Breaking Scandal: Chris Dodd & Kent Conrad Got ‘VIP’ Loans From Countrywide

Kent Conrad (Democrat-North Dakota)

Chris Dodd (Democrat-Connecticut)

The report came one day after Democratic heavyweight Jim Johnson stepped down as chief of Barack Obama’s vice-presidential search committee after revelations he’d gotten Countrywide loans at very favorable rates because of Mozilo. Citing company documents and e-mails, the report says the FOAs paid lower fees, and if rates fell while a loan was pending, the VIPs would get a free “float-down” while regular customers had to pay a surcharge. Dodd reportedly received two loans through the program in 2003 – $506,000 to refinance his Washington town house, and $275,042 to refinance a home in Connecticut. The more favorable terms saved him about $70,000, the report says. The company has also contributed $21,000 to Dodd’s campaigns since 1997, but the senator proposed a bill last year that was averse to the company’s lending practices, the report noted. Conrad borrowed $1 million to refinance his vacation home, and saved at least $10,000.—New York Post

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