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)