Skip to main content

Senator Sponsoring Mortgage Bailout Bill Doesn't Know Interest Rates

  • Author:
  • Updated:

Chris Dodd, the Democratic chairman of the Senate banking committee, admitted yesterday that he received a home loan as part of the program for friends and family of Countrywide chief executive Angelo Mozilo.
Dodd, who has sponsored a mortgage bailout bill that creates $300 billion in new taxpayer liabilities and allows mortgage lenders such as Countrywide to fob off their worst performing loans onto the Federal Housing Administration, insisted he had not been told that he would receive favorable loan terms.
But in the course of this confession, Dodd embarrassed himself by admitting that despite being the chairman of the banking committee, he doesn't know what mortgage interests are. "I don't know what the rates are today," he said.
Video after the jump.

(via The Next Right)


Angelo Mozilo: Countrywide Was The Cadillac Of Mortgage Lenders

In June 2008, Countrywide founder and CEO Angelo Mozilo stood before a group of CFC shareholders and, through salty tears, told them that Bank of America would "reap the benefits of what we have sowed." He wasn't kidding, and in the 4+ years since Ken Lewis paid $4 billion for the place, BofA has had the pleasure of ponying up an additional $40 billion (and counting) in write-downs and legal fees associated with cleaning up Countrywide's messes, while CEO Brian Moynihan has publicly described the acquisition as an albatross around his neck. Additionally, Ang Moz forked over $67.5 million in 2010 to "resolve SEC claims that he misled investors," and separately, there has been talk by some that Countrywide contributed in no small way to the worst financial crisis since the Great Depression. In light of all that, does Ang Moz, have any regrets about the way his company was run? Not a fucking one and if he had to do it all over? He wouldn't change a thing.