Senators Getting Better Loan Deals
As chairman of the senate banking committee Chris Dodd has been trying to crack down on companies accused at predatory mortgages at the center of the home foreclosures crisis, but Countrywide, one of the companies being investigated for foreclosure fraud has given Senator Dodd cut rate deals on two loans.
According to the Portfolio Magazine, Dodd’s fellow Democrat Kent Conrad got similar deals but despite the buzz and speculation of violating ethics rules, there is no evidence of anything illegal, as long as they didn’t know they were getting better rates not available to the general public. For Sen. Dodd, being the chairman of the banking committee it is hard to believe that Dodd didn’t know that he was getting better rates and that might be a tough sell politically.