Join former United States Senate Pages Dylan and Ethan Ris as they bring you the dish on not just the presidential race but all the exciting triumphs and disgraces inside, outside, and below the Beltway!
Countrywide Is On Your Side (If You're a Senator)! Well folks, it looks like two of our nation's most beloved Senators, Chris Dodd (D-CT) and Kent Conrad (D-ND) have gotten themselves tangled in a bit of a mortgage crisis! No, they weren't squatting at the abandoned property of deadbeat Rep. Laura Richardson (D-CA). Instead, it turns out that the two were given preferential deals by Countrywide Financial, the company that may well hold a patent on the sub-prime mortgage!
Dodd and Conrad unexpectedly found themselves categorized as "Friends of Angelo", signifying their special relationship with Countrywide CEO Angelo Mozilo. Membership in this exclusive club offers perks such as reductions on mortgage rates and VIP seating any time Countrywide forecloses on an orphanage.
For Dodd, this specifically meant favorable rates on his homes in Connecticut and Washington, while Conrad got a deal on his vacation home on the Delaware shore (which also hurt his stock with the iron fist of the North Dakota travel industry).
Fortunately, this favorable treatment doesn't really mean much, since the Senators in question have no jurisdiction over the mortgage industry. Oh wait, yes they do. In fact as the Chairmen of the Senate Banking Committee and the Senate Budget Committee, respectively, Dodd and Conrad have tremendous influence over mortgage lending and are clearly in a huge conflict of interest.
Conrad is in better shape, having cleared the air with a letter to the editor of the Washington Post, in which he pointed out that he barely knows Mozilo and furthermore, his sweetheart deal was only worth $10,000 and everyone knows that's chump change to a Senator. Dodd, on the other hand, digs himself deeper with each day that he doesn't publicly deny spending two nights with Mozilo in the Honeymoon Suite of the Hartford Best Western.
The Pages will be sure to keep you posted as this story develops, hopefully entangling Governor John Lynch (D-NH), who is due for a scandal!
Tags: Chris Dodd, Congressional Confidential, Kent Conrad