Connecticut Senator Chris Dodd has finally, sort of, kind of, ended 193 days of stonewalling about his sweetheart loans from former Countrywide CEO Angelo Mozilo. At least he did if you were a fast reader and were one of the few reporters he invited to his Hartford office yesterday to review — but not copy or take — more than 100 pages of documents related to his 2003 mortgage financings through Countrywide's "Friends of Angelo" program.Update: I've covered Senator Dodd's "Friends of Angelo" loans in the past here. Wikipedia has details here, here, and here.
These are the files that Mr. Dodd pledged to make public after the news broke last summer that the Chairman of the Senate Banking Committee had received preferential treatment from Countrywide. At first, Mr. Dodd denied everything. Later, he conceded that he'd been given special treatment but thought it was "more of a courtesy."
Heck, we'd all love the kind of courtesy that would have saved Mr. Dodd $75,000 over the life of the two loans he refinanced to the tune of $800,000, according to an analysis by Portfolio magazine. The savings came from rock-bottom interest rates and a free "float-down" — the right to borrow at a lower rate if interest rates fall before you've closed on the loan.
On Monday, with interest rates — even for non-VIPs — near historic lows, Mr. Dodd announced that he would refinance the sweetheart loans with another lender. ...
We don't know whether the documents Mr. Dodd briefly showed yesterday illuminate this mystery or not, because he didn't release them to us, or to the public or his constituents.
Wednesday, February 04, 2009
Senator Chris Dodd is still a crook
U.S. Senate Banking Committee Chairman Christopher Dodd got a special deal on mortgages from Countrywide Financial in 2003. Now he's playing games with reporters regarding the issue. From The Wall Street Journal: