The Subprime Hall of Shame just got a lot bigger, based on this Portfolio magazine investigation into Countrywide Financial Corp.'s special VIP program involving mortgage loans at favorable rates for friends of former CEO Angelo Mazilo.

Former Fannie Mae CEO James Johnson, tapped to help vet vice presidential candidates for Sen. Barack Obama, resigned this week from that position after reports that he received loans at special rates from Countrywide under the program.

Now, Portfolio's investigation names other "friends of Angelo's " who received preferential treatment as Dodd, a Democrat from Connecticut who chairs the Senate Banking Committee; Sen. Kent Conrad, D-North Dakota; two former cabinet members, and a former ambassador to the United Nations. Portfolio cited company documents, emails and a former employee as sources.

Dodd received two loans for houses in Washington and Connecticut in 2003, the magazine said. His wife, Jackie Clegg, told Portfolio the couple had checked with two other lenders and found them offering similar rates. But Portfolio said Dodd saved $58,000 on his Washington residence and $17,000 on the Connecticut house, through the special program.

Read more from the Washington Independent

__________________
Moe Bedard
Founder & President

Loan Safe Solutions - Forensic Loan Document Reviews & Loan Modification Processing
(951) 531-0148 ext. 267 Telephone
(800) 801-7979 Fax

The comments, posts, threads and material on this websites are NOT to be taken as legal advice and we highly recommend that anyone facing foreclosure or that believes they are victims of predatory lending should seek the counsel of an attorney and or an accountant. ALWAYS obtain a second and third opinion on your particular situation from a trusted source. We will not be held liable for any material, comments, posts, threads, emails or any communication made while your visit PredatoryLendingLaw.org. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of our employers, other ventures or any individual attorney. No advice or information, whether oral or written, obtained by you or through or from this website or forum shall create any kind of promise or business relationship. PLEASE READ OUR LEGAL & PRIVACY POLICY HERE