Dodd Says He Will Refinance VIP Mortgages

[ABQCOWBOY]

http://www.foxnews.com/politics/2009...vip-mortgages/

HARTFORD, Conn. -- Connecticut Sen. Chris Dodd said Monday he'll refinance two mortgages he received through a VIP program from Countrywide Financial Corp., which is accused of giving favorable loan terms to some lawmakers.


Meeting with reporters in his office in Hartford, Dodd said he sought no special treatment from Countrywide when he refinanced his Washington and East Haddam, Conn., homes in 2003. He said he would make mortgage documents available for review Monday afternoon.


"I just wanted to put this behind us," said Dodd, chairman of the Senate Banking Committee.


He said he's switching the loans to a new bank because he was wrongfully labeled a friend of Countrywide's former CEO, Angelo Mozilo. A third party will be involved in choosing the bank, he said.


"Let me be very clear. We are not friends of Angelo Mozilo and we have never been a friend of his," said Dodd, who was accompanied by his wife, Jackie, at the news conference. "The first we ever heard of the 'friends of Angelo' list was through press reports last summer."


Dodd has acknowledged participating in a VIP program at Countrywide, which was sold to Bank of America Corp. last year and has been the focus of allegations that it gave favorable loan terms to lawmakers. Dodd said he thought the VIP status referred to upgraded customer service.


He received a 4.25 percent interest rate for his Washington town house, and a 4.5 percent rate on the loan on his East Haddam home.


The Senate Banking Committee has oversight over the mortgage and banking industries. Dodd also played a key role in crafting the $700 billion Wall Street rescue plan, which allows the government to spend billions of dollars to buy bad mortgage-related securities and other devalued assets from troubled financial institutions.


Dodd said the Senate is still conducting an ethics inquiry into the mortgages. He has turned over documents and answered written questions, but has not been called to testify, Dodd said.


Personally, I am of the opinion that Dodd did much more wrong then this over the past several years. If your not going to hold his feet to the fire over some of the other things, then it's kind of rediculous, IMO, to do it over this. There is not part of me that believes Dodd didn't know about the VIP status and what it was getting him but seriously, many of the other transgretions were much more damaging IMO.

[Cajuncowboy]

"Let me be very clear. We are not friends of Angelo Mozilo and we have never been a friend of his," said Dodd, who was accompanied by his wife, Jackie, at the news conference. "The first we ever heard of the 'friends of Angelo' list was through press reports last summer."

Was he wagging his finger at the camera and biting his lower lip when he said this????

[Jarv]

He should step down as Senator. That won't happen because Jodi Rell is a republican Governor and she could appoint a Republican Senator.

As a resident of CT, I can tell you this guy has done a lot more underhanded things than this.

[ThaBigP]

Dodd cann't refinance his mortgage(s). Why? He can't find his mortgage papers. He's been "looking for them" for over six months now. You know...to prove he didn't get a sweatheart deal....the last time.....I'm sure he's right on top of that...they must be around here somewhere....

[Doomsday101]

Originally Posted by Jarv

He should step down as Senator. That won't happen because Jodi Rell is a republican Governor and she could appoint a Republican Senator.

As a resident of CT, I can tell you this guy has done a lot more underhanded things than this.

Gosh and 2 years ago leading up to today they were the party of change and no more Washington politics as usual I guess that is down the toilet

[sbark]

Dodd's Saga Takes A Strange Turn

Tuesday, February 03, 2009 7:20:43 AM · by DBCJR · 11 replies · 232+ views Hartford Courant ^ | February 3, 2009, one hour ago | Rick Green

After all the talk, the bashing by the media and demands from his constituents, U.S. Sen. Christopher Dodd on Monday offered apologies and stacks of documents to explain his controversial loans from Countrywide Financial Corp. Dodd's regrets still don't clarify why one of the most powerful, influential politicians in Washington didn't run from a lender who promised "VIP" treatment. It doesn't begin to explain why we had to wait half a year before learning information that Dodd has had for months. I expect more from one of the guys trying to save us from economic collapse — not to mention...