Auburn85 438 Posted February 2, 2009 Share Posted February 2, 2009 http://www.bloomberg.com/apps/news?pid=206...&refer=home Feb. 2 (Bloomberg) -- U.S. Senator Christopher Dodd and his wife will refinance mortgages with Countrywide Financial Corp. amid criticism they got preferential terms from the lender blamed for helping trigger the subprime crisis. “We will refinance our homes and, in an abundance of caution, we will be seeking a third party to negotiate the new loan terms,†Dodd, chairman of the Senate Banking Committee, said today at a news conference in Hartford, Connecticut. The Connecticut Democrat, whose panel oversees the U.S. mortgage industry, today released more than 100 pages of documents related to the 2003 refinancing of his mortgage loans. Countrywide, the lender that sold itself to Bank of America Corp. last year, was criticized by New York Senator Charles Schumer for spurring the collapse of the subprime mortgage market by steering borrowers to high-cost loans that were “designed to fail.†Dodd and Senator Kent Conrad, a North Dakota Democrat, got mortgages through Countrywide’s “V.I.P.†program, which waived points, fees and loan restrictions for prominent people, Portfolio magazine reported in June. Dodd said he refinanced loans in 2003 on a Connecticut home he’s owned for 27 years and a Washington residence he bought with his wife, Jackie, in 1999. The senator said he and his wife shopped around with different lenders at the time, deciding to stay with Countrywide because they offered loan rates and terms that were competitive with other companies. ‘Sweetheart Deals’ “We negotiated only with loan officers,†Dodd said. “There was nothing special about the rates, fees or points. We were never offered special or sweetheart deals, and if anyone had made such an offer, we would have severed the relationship immediately.†Dodd said today he now regrets “having ever done business†with Countrywide. “He is just trying to clean up what appears to be a not-so- pretty scenario for him,†John Taylor, president of the National Community Reinvestment Coalition, said today in a telephone interview. The senator in 2003 refinanced his Washington home into a 30-year adjustable-rate mortgage at $506,000 with a fixed interest rate of 4.25 percent for five years, no points and $2,286 in fees and charges, according to documents Dodd released today. He refinanced the loan on his Connecticut home the same year into a 30-year adjustable-rate mortgage for $275,042 with the interest rate fixed for 10 years at 4.5 percent, no points and $2,020 in fees and charges. Document Review Dodd today also released a review of his loan documents done by Chicago-based CrossCheck Compliance LLC that showed the senator got competitive terms on his 2003 mortgages. “Based on the market data we analyzed, we find that the terms and conditions that the borrowers received for the two loans were consistent with those that any borrower who possessed similar credit, income, asset and equity positions would have received during the highly active refinance market that existed during the first half of 2003,†said the report dated July 22. Dodd denied he was among a group of loan recipients known as “Friends of Angelo,†in reference to former Countrywide Chief Executive Officer Angelo Mozilo. “Let me be very clear, we are not friends of Angelo Mozilo and we have never been a friend of his,†Dodd said. “We have never communicated with him or anyone else other than loan officers at Countrywide about our mortgages.†To contact the reporter on this story: Alison Vekshin in Washington at avekshin@bloomberg.net. Link to comment https://www.aufamily.com/topic/55999-dodd-to-refinance-countrywide-loans-after-criticism/ Share on other sites More sharing options...
Tigermike 4,266 Posted February 2, 2009 Share Posted February 2, 2009 It seemed as if Obama's entire cabinet failed to pay their taxes. After being nominated, they paid, said they were sorry and now all is fine. Dodd said, "Hey the rubes are buying this $hit, works for me. Let's give this a try." Link to comment https://www.aufamily.com/topic/55999-dodd-to-refinance-countrywide-loans-after-criticism/#findComment-579027 Share on other sites More sharing options...
TigerHeat 9 Posted February 3, 2009 Share Posted February 3, 2009 It seemed as if Obama's entire cabinet failed to pay their taxes. After being nominated, they paid, said they were sorry and now all is fine. Dodd said, "Hey the rubes are buying this $hit, works for me. Let's give this a try." They are able to walk in the garden of his turbulence. For now. It'll change. Link to comment https://www.aufamily.com/topic/55999-dodd-to-refinance-countrywide-loans-after-criticism/#findComment-579120 Share on other sites More sharing options...
DKW 86 8,220 Posted February 3, 2009 Share Posted February 3, 2009 http://www.bloomberg.com/apps/news?pid=206...&refer=home Feb. 2 (Bloomberg) -- U.S. Senator Christopher Dodd and his wife will refinance mortgages with Countrywide Financial Corp. amid criticism they got preferential terms from the lender blamed for helping trigger the subprime crisis. “We will refinance our homes and, in an abundance of caution, we will be seeking a third party to negotiate the new loan terms,†Dodd, chairman of the Senate Banking Committee, said today at a news conference in Hartford, Connecticut. The Connecticut Democrat, whose panel oversees the U.S. mortgage industry, today released more than 100 pages of documents related to the 2003 refinancing of his mortgage loans. Countrywide, the lender that sold itself to Bank of America Corp. last year, was criticized by New York Senator Charles Schumer for spurring the collapse of the subprime mortgage market by steering borrowers to high-cost loans that were “designed to fail.†Dodd and Senator Kent Conrad, a North Dakota Democrat, got mortgages through Countrywide’s “V.I.P.†program, which waived points, fees and loan restrictions for prominent people, Portfolio magazine reported in June. Dodd said he refinanced loans in 2003 on a Connecticut home he’s owned for 27 years and a Washington residence he bought with his wife, Jackie, in 1999. The senator said he and his wife shopped around with different lenders at the time, deciding to stay with Countrywide because they offered loan rates and terms that were competitive with other companies. ‘Sweetheart Deals’ “We negotiated only with loan officers,†Dodd said. “There was nothing special about the rates, fees or points. We were never offered special or sweetheart deals, and if anyone had made such an offer, we would have severed the relationship immediately.†Dodd said today he now regrets “having ever done business†with Countrywide. “He is just trying to clean up what appears to be a not-so- pretty scenario for him,†John Taylor, president of the National Community Reinvestment Coalition, said today in a telephone interview. The senator in 2003 refinanced his Washington home into a 30-year adjustable-rate mortgage at $506,000 with a fixed interest rate of 4.25 percent for five years, no points and $2,286 in fees and charges, according to documents Dodd released today. He refinanced the loan on his Connecticut home the same year into a 30-year adjustable-rate mortgage for $275,042 with the interest rate fixed for 10 years at 4.5 percent, no points and $2,020 in fees and charges. Document Review Dodd today also released a review of his loan documents done by Chicago-based CrossCheck Compliance LLC that showed the senator got competitive terms on his 2003 mortgages. “Based on the market data we analyzed, we find that the terms and conditions that the borrowers received for the two loans were consistent with those that any borrower who possessed similar credit, income, asset and equity positions would have received during the highly active refinance market that existed during the first half of 2003,†said the report dated July 22. Dodd denied he was among a group of loan recipients known as “Friends of Angelo,†in reference to former Countrywide Chief Executive Officer Angelo Mozilo. “Let me be very clear, we are not friends of Angelo Mozilo and we have never been a friend of his,†Dodd said. “We have never communicated with him or anyone else other than loan officers at Countrywide about our mortgages.†To contact the reporter on this story: Alison Vekshin in Washington at avekshin@bloomberg.net. You cant make this crap up. No one would believe you. There is a quote from a guy whose entire job is to prop up the Comm. Reinvestment Act. The very act that started the dominoes falling on our financial markets. Just amazing how much arrogance these people have. The loans were "Friends of Angelo" loans. They were taken out while Dodd had oversite over Mozilo. Mozilo then went out and burned Countrywide into the ground while Dodd played his fiddle. Dodd is admitting his guilt in this or he would never, and I mean NEVER, try and fix this. The man hasnt given a damn about how all this looks until now, why would he care? Why would he try and fix it? Just made him look totally guilty to me and many more. Jimmy Carter Part II... Link to comment https://www.aufamily.com/topic/55999-dodd-to-refinance-countrywide-loans-after-criticism/#findComment-579151 Share on other sites More sharing options...
arnaldoabru 11 Posted February 3, 2009 Share Posted February 3, 2009 http://www.bloomberg.com/apps/news?pid=206...&refer=home Feb. 2 (Bloomberg) -- U.S. Senator Christopher Dodd and his wife will refinance mortgages with Countrywide Financial Corp. amid criticism they got preferential terms from the lender blamed for helping trigger the subprime crisis. “We will refinance our homes and, in an abundance of caution, we will be seeking a third party to negotiate the new loan terms,†Dodd, chairman of the Senate Banking Committee, said today at a news conference in Hartford, Connecticut. The Connecticut Democrat, whose panel oversees the U.S. mortgage industry, today released more than 100 pages of documents related to the 2003 refinancing of his mortgage loans. Countrywide, the lender that sold itself to Bank of America Corp. last year, was criticized by New York Senator Charles Schumer for spurring the collapse of the subprime mortgage market by steering borrowers to high-cost loans that were “designed to fail.†Dodd and Senator Kent Conrad, a North Dakota Democrat, got mortgages through Countrywide’s “V.I.P.†program, which waived points, fees and loan restrictions for prominent people, Portfolio magazine reported in June. Dodd said he refinanced loans in 2003 on a Connecticut home he’s owned for 27 years and a Washington residence he bought with his wife, Jackie, in 1999. The senator said he and his wife shopped around with different lenders at the time, deciding to stay with Countrywide because they offered loan rates and terms that were competitive with other companies. ‘Sweetheart Deals’ “We negotiated only with loan officers,†Dodd said. “There was nothing special about the rates, fees or points. We were never offered special or sweetheart deals, and if anyone had made such an offer, we would have severed the relationship immediately.†Dodd said today he now regrets “having ever done business†with Countrywide. “He is just trying to clean up what appears to be a not-so- pretty scenario for him,†John Taylor, president of the National Community Reinvestment Coalition, said today in a telephone interview. The senator in 2003 refinanced his Washington home into a 30-year adjustable-rate mortgage at $506,000 with a fixed interest rate of 4.25 percent for five years, no points and $2,286 in fees and charges, according to documents Dodd released today. He refinanced the loan on his Connecticut home the same year into a 30-year adjustable-rate mortgage for $275,042 with the interest rate fixed for 10 years at 4.5 percent, no points and $2,020 in fees and charges. Document Review Dodd today also released a review of his loan documents done by Chicago-based CrossCheck Compliance LLC that showed the senator got competitive terms on his 2003 mortgages. “Based on the market data we analyzed, we find that the terms and conditions that the borrowers received for the two loans were consistent with those that any borrower who possessed similar credit, income, asset and equity positions would have received during the highly active refinance market that existed during the first half of 2003,†said the report dated July 22. Dodd denied he was among a group of loan recipients known as “Friends of Angelo,†in reference to former Countrywide Chief Executive Officer Angelo Mozilo. “Let me be very clear, we are not friends of Angelo Mozilo and we have never been a friend of his,†Dodd said. “We have never communicated with him or anyone else other than loan officers at Countrywide about our mortgages.†To contact the reporter on this story: Alison Vekshin in Washington at avekshin@bloomberg.net. You cant make this crap up. No one would believe you. There is a quote from a guy whose entire job is to prop up the Comm. Reinvestment Act. The very act that started the dominoes falling on our financial markets. Just amazing how much arrogance these people have. The loans were "Friends of Angelo" loans. They were taken out while Dodd had oversite over Mozilo. Mozilo then went out and burned Countrywide into the ground while Dodd played his fiddle. Dodd is admitting his guilt in this or he would never, and I mean NEVER, try and fix this. The man hasnt given a damn about how all this looks until now, why would he care? Why would he try and fix it? Just made him look totally guilty to me and many more. Jimmy Carter Part II... Did Jimmy refi with Countrywide too? Link to comment https://www.aufamily.com/topic/55999-dodd-to-refinance-countrywide-loans-after-criticism/#findComment-579176 Share on other sites More sharing options...
DKW 86 8,220 Posted February 3, 2009 Share Posted February 3, 2009 Did Jimmy refi with Countrywide too? No but he did come to DC claiming change and put us into a 6 year recession as his policies kept failing. The same ones we seem destined to retry. Link to comment https://www.aufamily.com/topic/55999-dodd-to-refinance-countrywide-loans-after-criticism/#findComment-579183 Share on other sites More sharing options...
Tigermike 4,266 Posted February 3, 2009 Share Posted February 3, 2009 "Dodd to Refinance Countrywide Loans After Criticism" It's too little, too late. Dodd should immediately resign from the senate and he should be prosecuted to the fullest extent possible. Link to comment https://www.aufamily.com/topic/55999-dodd-to-refinance-countrywide-loans-after-criticism/#findComment-579199 Share on other sites More sharing options...
OldNewby 27 Posted February 3, 2009 Share Posted February 3, 2009 Jimmy Carter did have something to do with the Community Reinvestment Act: http://en.wikipedia.org/wiki/Community_Reinvestment_Act In 1995, Bill Clinton pushed the snowball downhill hard: http://query.nytimes.com/gst/fullpage.html...750C0A965958260 http://www.city-journal.org/html/10_1_the_...ion_dollar.html http://www.freemoneyfinance.com/2008/05/how-the-subprim.html http://www.encyclocentral.com/27401-Commun..._Standards.html Democrat footprints and fingerprints are all over this financial crisis. Dodd's are just one set. Link to comment https://www.aufamily.com/topic/55999-dodd-to-refinance-countrywide-loans-after-criticism/#findComment-579200 Share on other sites More sharing options...
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