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Dodd, Mortgage Bailout Bill Under Fire
Jun 20th 2008 9:00AM
Filed Under:eBush Administration, Senate, Featured Stories, Chris Dodd, Scandal
The Senate is debating a huge mortgage bailout bill this week amid fresh allegations that certain high-powered senators and former cabinet officials received preferential treatment from mortgage giant Countrywide Financial on their personal loans. Sen. Christopher Dodd, Chairman of the Senate Banking Committee and chief sponsor of the mortgage compromise legislation, received two below market loans from Countrywide in 2003 under its "friends of Angelo" program. "Angelo" is Countrywide CEO Angelo Mozillo. After first denying it, Dodd has admitted that he knew he was receiving special treatment on his loans as a "V.I.P.," but continues to deny that he sought any deal that would benefit him financially.But Dodd's troubles are growing, and may eventually wind up killing the mortgage bailout bill he co-authored with Alabama Republican Senator Richard Shelby. A new examination of Dodd's campaign contributions reveals that since Dodd became chairman of the Banking Committee in 2007, he has received over $70,000 in contributions from Bank of America and its high-level employees. Bank of America recently bought Countrywide Financial and all of its existing loans. Since Countrywide held the most sub-prime mortgages at risk of default, Bank of America is potentially exposed to huge losses, unless a government bailout moves those risky loans off Countrywide's balance sheet. Dodd has written such a bailout, and some are now questioning whether his low interest loans and Bank of America's campaign money influenced that legislation.
Dodd is not the only Senator to have received contributions from Bank of America. Democratic presumptive nominee for president, Sen. Barack Obama, and his former rival Sen. Hillary Clinton, both received more money than Dodd from Bank of America while Republican nominee, Sen. John McCain, received slightly less. All told, Bank of America's political action committee and employees contributed over $1.3 million to presidential and congressional candidates. But Dodd is in the best position to help Bank of America in the short term.
The White House has issued a surprise veto threat on the legislation, reversing its earlier positive comments on the compromise. The Administration now says that it objects to the funding source in the Senate bill. But the controversy surrounding Dodd's loans and cut-rate deals given to other prominent government officials may be playing a role in the Administration's reversal. A veto of the legislation could allow time for a more thorough examination of the relationships between Banking Committee members and the mortgage industry. More revelations may force the Senate Ethics Committee to initiate an investigation of Dodd and perhaps other Senators' mortgage deals. Sen. Kent Conrad (D-ND) has also been implicated in the growing scandal. President Bush is already adverse to a large-scale government bailout of mortgage speculators and irresponsible borrowers. He will certainly not hurry to sign a bill that primarily benefits a company that may have bought access to powerful members of Congress.
Recent Comments
(Page 1 of 3)bonbon10:30AMJun 20th 2008
so what it all boils down to, is the small town, cling to their guns, and religion, bitter people that Obama felt were ok to insult, will again have to suffer further insults, because the rich get preferential treatment, just for being rich. and the poor have to pay for it.
and let's all act surprised, that members of congress get special treatment. imagine that.
seems like just another day in politics. it is just the, don't do as I do, but do as I say attitude, that has been going on for decades, and decades, and back as far as this country can remember.
but don't worry Super Obama will fix everything. cause we all know he does not do old style politics, he does not take oil money, or money from the likes of the Subprime Lending Industry. He would never do that to say the tune of one million dollars, no not him. he promises change.
yep he talks about change, just as Dodd, does. while taking favors with one hand, and pretending to be against them with the other.
every politician takes money in exchange for favors, including Hillary. we as voters are well aware of this fact.
and this will go on despite, the few who have been caught.
and Obama cannot change it. Hell why would he, when he too benefits so well.
Mabel11:19AMJun 20th 2008
Bon Bon, Well Said!
Kathy11:32AMJun 20th 2008
Not a day goes by without some greedy politician trying to pull the wool over on the American people. Senator Dodd is a hypercritic!
He has the nerve to purpose a bail out plan and here in fact he is part of the problem. He didn't know he was getting a VIP interest rate. What a bunch of bull! WHAT MAKES THESE GOVERNMENT OFFICALS THINK THERE SPECIAL!! These officials should not be treated any differently then the average person applying for a loan.
DODD SHOULD BE ASKED TO STEP DOWN!! RESIGN!!!! GET THE HELL OUT OF WASHINGTON!!!!!
What a joke this Government is! GREED AND SELF-SERVING! All they care about is what's in it for them. They have no concern for the American people.
Millions of Americans are loosing their homes and everything they have worked hard for, while these officials get "sweetheart" deals. The sad part is we Americans let them get away with it.
bonbon12:27PMJun 20th 2008
thank you Mabel
LetsCleanHouse!1:09PMJun 20th 2008
NO BIG SURPRISE! JUST ANOTHER DEMOCRAT WHO THINKS HE'S SPEICLAL. THIS COUNTRY WON'T HEAL UNTIL WE GET NANCY PELOSI, THE SOCIALIST QUEEN, AND HER GANG OF DEMOCRATIC THUGS OUT OF OUR SENATE. YOU CAN THANK THE DEOMCRATS FOR HIGH GAS PRICES GOING BACK TO BILL CLINTON WHO COULD HAVE ALLOWED DRILLING FOR OUR OWN OIL BUT HE DIDN'T. NOW, WITH THE MAJORITY OF THE SENATE BEING DEMOCRATS, THEY KEEP TURNING DOWN BILLS THAT WOULD ALLOW US TO GET OUR OWN OIL.
67% OF THE PEOPLE WANT US TO DRILL FOR OUR OWN OIL.
WHY DO THE DEMOCRATS NOT LISTEN TO THE PEOPLE WHO PAY THIER SALARY'S? DO THEY THINK WE ARE AS RICH AS THEY ARE SO PAYING $5.00 A GALLON FOR GAS OR MORE, IS NOTHING? WHAT HAS THE DEMOCRATIC SENATE DONE FOR AMERICA?? NOT A DAMN THING!! ALL THEY DO IS STOP ANY POSITIVE PROGRESS FOR AMERICA. IT'S PAST TIME TO GET THOSE MARXIST SOCIALISTS DEMOCRATS OUT OF OUR SENATE.
RECALL ALL OF THEM AND BRING THEM UP ON CHARGES OF CRIMES AGAINST AMERICA!
THE THOUGHT OF PUTTING OBAMA IN THE WHITE HOUSE IS INSANITY. A VOTE FOR OBAMA IS A VOTE TO DISTROY AMERICA!!
GOD BLESS AMERICA!!!!!
Jim2u1:24PMJun 20th 2008
U.S. money for Russia is linked to Iran nuclear plant..
Guess who's bill funded this program.... Little Obamas
No wonder the Russians call Obama the CLUELESS PUPPET IN INTERNATIONAL AFFAIRS..
http://www.iht.com/articles/2008/02/06/mideast/nuke.php
TrueFacts1:35PMJun 20th 2008
The reason Democrats aren’t screaming daily about benchmarks in Iraq anymore, is the same reason they continue to downplay the success of the surge: they don’t want to admit they were WRONG about the surge’s ability to produce fruitful, meaningful results. Not only that, but they have a strengthened, emboldened anti-war base that they know they have to appease.
This is why Barack Obama’s promised trip to Iraq before the November elections will be interesting to watch because he will be walking a tightrope between not wanting to be viewed by the base as too optimistic about the progress in Iraq, yet won’t want to be viewed by Independent and undecided voters who aren’t necessarily anti-Iraq war as not giving due credit to our fighting men and women in uniform who have worked hard and sacrificed so much to help bring Iraq to where it is today. Not only that, but he’s staked his whole presidential campaign on his “judgment” to oppose the Iraq war and has consistently talked it down over the last two years.
So there’s no way he can credibly say at this point, “Hey, the progress being made in Iraq is real and significant but at this point it’s too fragile to consider a quick withdrawal as I’d initially proposed.” Then again, who knows what the hell his position is on withdrawing from Iraq at this point, considering a former foreign policy advisor for Obama (Samantha Power) once said in a BBC interview earlier this year that on Iraq, “[Obama] will, of course, not rely on some plan that he’s crafted as a presidential candidate or a U.S. Senator.”
This is the corner he’s painted himself into for the general election, and McCain needs to continue to keep the focus on how much things HAVE improved in Iraq and how Obama opposed the surge from the start, and emphasize how we wouldn’t have seen any of the gains we see today in Iraq if freshman Senator Barry O., who has to date only visited the country one time - in January 2006, had had his say about it last year. Regardless of what the general public’s opinion is on whether or not we should have invaded Iraq in the first place, deep down most Americans support our military and don’t want them to be viewed as failures. The more McCain stresses their accomplishments on and off the battlefield in Iraq, the weaker Obama will look. I suspect this is the main reason Obama would like for the economy to be the main focus of the general election, because he knows his heated, pointed anti-war rhetoric he used to win the Democrat presidential nomination won’t fly over so well amongst many general election voters.
Jim1:42PMJun 20th 2008
U.S. money for Russia is linked to Iran nuclear plant..
Guess who's bill funded this program.... Little Obama's
http://www.iht.com/articles/2008/02/06/mideast/nuke.php
info about this bill
http://www.america.gov/st/washfile-english/2005/November/20051101170118adynned0.8910791.html
NO WONDER THE RUSSIANS CALL OBAMA THE CLUELESS PUPPET IN INTERNATIONAL AFFAIRS..
ANYBODY-BUT-OBAMA3:40PMJun 20th 2008
WE NEED TO REPLACE ALL DEMOCRATS IN CONGRESS. THEY AND THEIR "GOLDEN BOY BAMA" WILL DESTROY AMERICA.
VOTE JOHN McCAIN IN 2008.
Budo3:59PMJun 20th 2008
This country needs help NOW and quickly!
Dave 14:03PMJun 20th 2008
WILLIAM AYERS. ADMITTED TERRORIST. TRIED TO BLOW UP NY POLICE STATIONS AND THE PENTAGON. HE TOLD HIS FOLLOWERS TO KILL THEIR PARENTS. HIS WIFE SUPPORTS THE KILLINGS OF CHARLES MANSON. HE SAID HE DOES NOT REGRET WHAT HE DID AND WOULD DO IT AGAIN.
JIMMY CARTER. SUPPORTS THE TERRORIST GROUP HAMMAS. THIS IS THE GROUP THAT BLOWS UP INNOCENT PEOPLE AND KIDS IN THE MIDDLE EAST. THEY TEACH THEIR CHILDREN TO HATE AND KILL JEWS, CHRISTIANS AND WESTENERS. THEY ALSO USE THEIR OWN KIDS AS BOMBS.
AND OF COURSE JEREMIAH WRIGHT. OBAMA'S PASTOR AND ADVISOR FOR 20 YEARS. HE IS AN ADMITTED RACIST. HE ALSO SUPPORTS HAMMAS. AND HE SUPPORTED QUADAFI OF LIBYA WHEN HE BOMBED THE PAN AM FLIGHT OVER LOCKERBIE. AND ALSO WHEN LIBYA KILLED OUR SERVICEMEN IN MUNICH GERMANY IN THE 1980'S
LAST WEEK LEADERS IN HAMMAS AND IN IRAN SAID THEY LIKE OBAMA.
NICE ENDORSMENTS OBAMA. ALL THIS INFO IS ON GOOGLE.
Cherry Vanilla6:36PMJun 20th 2008
The DNC will never see a red cent from me again.
The DNC betrayed the American voters, stole Hillary's votes and gave them to Obama. The DNC took undecided votes and re-assigned them to Obama. The DNC split votes, and denied all 50 states equal rights under the constution.
If they think we will "fall in line" and vote for their racist Obama, they got to be kidding. NEVER OBAMA. We are now Democrats in exile. Thousands of Democrats have re-registered as Independents, I am one of them.
We will only vote Hillary or McCain. Never Obama. The DNC is facing a landslide loss in November, and Obama will join the other losers, like Dean, Kennedy, Kerry, Gore, Richardson,Edwards, McGovern etc...
They are idiots. They could have won 2 terms with Hillary
but they chose to loose
All American6:43PMJun 20th 2008
***************************************
HAVE YOU NOTICED, most of the people voting for Hussein Obama,
are people who are most likely never done an honest days work in
their life??
1. starry eyed college kids with no real life experience
2. inner city blacks (many of them on welfare) and dead people,
3. wealthy privileged elitist who probably don't care much about
Americans, they have the money they can do what they want like
George Soros.
The DNC forced this racist bigot Obama, who is the most
unqualified candidate in our face, and they pushed Sen. Hillary
Clinton (the peoples president) out of the race. The DNC will
NOT GET REWARDED for betraying the American voters.
WE VOTE HILLARY OR MCCAIN. NEVER OBAMA.
PacificGatePost6:49PMJun 20th 2008
WE HAVE TO RETHINK OUR RELATIONSHIP TO OUR HOMES:
http://pacificgatepost.blogspot.com/2008/06/housing-consumption-not-investment.html
They are not a piggy bank but an expense.
virgie thomas7:01PMJun 20th 2008
Russia just warned Isreal they had better not bomb Irans nuclear facility. If Isreal had not bombed the one that Saddam Husseins facility they would have already been knocked off the face of the earth. Russia is an enemy to the USA. The liberal loons need to wake up before we all go up in smoke. If not for the Jews we would all be goners already. We did not find weapons of mass destruction because that small nation refuseed to be pushed into the sea. Putin is as and will always be KGB.
PUNISH CRIMINALS7:13PMJun 20th 2008
HILLARY IS TOO GOOD TO BE VP. SHE SHOULD NOT JOIN OBAMA. HE WAS "SELECTED" NOT "ELECTED".
RESULTS7:19PMJun 20th 2008
Products of "Affirmative Action"
the likes of Barak Hussein Obama, Michelle, Oprah
they all have become extreme super black racists. Instead of being thankful and appreciative for the privileges, they have become white-hating racist to the core. These affirmative action types are full or hate and resentment, and they seem to have a sense
of entitlement BECAUSE of the color of their skin. They want to raid and trash our American way of life. They want to let their radical racist friends, muslims and terrorist from Chicago into our White House. Obama has a non-negotiable commitment to Africa. They have never been proud to be Americans.
We the people WILL NOT elect "Affirmative action" candidate to the highest office in the world. We the people chose our own President on merit, honor, experience, ability, strength, intellect, fortitude, patriotism and love of country.
We vote Hillary or McCain.
Never Obama.
RESULTS7:21PMJun 20th 2008
Products of "Affirmative Action"
the likes of Barak Hussein Obama, Michelle, Oprah
they all have become extreme super black racists. Instead of being thankful and appreciative for the privileges, they have become white-hating racist to the core. These affirmative action types are full or hate and resentment, and they seem to have a sense
of entitlement BECAUSE of the color of their skin. They want to raid and trash our American way of life. They want to let their radical racist friends, muslims and terrorist from Chicago into our White House. Obama has a non-negotiable commitment to Africa. They have never been proud to be Americans.
We the people WILL NOT elect "Affirmative action" candidate to the highest office in the world. We the people chose our own President on merit, honor, experience, ability, strength, intellect, fortitude, patriotism and love of country.
We vote Hillary or McCain.
Never Obama.
ANYBODY-BUT-OBAMA10:03PMJun 20th 2008
Not a day goes by without some greedy politician trying to pull the wool over on the American people. Senator Dodd is another Democratic hypocrite!
He has the nerve to purpose a bail out plan and here in fact he is part of the problem. He didn't know he was getting a VIP interest rate. What a bunch of bull! WHAT MAKES THESE GOVERNMENT OFFICALS THINK THERE SPECIAL!! These officials should not be treated any differently then the average person applying for a loan.
DODD SHOULD BE ASKED TO STEP DOWN!! RESIGN!!!! GET THE HELL OUT OF WASHINGTON!!!!!
What a joke this Government is! GREED AND SELF-SERVING! All they care about is what's in it for them. They have no concern for the American people.
Millions of Americans are loosing their homes and everything they have worked hard for, while these officials get "sweetheart" deals. The sad part is we Americans let them get away with it.
VOTE McCAIN IN 2008.
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Mary B10:09AMJun 20th 2008
what a surprise senators and congressmen getting special treatments....it isn't enough that they get large pay, many paid vacations, free healthcare, large retirements....SURPRISE... and the largest EGOS