? Very strange incident at JFK Airport in New York City today. An AIG executive going through security had to empty out all his pockets. You know what fell out? Senator Chris Dodd." --Jay Leno

April 2, 2009 - Dodd Falls Way Behind As Approval Drops To Lowest Ever, Quinnipiac University Poll Finds; Voters Are Angry At AIG Bonuses And Blame Dodd Word format Connecticut Sen. Christopher Dodd trails former U.S. Rep. Rob Simmons, a possible Republican challenger, 50 - 34 percent in the 2010 Senate race, according to a Quinnipiac University poll released today, as voters disapprove 58 - 33 percent of the job the Democratic incumbent is doing, his lowest approval rating ever. Matched against two other possible Republican challengers, Sen. Dodd trails both State Sen. Sam Caligiuri 41 - 37 percent and...

An Oversight and Government Reform Committee Republican report Countrywide Financial Corporation’s infamous VIP and Friends of Angelo Program offers new insight into the inner workings of Countrywide’s efforts to buy friends in critical government and industry positions affecting the company’s business interests. “This investigation finds that Countrywide embarked in a determined and calculated effort to buy influence – employees openly weighed the political influence of targeted officials when deciding what perks to offer,” said Issa. “Countrywide VIPs in positions of key responsibility didn’t innocently stumble into loans with reduced rates and waived fees – they were recruited into the program...