The Washington Times
  • Subscribe
  • Times News Services
  • RSS
  • Mobile Headlines
  • e-edition
  • E-MAIL ALERTS
  • REGISTER
  • LOG IN
  • E-MAIL ALERTS
  • WELCOME
  • Your Profile
  • Log Out
  • Front Page Image
  • Classifieds
  • Autos
  • Real Estate
  • Jobs
  • Special Sections
  • Customer Service
  • Home
  • News
  • Opinion
  • Sports
    • NFL
    • NBA/WNBA
    • MLB
    • NHL
    • Tennis
    • Golf
    • Motorsports
    • Soccer
    • NCAA
    • Olympics
    • Outdoors
    • Other
  • Culture
    • Home & Living
    • Family & Kids
    • Fashion
    • Food
    • Travel
    • Health
    • Washington Visitors
    • Books
    • Military History
    • Life
    • Auto
    • TV Listings
    • Movie Listings
    • Death Notices
    • Entertainment
  • Themes
  • Communities
  • Shopping
    • Stores
    • Coupons
    • Daily Double
    • Promotion
    • How It Works
  • Videos
    • Two Guys
    • Birnbaum on Washington
    • Liz Glover
    • Amanda Carpenter
    • Morning Briefing
    • Documentaries
    • Joe Giganti
    • Video Game Minute
  • Podcasts
    • About Headlines
    • Audio and Radio
    • America's Morning News
  • World
  • National
  • Politics
  • National Security
  • DC Area
  • Business
  • Entertainment
  • Technology
  • Investigations
  • Faith
  • Energy
  • Environment
  • Headlines
  • Citizen Journalism
  • Commentary

    Suicide pact

  • World

    Italian arrests tied to '08 Mumbai attacks

  • Culture

    DESIGN: Exhibits traces decades-old fashion, fabric trends

  • Investigation

    Anglers serve time for black-market rockfish trade

  • World

    Islamic center in Maryland keeps ties to Iran

  • Politics

    ANALYSIS: Obama takes a bow, but applause is weak

  • Politics

    Republican governors: 'Opt out' unworkable

Home » News » Politics

Wednesday, July 29, 2009

Senators: Loan discounts were 'courtesy'

Rate this story

Average 0.00
after 0 votes
Login or register to rate this story

Compare deals to 'frequent-flier' plans

  • Font Size -+
  • Print
  • Email
  • Comment
  • Tweet this!
  • Share
  • Article
  • Comments ()
  • Click-2-Listen
  • Videos
Please stand by, images loading!
  • credit
Sen. Chris Dodd (D-Conn.) (left) and Thomas Carper (D-Del.) held a press conference Thursday, July 23, 2009 to promote the passage of a healthcare reform bill. Although they all acknowledge that no bill will be passed before the August recess, they said that it is imperative that they reach agreement on healthcare reform. Sen. Dodd said that he is less concerned about doing it fast and more concerned about getting it right. (Barbara L. Salisbury / The Washington Times)
  • credit
Senator Kent Conrad answers questions or reporters while arriving at the office of Senator Max Baucus for another round of health care reform discussion on Capitol Hill in Washington, D.C., Tuesday, July 28, 2009. (Astrid Riecken/The Washington Times)

More Politics Stories

  • Senate Democrats win key vote on health bill
  • ANALYSIS: Obama takes a bow, but applause is weak
  • Military academies lack minority nominees
  • Republican governors: 'Opt out' unworkable

By S.A. Miller

Two powerful Senate Democrats said Tuesday that they knew they got low mortgage-rate deals in a lender's VIP program but thought the special treatment was a "courtesy" or the same as "frequent flier" discounts.

Both vehemently denied any wrongdoing or ethical lapse in the mortgage deals, which came to light a year ago and triggered investigations by the Senate Select Committee on Ethics and the House Oversight and Government Reform Committee.

"I thought this was like a frequent-flier program," Sen. Kent Conrad, chairman of the Senate Budget Committee, said of the special benefits. "I thought nothing of it."

Sen. Christopher J. Dodd, chairman of the Banking, Housing and Urban Affairs Committee, said an account executive at Countrywide Financial Corp. told him that the VIP status was "nothing more than ... courtesy stuff."

A Countrywide official who handled the loans had said that both senators knew they got preferential treatment in the form of waived fees and points that likely saved them tens of thousands of dollars.

Robert Feinberg, who formerly worked in the mortgage giant's VIP section, said in testimony to congressional investigators last month that the senators were made aware of their status as VIPs or "Friends of Angelo," referring to Countrywide Chief Executive Officer Angelo Mozilo. The CEO played a central role in the subprime-mortgage meltdown, which included the downfall of Countrywide last year.

"It was always instilled in them to let them know their sense of importance of where they were. And that you ... were a friend of Angelo's. You were referred by Angelo. You were approved by Angelo," Mr. Feinberg told Republican investigators for the House oversight committee.

The Washington Times obtained a partial transcript of the deposition.

"I mean, they'd already been there to begin with, so they knew," Mr. Feinberg said. "You know, once you're basically in the VIP department you're in. You know, you're done. You don't even have to really talk to Angelo if you don't want to."

Mr. Mozilo, whose company lost billions of dollars on bad mortgages before it was bought by Bank of America Corp. in July 2008, has been charged with civil fraud and insider trading by the Securities and Exchange Commission. He denies any wrongdoing.

[Get Copyright Permissions] Click here for reprint permissions!
Copyright 2009 The Washington Times, LLC

12Next »

Post a comment

There are comments on this article, submit your opinion!

Please login or register to post a comment

Ask a Question

You Report

Do you have another point of view, photos, audio, video or more information about a story?

Top Stories

Most Read

  1. Health bill could get 34-hour reading in Senate
  2. Work site arrests of illegals fall dramatically
  3. Senate health care bill creates new marriage penalty
  4. Massive bill steals show in health care debate
  5. KELLNER: New Apple mouse really is 'Magic'
More Top Stories »
  1. Report: D.C. schools chief Rhee mishandled sexual misconduct scandal
  2. 19 gang members face racketeering charges
  3. EXCLUSIVE: Taliban chief hides in Pakistan
  4. EXCLUSIVE: Hoffman considering recount claim
  5. PRUDEN: Obama bows, the nation cringes

Most Shared

  1. Religious leaders vow civil disobedience on anti-life issues
  2. Report: D.C. schools chief Rhee mishandled sexual misconduct scandal
  3. PRUDEN: Obama bows, the nation cringes
  4. Faint Shroud of Turin text proves artifact real, book says
  5. EDITORIAL: Chicago, Afghan-style
More Top Stories »
  1. Massive bill steals show in health care debate
  2. Socialist or vast expansion?
  3. Senate health care bill creates new marriage penalty
  4. PRUDEN: The Third World and Obama
  5. Bowing to 'world opinion'

Most Commented

  1. Religious leaders vow civil disobedience on anti-life issues
  2. PRUDEN: The Third World and Obama
  3. Army lacks guidelines to deal with jihadists in ranks
  4. Work site arrests of illegals fall dramatically
  5. Senate health care bill creates new marriage penalty
More Top Stories »
  1. Dems up pressure on health bill's holdouts
  2. EDITORIAL: Get ready to bomb Iran
  3. EXCLUSIVE: Taliban chief hides in Pakistan
  4. Obama's approval rating falls below 50%
  5. Unforeseen climate 'crisis'

Listen to Washington Times Radio

  • America's Morning News

    with John McCaslin and Melanie Morgan

Question of the day

Do you think Pakistan has done enough to help us find the terrorists who want to hurt the U.S.?

Blogs & Columns

  • Hot Button Blog

    RNC: Breast cancer recommendations may lead to 'rationing'

  • Belief Blog

    Evangelicals OK civil disobedience

  • Out of Context

    Foods that might kill libido

  • On the Fly

    United lifts some 'award' blocking

  • Technology

    Facebook wins round against phishing spammer

  • Redskins 360

    Rookie Williams hurts ankle

  • SNOBlog

    Beyond 'Woody'

Videos

Advertising Links
TWT Store
  • e-edition
  • Print Edition
  • Weekly Washington Times
TWT Affiliates
  • Middle East Times
  • Golf
  • UPI
  • Arbor Ballroom
  • Washington Times Global
  • About TWT
  • Press Room
  • F.A.Q.
  • Work for TWT
  • Advertise
  • Sponsors
  • Contact Us
  • Privacy Policy
  • Site Map

All site contents © Copyright 2009 The Washington Times, LLC.