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Senator Dodd's Big Day

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Elliott

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Opinion in today's WSJ,

Give Senator Christopher Dodd credit for nerve. On Tuesday, the very day he finally admitted knowing that Countrywide Financial regarded him as a "special" customer, the Connecticut Democrat also announced that he was bringing to the Senate floor a housing bailout sure to help lenders like Countrywide.
HC-GI876_Dodd_20070905231104.gif

How much will Countrywide benefit from Mr. Dodd's rescue? The Senator's plan allows mortgage lenders to dump up to $300 billion of their worst loans on to taxpayers via a new Federal Housing Administration refinancing program, provided the lenders are willing to accept 87% of current market value. The program will be most attractive to lenders and investors holding subprime and slightly-less-risky Alt-A loans made during the height of the housing bubble in 2006 and 2007.
As the market leader during that period, Countrywide originated $167 billion of such loans, more than 11% of the nationwide total, according to Inside Mortgage Finance. Analyst Fred Cannon of Keefe, Bruyette and Woods estimates that the company is still holding more than $30 billion in subprime and Alt-A loans on its books, based on the company's most recent quarterly

Meanwhile, Mr. Dodd continues to insist that, though he knew he was a "special" Countrywide customer, he didn't think he was getting any special financial benefit. But a $75,000 reduction in mortgage payments is no small matter for anyone living on a Senate salary of $169,300. Why else would he be known around Countrywide as a "Friend of Angelo" – Angelo being Countrywide CEO Angelo Mozilo.
 

moh malekpour

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May 25, 2002
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California
Opinion in today's WSJ,

Give Senator Christopher Dodd credit for nerve. On Tuesday, the very day he finally admitted knowing that Countrywide Financial regarded him as a "special" customer, the Connecticut Democrat also announced that he was bringing to the Senate floor a housing bailout sure to help lenders like Countrywide.
HC-GI876_Dodd_20070905231104.gif

How much will Countrywide benefit from Mr. Dodd's rescue? The Senator's plan allows mortgage lenders to dump up to $300 billion of their worst loans on to taxpayers via a new Federal Housing Administration refinancing program, provided the lenders are willing to accept 87% of current market value. The program will be most attractive to lenders and investors holding subprime and slightly-less-risky Alt-A loans made during the height of the housing bubble in 2006 and 2007.
As the market leader during that period, Countrywide originated $167 billion of such loans, more than 11% of the nationwide total, according to Inside Mortgage Finance. Analyst Fred Cannon of Keefe, Bruyette and Woods estimates that the company is still holding more than $30 billion in subprime and Alt-A loans on its books, based on the company's most recent quarterly

Meanwhile, Mr. Dodd continues to insist that, though he knew he was a "special" Countrywide customer, he didn't think he was getting any special financial benefit. But a $75,000 reduction in mortgage payments is no small matter for anyone living on a Senate salary of $169,300. Why else would he be known around Countrywide as a "Friend of Angelo" – Angelo being Countrywide CEO Angelo Mozilo.


Whose Bill was it that passed today, Dodd or Coleman & Leahy?
and do you know who was the other senator who also got a favorable mortgage from Countrywide and confessed few days ago that he got special favor from the countrywide but he didn’t ask for it so he was going to donate that favored amount to charity? I forgot his name but I think he was also a ranking banking committee member.
 

Michigander

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Can you post that link Elliot? Damn bashtards
 

RSW

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It's funny how they will donate the money to charity after they get caught.
 

Bama Bayou

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Alabama
The White House will not go for this and Dodd knows it. He does not have the votes to overide a veto. This is just posturing. Very little legislation is signed into law during the tail end of an election year.
 

xmusienb

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Jul 10, 2004
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Georgia
Oh my. Posting copyrighted material here. I didn't think that was allowed.

Having said that, I doubt anything will happen to Dodd.
 

Dutchman

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Washington
Senator Conrad (D) was the other favored customer of Angie, I believe
 
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