Sen. Dodd Releases Report on V.I.P. Mortgage
After coming under fire last year for receiving “V.I.P.” rate mortgages from Countrywide Financial on his two homes, Sen. Chris Dodd released a much-anticipated report reviewing the terms of the 2003 mortgages. The report aims to dispell notions that Dodd received preferential treatment from Countrywide CEO Angelo Mozilo, who ran a V.I.P mortgage program for important political figures.
The two documents released today include a professional review of the terms of the mortgage by the independent company CrossCheck Compliance LLC and a summary highlighting information showing that the rates Dodd received were no different than the commonly offered rates at the time. The key finding in these documents is that mortgage companies were offering rates at or better than the rates that Dodd received for similarly qualified mortgage candidates.
Which begs the question: Was Angelo Mozilo trying to scam political movers and shakers into thinking they were getting special treatment? Or is there more than meets the eye here.
The documents released by the senator are attached below.
