Countrywide Financial political loan scandal information
Chairman of the Senate Banking Committee Christopher Dodd (D-CT)
Chairman of the Senate Budget Committee Kent Conrad (D-ND)
The Countrywide financial political loan scandal in 2008-2009 involved U.S. politicians who allegedly received favorable mortgage rates.
In June 2008 Conde Nast Portfolio reported that numerous Washington, DC politicians over recent years had received mortgage financing at noncompetitive rates at Countrywide Financial because the corporation placed the officeholders in a program called "FOA's"--"Friends of Angelo", Countrywide's Chief Executive Angelo Mozilo. The politicians extended such favorable financing included the chairman of the Senate Banking Committee, Christopher Dodd (D-CT), and the chairman of the Senate Budget Committee, Kent Conrad (D-ND). The article also noted Countrywide's political action committee had made large donations to Dodd's campaign.[1] The largest recipient of campaign contributions from Countrywide, though, was Rep. Ed Royce (R-CA), House Financial Services Committee), who has received $37,500 since 1989.[2] Dodd has advocated that the federal government, through the Federal Housing Administration, insure up to $300 billion in refinanced mortgages for distressed homeowners.[3]
Franklin Raines, then Chairman and Chief Executive Officer of Fannie Mae, on July 31, 2002
It was reported by The Wall Street Journal on 6 June 2008 that 2 former CEOs of Fannie Mae, Franklin Raines and James A. Johnson, who was also an adviser to then-Democratic presidential candidate Barack Obama, had received loans from Countrywide.[4] On July 16, 2008, The Washington Post reported that Franklin Raines had "taken calls from Barack Obama's presidential campaign seeking his advice on mortgage and housing policy matters."[5] However, Raines and the Obama campaign both allege that Raines has never advised Obama.[6] See Raines and Obama.
On 18 June 2008, a Congressional ethics panel started examining allegations that Democratic Senators Christopher Dodd of Connecticut (the sponsor of a major $300 billion housing rescue bill) and Kent Conrad of North Dakota received preferential loans by troubled mortgage lender Countrywide Financial Corp.[7]
Dodd has faced criticism for his role in this scandal from Connecticut's largest newspaper, the Hartford Courant[8] as well as from the Connecticut Republican party.[9] Citizens Against Government Waste (CAGW) named Dodd its June 2008 "Porker of the Month" for accepting a preferential mortgage deal from Countrywide Financial which stands to benefit from a mortgage bill he is pushing through Congress.[10]
On January 6, 2010, Dodd announced that he would not run for re-election.[11]
On January 18, 2011, Conrad announced that he would not run for re-election in 2012, but would retire.[12]
^Countrywide's Many 'Friends' Conde Nast Portfolio, 12 June 2008
^Countrywide's Campaign Contributions Weren't Loans, But They Were Investments Archived 2008-11-18 at the Wayback Machine OpenSecrets.org, 18 June 2008
^"Archived copy" (PDF). Archived from the original (PDF) on 2008-06-26. Retrieved 2008-09-19.{{cite web}}: CS1 maint: archived copy as title (link)
^Simpson, Glenn R. (2008-06-07). "Countrywide Friends Got Good Loans - WSJ.com". Online.wsj.com. Retrieved 2010-02-27.
America Home Loans is the mortgage unit of Bank of America. It previously existed as an independent company called CountrywideFinancial from 1969 to...
CountrywideFinancialpoliticalloanscandal and Friends of Angelo VIP program, and the 2011 Fannie Mae SEC charges. The 2007–2012 global financial crisis...
favorable treatment from financial institutions involved in the subprime industry. (See Countrywidefinancialpoliticalloanscandal). In June 2008 Conde...
of 2005 were "interest-only" loans. During the same year, 68% of "option ARM" loans originated by CountrywideFinancial and Washington Mutual had low-...
Archives > Connecticut > Dodd defends his Countrywide mortgages Damian Paletta, "Dodd Tied to CountrywideLoans", The Wall Street Journal, June 13, 2008...
Capital Hill Cashgate Scandal or "Cashgate" is a financialscandal involving looting, theft and corruption that happened at Capital Hill, the seat of Government...
Holbrooke had all received below-rate loans from CountrywideFinancial as part of the company's "V.I.P." program. One loan was issued to refinance Jackson's...
Victoria (July 5, 2012). "Pete Sessions cleared of wrongdoing in Countrywideloanscandal". Dallas Morning News. Retrieved September 8, 2012. Weigel, David...
benefit from a bailout, and other financial institutions and mortgage companies such as Citibank and CountrywideFinancial Corporation, whose valuation plunged...
lender. Countrywide, according to Republican Lawmakers, had involved itself in making low-cost loans to politicians, for purposes of gaining political favors...
VIP loan from Countrywide, "there's no evidence of wrongdoing on [Mr. Dodd's] part any more than victims who were misled or deceived by Countrywide." In...
market rates loans at CountrywideFinancial because the corporation considered the officeholders "FOA's"--"Friends of Angelo" (Countrywide Chief Executive...
second home and an apartment building due to his association with CountrywideFinancial CEO Angelo R. Mozilo. Conrad acknowledged that he had spoken with...
mortgages (not just VA/FHA). late 1960s: Angelo Mozilo & Loeb found CountrywideFinancial, and pioneer the nationwide non-bank mortgage lending business;...
the 12 Federal Home Loan Banks that FHFA also regulates. The FHFA in 2011 filed suit first against UBS then against 17 other financial institutions accusing...
America concerning possible misrepresentations by Merrill Lynch and Countrywide as to the quality of the mortgage portfolio, that $7.3 billion of the...
firm) that have been criticized in the media include: CountrywideFinancial. As CEO of Countrywide Angelo Mozilo made more than $520 million. Perks included...
either. On December 30, 2023, the #AbandonBiden campaign announced its countrywide expansion. James Zogby, president of the Arab American Institute, argued...
in mid-2007, causing the United States' largest mortgage lender, CountrywideFinancial, to warn that a recovery in the housing sector was not expected...
there were 13 million bank accounts in Uganda and 11,000 banking agents countrywide. As of December 2022[update], total assets in Uganda's banking institutions...
bought and packaged loans from on-the-ground firms such as CountrywideFinancial and New Century Financial, both of which hit a financial wall in the crisis...
chancellorship under Tony Blair, with Robert Shrimsley, chief political commentator of the Financial Times, arguing that "good government often depends on senior...
home-development loans. On the other hand, she did not lead the San Francisco Fed to "move to check [the] increasingly indiscriminate lending" of Countrywide Financial...
execution for political gain as they never discussed the case. In June 2008, Brown filed a fraud lawsuit claiming mortgage lender CountrywideFinancial engaged...
a loan servicing company, acquired by JPMorgan, will be included. Bank of America has announced a similar program, as has CountrywideFinancial as the...
original on 28 February 2024. Retrieved 28 February 2024. "PTI announces countrywide street protests against 'rigging'". DAWN.COM. 28 February 2024. Archived...
Global Information
Chairman of the Senate Banking Committee Christopher Dodd (D-CT)
Chairman of the Senate Budget Committee Kent Conrad (D-ND)
