Posted on 06/15/2008 5:54:36 PM PDT by NormsRevenge
WASHINGTON (AFP) - Countrywide Financial, the largest mortgage lender at the center of the US housing crisis, regularly gave loans on favorable terms to prominent lawmakers and former cabinet members, according to US media.
The preferential treatment for senators including Democrat Chris Dodd, chairman of the Senate Banking Committee and a recent presidential candidate, was approved by Angelo Mozilo, chief executive of Countrywide Financial, the Washington Post reported on Saturday.
CondeNast Portfolio magazine first broke the story on Wednesday, saying the recipients of the favorable terms were known as "Friends of Angelo" in internal company documents and e-mails.
"Make an exception due to the fact that the borrower is a senator," Mozilo wrote in one e-mail obtained by the magazine, referring to a loan for Kent Conrad, a Democratic lawmaker from North Dakota.
The other officials who allegedly received special attention from Mozilo included President George W. Bush's former housing secretary, Alphonso Jackson, and two senior figures from former president Bill Clinton's administration -- former United Nations ambassador Richard Holbrooke and former Health and Human Services secretary Donna Shalala, the magazine wrote.
Mozilo made no effort to conceal his special favors, Guy Cecala, publisher of Inside Mortgage Finance Publications, told the Washington Post.
"It was something he handed out like party favors. He was fairly forthcoming with it," Cecala said. "As long as I can remember, he was offering that."
Dodd and Conrad, the chairman of the Senate Budget Committee, denied they had sought out or received any special deals.
"I was never told I was given preferential treatment. I didn't ask for it, didn't seek it, and as far as I know, I didn't get it," Conrad was quoted as saying by the Post.
Dodd, who has been mentioned as a possible vice presidential pick, said: "As a United States senator, I would never ask or expect to be treated differently than anyone else refinancing their home."
The reports come shortly after former Fannie Mae chief executive Jim Johnson was forced to resign as an adviser to Democratic presidential candidate Barack Obama following a report in the Wall Street Journal alleging he received favorable treatment on loans from Countrywide.
Way to pwn yourself.
Thanks! I’ve been trying to figure out Jackson’s persuasion ever since the article came out.
Thx for that tidbit.
Rush says the group involved here are being called the the ‘Countrywide Six’.
also that the WSJ is calling for an investigation.
as Drudge oft posts..
developing 8-o
In this May 20, 2008 file photo, Sen. Christopher Dodd, D-Conn., listens during a news conference on Capitol Hill in Washington. Dodd, the chairman of the Senate Banking Committee reportedly received two mortgages under a special Countrywide Financial Corp. program that gave preferential interest rates to 'friends' of the company's chairman. (AP Photo/Susan Walsh, File)
Posted on 06/14/2008 7:36:15 AM PDT by doug from upland
Well, at least they’re not FRiends of Maya Angelou..
Or are they 8-?
Thanks to this blog for refreshing my memory about Paul Pelosi, Jr.: Tall Cotton
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