Countrywide Made Home Loans to Gorelick, Mudd

The Wall Street Journal ^ | 9/25/08 | GLENN R. SIMPSON

[Renkluaf]

Countrywide Financial Corp., the biggest U.S. mortgage lender, made large, previously undisclosed home loans to two additional executives of Fannie Mae, the government-chartered firm at the center of the U.S. credit crisis.

One of Countrywide's previously undisclosed customers at Fannie was Jamie Gorelick, an influential Democratic Party figure whose $960,000 mortgage refinancing in 2003 was handled through a program reserved for influential figures and friends of Countrywide's chief executive at the time, Angelo Mozilo. Ms. Gorelick was Fannie Mae's vice chairman at the time.

Another Countrywide client was recently ousted Fannie Mae Chief Executive Daniel Mudd, though it isn't clear whether he received special treatment on two $3 million mortgage refinancings he made when he was the company's chief operating officer.

In an interview, Ms. Gorelick said she had no knowledge of receiving special treatment. A financial adviser to Mr. Mudd said he received interest rates in line with the prevailing market.

[Rhino54]

OK so it’s legal bribery