A Senate ethics panel today told Sens. Chris Dodd (D-CT) and Kent Conrad (D-ND) it found “no substantial credible evidence” they broke Senate rules with their Countrywide mortgages.
In letters to each senator, the Select Committee on Ethics said the two should have been more “vigilant” to avoid the appearance of receiving preferential treatment and rates.
After reviewing 18,000 pages of documents, the committee found that Countrywide’s VIP program for friends of ex-CEO Angelo Mozilo offered expedited service and some discounts. But, since the discounted rates still weren’t the best at Countrywide or in the industry, the program doesn’t violate Senate rules, the committee found.