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Dodd Says He Didn't Get Special Treatment From Countrywide
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U.S. Senator Chris Dodd says he didn't get special treatment from Countrywide Financial Corporation when he refinanced two homes, despite being included in a VIP program.

Dodd says he'll now re-finance his mortgages with a different company after months of speculation about perks he received from Countrywide. 

This past summer, it was disclosed that Dodd, Chair of the Senate Banking Commitee, was part of a special list compiled by Countrywide. These prominent customers were offered lower interest rates or float downs. 

Dodd maintains he and his wife did nothing wrong, saying the rates they received were comparable to other lenders offers.

"We paid market rates, market terms, I never never sought, never expected, never received any sweetheart or special deals at all."

Countrywide, which was sold to Bank of America earlier this year, has been the focus of allegations that it gave favorable loan terms to lawmakers.
 


 

Chris Dodd's Claim of Ignorance

Mr. Dodd knew that he got the red-carpet treatment because of his central role in regulating the financial industry. That's what former Countrywide employee Robert Feinberg has claimed to the Wall St Journal and others.  That is a direct contradiction of Mr. Dodd's statement in the WNPR piece.  Portfolio Magazine analyzed his mortgages and calculated he received a $75,000 benefit from the preferential "Friends of  Angelo" [Mozillo, Chairman of Countrywide] loan.  When the WNPR radio report completed omitted the newsworthy information contradicting Chris Dodd's claims I simply turned to another station.  Why listen to a news report so completely biased in favor of the subject, what other news could WNPR be accurate in reporting? Who Knows?  Perhaps the idea of a free press is essentially corrupted when the government provides favorable treatment to the news organization, how can we trust the news organization is reporting accurately versus trying to please its masters in the government?