Senate Countrywide Mortgage Scandal
The Wall Street Journal explains today that Senator Chris Dodd and Senator Kent Conrad received special “VIP” treatment from Countrywide, a company that has been heavily criticized in the sub-prime mortgage “crisis.” It turns out that while Senators Dodd and Conrad were self-righteously railing against companies that offered sub-prime loans, they were refinancing their homes with special deals from Countrywide that the average American did not have access to.
Now, these Senators are backing a $300 billion bailout of lenders and borrowers who made bad decisions on mortgages. Countrywide stands to gain a lot from the bailout, which is raising concerns about who else in the Senate received such special treatment. You can find out by calling your senators at 866-928-3035 and asking them. Post comments below if you talk to anyone in their offices.
UPDATE: Representative Jeb Hensarling is calling for hearings on the matter.
I think we all can agree that it would be wrong for Members of Congress to get special treatment on their mortgages simply because they are elected office holders. That’s why next week I will be sending a letter to the Speaker and the appropriate chairman with oversight requesting hearings on this issue. We must ensure that no Member is inappropriately benefiting from their position.