Friday, January 30, 2009

Friends of Angelo

Countrywide's Many 'Friends'
by Daniel Golden, Conde Nast Portfolio .com Jun 12 2008

Two U.S. senators, two former Cabinet members, and a former ambassador to the United Nations received loans from Countrywide Financial through a little-known program that waived points, lender fees, and company borrowing rules for prominent people.

Senators Christopher Dodd, Democrat from Connecticut and chairman of the Banking Committee, and Kent Conrad, Democrat from North Dakota, chairman of the Budget Committee and a member of the Finance Committee, refinanced properties through Countrywide’s “V.I.P.” program in 2003 and 2004, according to company documents and emails and a former employee familiar with the loans.

While thousands of Americans got predatory loans from Countrywide Mortgage and now face the loss of their home, VIP "Friends of Angelo" were getting preferential treatment including low interest rates and waived fees. One of the most powerful Friends of Angelo was Chairman of the Senate Banking Committee Chris Dodd.

Candidate Obama promises us a more open, honest, and transparent government. How can we have any confidence in the new administration or Congress if the lead watchdog in the Senate is a Friend of Angelo who got a preferential loan from Countrywide while he was supposed to be protecting the public's interest?

President Obama,
Would you please ask Chris Dodd to release his mortgage papers as he promised to do. If he will not, please ask him to resign from the US Senate. If he does release them and he is guilty of accepting preferential treatment, please demand his resignation. Did you really mean that stuff about honest government or was that just empty campaign talk?

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1 comment:

  1. I have a funny feeling that we won't be seeing Mr. Dodd graciously handing over any documentation--the Democrats are in power and they certainly aren't going to want to abide by another scandal.