TPMMuckraker

Sweetheart Mortgages: Ethics Panel Clears Dodd, Conrad

Share

Twitter Facebook Fark Reddit Send to a Friend

Send to a friend!

To email:    Your Name:    Your email:

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.

Join the Conversation!

11 comments

Recommend Recommend (3)

August 7, 2009 7:15 PM   

I've been in positions of authority and have in the past been approached by contractors who have offered me great deals... [paid for by other folks who did not have the power or authority I possessed. I learned this was not appropriate sometime before high school.

Of course, I never wished to be a representative for this nation, apparently a job which has much less morality and ethical standards...

Such a tragedy we have promoted. I'm just amazed that, after knowing we cannot trust these mobsters to adhere to the same principles they continually espouse to the rest of the world... that we somehow honor and trust the lives of ourselves and our children to these same opportunists...

A few more election cycles and we will probably not have to worry about such things... IMHO

Reply | Flag Abuse

Are you sure this comment violates TPM's Terms of Service?

August 11, 2009 9:58 AM    in reply to johnnydoughey

"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,..."

How vigilant should they have been? They didn't get the best rates provided by either Counrtywide or by the mortgage industry and there obviously were 18,000 pages of documents concerning the appearance of impropriety available for review.

It appears that the only "preferential" treatment they got was an expedited review of their mortgage applications.

With all the serious ethics violations being perpetrated by Congresscritters - such as taking campaign contributions "Bribes" from the medical insurance industry to quash any meaningful health service reforms, why concentrate the time of the Select Committee on Ethics on something this trivial?
.
.

Reply | Flag Abuse

Are you sure this comment violates TPM's Terms of Service?

August 8, 2009 3:01 AM   

News Flash : Kettle and pot refuse to call each other black.

Shocked! Shocked!

Reply | Flag Abuse

Are you sure this comment violates TPM's Terms of Service?

August 8, 2009 1:50 PM   

Everyone knows what happened and everyone saw the testimony of Countrywide executives who admitted Dodd knew he was getting special treatment. This culture of corruption smells.

Reply | Flag Abuse

Are you sure this comment violates TPM's Terms of Service?

August 8, 2009 5:27 PM   

Got the GOP and half of the Democratic Congress taking PAC money from the Corporate lobbyists....1.4 million dollars a day to stop any sort of reform on any thing...but thats "legal" and doesn't effect the legislation written or the positions taken against the taxpayers...does it...? A stupid little (alleged)special treatment from a mortgage company riles the righties up...not illegal wiretapping, not torture, not even Bush and Paulson handing 700 billion over to Wall Street or the billions and billions in emergency funds for Iraq (Black water, Halliburton, etc.)...(but the very thought of "medi-care for all", the loss of their Private Health Care ATM machine gets them all hot and bothered, pissy and hateful)..those on the right are feeling betrayed and frustrated..Rove and his right-wing neo-cons promised a permanent Republican rule (for a hundred years!!) to the Corporations, license to take-over all of Wall Street and do as they please and to keep showering the Republican party with "gifts", power and re-election) while the corporations sit in the background, like big venomous spiders pulling strings and robbing the taxpayers blind) ....but Democracy happened, the people threw the GOP out, they lost, and now it looks like the people (some) are getting wise to the corporations, their propaganda, the sneaky way they operate, their self-serving tactics, choosing chaos, bullying and lies to keep their stranglehold on American citizens and their wallets..so they also hate Democracy (in fact they are the ones embracing Fascsim, corporate rule)and what they see as "betrayal", their dreams of total control, gone, of a new world order gone..stalled by..F**KING DEMOCRACY! WAH, WAH, Boo-Hoo, WAH......

Reply | Flag Abuse

Are you sure this comment violates TPM's Terms of Service?

August 8, 2009 9:36 PM   

The Hartford Courant has been one of the loudest voices in the pillorying of Sen. Chris Dodd, frequently running front-page banner headlines trumpeting the latest accusations.
They have now been convinced by all the recent testimony and the available evidence that there is no scandal. In a recent Editorial, the Courant wrote:
"No matter how badly Mr. Dodd mishandled this long-running issue from the get-go, especially by waiting too long to release his mortgage documents, the evidence supports him. The senator and his wife, Jackie Clegg Dodd, negotiated interest rates and terms widely available in the marketplace when they refinanced the two homes. That's not special treatment."
source: http://www.courant.com/news/opinion/editorials/hc-dodd-mortgage-ok.art.artjul31,0,5007503.story
An Op-ed piece in the same paper goes further:
"Indeed, Dodd's 10-year adjustable rate on the Connecticut house was slightly higher than the average rate for a 15-year conventional fixed rate mortgage (4.48 percent) for the week of July 3, 2003, according to The Wall Street Journal."
source: http://www.courant.com/news/opinion/editorials/hc-cibes-dodd-countrywide.artjul31,0,2770137.story
These statements will undoubtedly be received by Dodd's opponents in the same way that the birthers have rejected all the evidence of the President's place of birth. But these are the facts. This whole episode has been part of a smear campaign, aided and abetted by a lazy news media.
oldswede
Posted by oldswede

Reply | Flag Abuse

Are you sure this comment violates TPM's Terms of Service?

August 9, 2009 2:20 PM   

Apologize to Dodd, haters.

Reply | Flag Abuse

Are you sure this comment violates TPM's Terms of Service?

August 11, 2009 10:06 AM    in reply to truthseeker77

Apologize? Only when hell freezes over.

The Radical Religious Right will only go on to the next invented non-scandal concerning Democrats.
.

Reply | Flag Abuse

Are you sure this comment violates TPM's Terms of Service?

August 10, 2009 8:37 AM   

Nothing to see here,...Move along!

Reply | Flag Abuse

Are you sure this comment violates TPM's Terms of Service?

August 10, 2009 11:53 AM   

How did one become a "Friend of Angelo"?

Reply | Flag Abuse

Are you sure this comment violates TPM's Terms of Service?

August 10, 2009 2:00 PM   

At the very, very worst this is minor mischief. But for some it is enough to not vote for Dodd. Well I live in Connecticut and I vote. And I will not vote for Chris Dodd. And not because of this little puff of smoke. An not for either the housing bubble or the economic mess we find ourselves in although I think Dodd is partly responsible for those. And not for the pompousness he has assumed.

No I will vote against Mr. Dodd because I favor TERM LIMITS. I might even vote for a Republican, especially Rob Simmons who is a decent guy. People of America, WE all need to enforce term limits. YOU need to do in it your town and in your state.

Reply | Flag Abuse

Are you sure this comment violates TPM's Terms of Service?

Leave a comment

Your response:

Follow us!