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.
BUSTED, the corruption runs deep.
Of course, the specifics as to which individuals belong to which political party are missing, except of course for the Republicans.
Not true. Look again.
The Democrats will hold hearings on this pronto.... just the appearance of wrong doing and the seriousness of the charges sets them off....
I think the article mentions who and the party.
Donna Shalla, soon to be awarded a medal from Bush the betrayer.
Yes true. You don’t appear to be able to read.
Ha! They already have introduced Jamie Gorelick as the next AG under Obama. A clear sign they want pay-to-play, imo.
The preferential treatment for senators including Democrat Chris Dodd, chairman of the Senate Banking Committee and a recent presidential candidate
Dodd and Conrad are stated to be Democrats. No one is called a Republican. You’re the one who needs a remedial reading lesson.
It’s too bad the GOP don’t have the cojones to make this an issue over the next few weeks. This should be a pillar of attack against the Dems: it shows their true intent as it pertains to their world view and socialist agenda..... they want all the perks while the little guy suffers under their marxist policies.
Good one-but it’s father’s day-not April Fool’s day.
No big deal to the msm because of the dimocRATS involved.
The one true thing about this: Were this major GOP senators, the MSM would have this on 24/7 for weeks until the corrupt ones resigned. As it is....crickets.
What was the twit worth when he was elected - and what's he worth now. Most of these guys came in middle class and after a few years they're multimillionaires.
Time to ask some hard questions.
“”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”
SHOULD READ...
“I was never told I was given preferential treatment. I didn’t ask for it, didn’t seek it, and as far as YOU know, I didn’t get it,” Conrad was quoted
Excuse my superficial judgement,....but when I saw Mozilo on TV, I knew he was up to no good.
He was too tanned, he was wearing one of those expensive shirts with a contrasting white collars, his haircut was too expensive, his suit was too expensive and just a little too flashy. He was too narcissistic, too egotistical and spent too much time on his appearance and haircut, etc.
I wonder if any media folk got preferential treatment? And if they did, would would get reported?
I'm sure the Senator thought everyone got 1% APR loans with nothing down, no points, no closing costs, and no fees of any kind. I'm sure it was an honest mistake.
Another "non-story" that will vanish like the morning mist by Monday.
“Friends of Angelo” — sounds like something out of a gangster movie....
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