Like Master P in the 90’s, Countrywide CEO Angelo Mozilo has the hook up – at least for his friends in high places. Check out this Portfolio article that extrapolates the plethora of discounts Mozilo handed to politicians and other powerful figures (not that there’s anything wrong with that).
Politician #1 – Connecticut Senator Chris Dodd
Democratic senator from Connecticut saved about $75,000 on the life of two loans through Countrywide, which waived three-eighths of a point on one and one-fourth of a point on the other. A former Countrywide employee says the float-downs were free. Countrywide contributed $21,000 to Dodd’s campaigns since 1997
Politician #2 – North Dakota Senator Kent Conrad
Democratic senator from North Dakota refinanced an eight-unit apartment building with a loan that violated Countrywide’s policy of providing loans for buildings of four units or fewer. Countrywide C.E.O. Angelo Mozilo told a subordinate to “make an exception due to the fact that the borrower is a senator” and to “take off one point,” or $10,000, on another loan
Politician # 3 – Former HUD Secretary Alphonso Jackson
Jackson borrowed $346,331 and $308,000 from Countrywide in 2003. The loans came through on January 21, 2004, a week before President Bush named him secretary of the Housing and Urban Development agency
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note: this is non-partisan, and includes both Dems and Repubs
2 responses so far ↓
Terry // June 16, 2008 at 9:43 am |
what a bunch of f@ckin crooks
Michael // June 16, 2008 at 5:03 pm |
Many of Dodd’s constituents and taxpayers nationwide are also angry over Dodd’s connection with Countrywide, especially as Countrywide would benefit from the Mortgage Bailout Bill Dodd championed. Check out this site for current info and a number to call Dodd Sen. Conrad to voice your dismay with this sketchy business:
http://www.freedomworks.org/newsroom/press_template.php?press_id=2569