Posted on 03/19/2009 9:12:27 AM PDT by NormsRevenge
Washington -- Executives at Countrywide Financial Corp., one of the biggest names of the housing boom, routinely violated internal company policies to provide below-market rates on home loans to the politically connected and powerful, according to a congressional report to be released today.
Loan documents show how far Calabasas-based Countrywide went to give loans to VIPs through a special program known as "Friends of Angelo," named after former Chief Executive Angelo R. Mozilo, according to congressional investigators.
...
Recipients of special loans included Sen. Kent Conrad (D-N.D.), Sen. Christopher J. Dodd (D-Conn.), former U.N. Ambassador Richard C. Holbrooke, former Fannie Mae Chief Executive James A. Johnson and former Housing and Urban Development Secretary Alphonso Jackson.
...
Most recipients of VIP loans have said in news accounts that they had no idea they were receiving a special deal. But the report states that Countrywide clearly indicated to borrowers they were getting special deals, usually by including business cards indicating the loan came from a VIP unit.
Robert Feinberg, a 12-year Countrywide employee who processed VIP loans, told investigators that it was standard practice to tell borrowers, "Your loan was specially priced by Angelo."
(Excerpt) Read more at latimes.com ...
I guess this paper won’t be gettting a “bail out”...
Lying scum will "revise" those comments only after they are proven to be lies.
I honestly don't know how people like Dodd can live with themselves, lying about everything they think they can get away with, until forced to tell some version of the truth.
What a pathetic existence.
“Urban Development Secretary Alphonso Jackson.”
Isn’t he the guy who throws those Famous Pancake Breakfasts?
TO: Angelo R. Mozilo
FROM: DNC
RE: Newspaper story about "Friends of Angelo" which reads Recipients of special loans included Sen. Kent Conrad (D-N.D.), Sen. Christopher J. Dodd (D-Conn.), former U.N. Ambassador Richard C. Holbrooke, former Fannie Mae Chief Executive James A. Johnson and former Housing and Urban Development Secretary Alphonso Jackson.
________________________________________________________
Next time, make sure you give a sweet heart, way below market rate, loan deal to at least one Republican Member of Congress, so that if it leaks out, we can can claim that it is a "bi-partisan" scandal.
Moron.
CF: CEO of every company getting bailout money, stimulus money, or being regulated by Congress.
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