VIP mortage cheap deals for the wealthy.

[undergroundpanther]

While non-VIP's get screwed over...


WASHINGTON (AP) - Despite their denials, influential Democratic Sens. Kent Conrad and Chris Dodd were told from the start they were getting VIP mortgage discounts from one of the nation's largest lenders, the official who handled their loans has told Congress in secret testimony.

Both senators have said that at the time the mortgages were being written they didn't know they were getting unique deals from Countrywide Financial Corp., the company that went on to lose billions of dollars on home loans to credit-strapped borrowers. Dodd still maintains he got no preferential treatment.

Dodd got two Countrywide mortgages in 2003, refinancing his home in Connecticut and another residence in Washington. Conrad's two Countrywide mortgages in 2004 were for a beach house in Delaware and an eight-unit apartment building in Bismarck in his home state of North Dakota.

Robert Feinberg, who worked in the Countrywide's VIP section, told congressional investigators last month that the two senators were made aware that "who you know is basically how you're coming in here.

http://www.breitbart.com/article.php?id=D99N143G3&show_article=1


In a criminal government run by and for criminals,no one's hands are clean.

[Liberal_in_LA]

1. K&R

[Horse with no Name]

2. I would like to say I was surprised

but I am not.
ALL corruption in DC needs to be eliminated.
Conrad and Dodd agreed to work for the salary that the people paid.
They are dirty. They are corrupt. They need to go.

[SoCalDem]

3. Nothing new.. Rich people always have an edge. in EVERY aspect of life.

They get comped for things they could and should easily pay for.

[BlooInBloo]

4. Indeed. Recessions are a wonderful time for people who have money...

It's just tough on the other 99%.

[EmeraldCityGrl]

5. Dodd is a worm...I hope he rots.n/t

[Hassin Bin Sober]

6. Feinberg sounds like he has an axe to grind.

I'm pretty sure I've seen underwriters approve two owner occupied properties for people in situations like Dodd's - where the other residence is work related. It certainly isn't a vacation home or a rental. I don't believe the underwriter would even need an exception.

As for the other "discounts" the Senators received. It sounds like good marketing to high net worth borrowers. We used to have VIP programs for Chicago bears etc.

I do the same thing - whenever I waive a fee, I put it on the form and then "waive" it so my customer knows I did them a favor. Most of my customers get these favors. NOBODY pays those "points" on higher loan amounts.

Dodd's problem is he should have run away from anything labeled V.I.P.

I'm reminded of Mrs. Landignham paying sticker price for her new car even though EVERYONE gets a discount.


Edit to add: I caught a segment of hannity on the radio trying to paint Obama with the same brush. Obama *GASP* got a SUPER JUMBO loan from Northern Trust @ 5.75% and *GASP* didn't pay any points and his *GASP* rate was below market rate.

Nobody pays points on 700k loans and Northern Trust DOES have below market rates for jumbos if you have the down payment Obama did. That's one of their niches.

[sandnsea]

9. Thanks

Good info in there. I figured these are regular loans that rich people just get because they're rich and don't need the credit. VIP is usually a marketing gimick, not sure he had any reason to think otherwise at this point.

[aquart]

7. Yet we hang none of them, punish none of them.

[RandomThoughts]

8. If all the favoritism or corruption was public knowledge for every official.

No official could be blackmailed into having to do anything.

The amount of dollars and the complicity of individual things like that should be considered.

It does not make sense for a senator to take $10,000, unless they thought it was just normal perks of privilege.

Does that make sense, for only $10,000 not many people would risk reputation, so it is either alot more $ then that, or an institutionalized system of favoritism that should be able to be shown as more wide spread then just two Senators.

It would be interesting to have that list of the people listed as getting special treatment released to the public, do the shareholders of companies approve of the CEOs making list of friends to shuffle off part of the company profit too?

We know corporate systems favor Republicans, every loan and asset of Republicans should also be looked at to see if 'favors' against company shareholders are being made to 'friends' of big money CEOs.

Then the favors could either be shown as a CEO passing money to friends, since he shuffled it for no reason, or to buy a favor to advantage the company. Either way, a CEO that authorizes such action is in violation of one law or another.