Goodtimepolitics

Release the documents Dodd

U.S. Sen. Christopher J. Dodd says he’s got nothing to hide. Yet for months he’s issued confusing and conflicting statements on whether he’ll publicly release documents relating to two loans he and his wife received from failed mortgage giant Countrywide Financial Corp.

Mr. Dodd should have released the documents months ago. Countrywide was a major player in the subprime mortgage debacle. Five years ago, it issued the loans to Mr. Dodd, then a member of the Senate banking committee, as part of the company’s VIP program, trimming the upfront costs for refinancing two of the senator’s homes and allowing the rates to “float down” as interest rates dropped.

Countrywide collapsed last year and was acquired by Bank of America. Its failure sent shock waves through the economy and raised the question of why Congress didn’t act sooner to curb subprime lending by Countrywide and others. Read More

Still ticking! It’s the Dodd Clock

Back in 2003, Sen. Dodd took part in a VIP program called “Friends of Angelo” (a reference to Countrywide CEO Angelo Mozilo) in which participants received special rates and had fees waived; Dodd reportedly saved about $75,000 on the life of two loans.

Dodd acknowledged he knew he had VIP status [5] but didn’t believe it was because he was a U.S. Senator or on the Senate committee that oversees the mortgage industry.

According to OpenSecrets.org, Dodd has collected $20,000 in campaign contributions from Countrywide since 1989.

The countdown begins with Dodd’s July 24, 2008 promise to the Hartford Courant that he would release his mortgage documents to the public. Since then, Dodd has said repeatedly that he’ll get around to it, apparently someday. Read More

Sen. Dodd releases Countrywide Financial loan documents, says he got no special deal

With pressure growing on him to act, U.S. Sen Christopher Dodd Monday morning allowed reporters to view all of the loan documents and communication he and his wife had when negotiating mortgages with Countrywide Financial Corp.

Dodd said he did not know he was one of the “Friends of Angelo,” a Countrywide program that awarded special treatment to so-called friends of company CEO Angelo Mozilo. Dodd and his wife said they were aware early on that they were in a special “VIP” program.

“We were told that it was nothing more than enhanced customer service,” Dodd said. “I regret having ever done business with Countrywide.”
Read More

Dodd’s Peek-A-Boo Disclosure

The Senator’s modified, limited mortgage hangout.
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.
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. Read More at WSJ

The pressure got to U.S. Sen. Christopher J. Dodd and so he had to do something. Its another one of those I’m sorry but didn’t know things! Seem to be the way the democrats makes excuses these days! Do you agree with him that he didn’t do anything wrong? 

LINKS:
(1) Your tax dollars at work: Bank of America forks over $2 million to ACORN

(2) “Chris Dodd’s Mortgage Nirvana”