Friday, June 13, 2008

Chris Dodd/Kent Conrad got CountrywideVIP loans


Citing company documents and e-mails, the report says the FOAs paid lower fees, and if rates fell while a loan was pending, the VIPs would get a free "float-down" while regular customers had to pay a surcharge.

Dodd reportedly received two loans through the program in 2003 - $506,000 to refinance his Washington town house, and $275,042 to refinance a home in Connecticut. The more favorable terms saved him about $70,000, the report says.

The company has also contributed $21,000 to Dodd's campaigns since 1997, but the senator proposed a bill last year that was averse to the company's lending practices, the report noted.

Conrad borrowed $1 million to refinance his vacation home, and saved at least $10,000.