Connecticut Senator Chris Dodd has finally, sort of, kind of, ended 193 days of stonewalling about his sweetheart loans from former Countrywide CEO Angelo Mozilo. At least he did if you were a fast reader and were one of the few reporters he invited to his Hartford office yesterday to review -- but not copy or take -- more than 100 pages of documents related to his 2003 mortgage financings through Countrywide's "Friends of Angelo" program.

These are the files that Mr. Dodd pledged to make public after the news broke last summer that the Chairman of the Senate Banking Committee had received preferential treatment from Countrywide. At first, Mr. Dodd denied everything. Later, he conceded that he'd been given special treatment but thought it was "more of a courtesy."

Heck, we'd all love the kind of courtesy that would have saved Mr. Dodd $75,000 over the life of the two loans he refinanced to the tune of $800,000, according to an analysis by Portfolio magazine. The savings came from rock-bottom interest rates and a free "float-down" -- the right to borrow at a lower rate if interest rates fall before you've closed on the loan.

On Monday, with interest rates -- even for non-VIPs -- near historic lows, Mr. Dodd announced that he would refinance the sweetheart loans with another lender. The rates on the two Friends of Angelo loans were 4.5% and 4.25%, so the Senator will probably end up paying a bit more than he is now. But getting out from under the original loans doesn't shed any light on the key question: Whether Mr. Dodd knew that he got the red-carpet treatment because of his central role in regulating the financial industry. That's what former Countrywide employee Robert Feinberg has claimed to us and others.

We don't know whether the documents Mr. Dodd briefly showed yesterday illuminate this mystery or not, because he didn't release them to us, or to the public or his constituents. Perhaps the reporters he allowed to take a quick peak will tell us more. What he did release to everyone was a set of fact sheets that purport to show there was nothing favorable about the terms Mr. Dodd and his wife received from Countrywide, along with a consultant's report that reaches the same conclusion. Mr. Dodd's office did not respond to our request for the documents themselves, which he promised to release more than six months ago.

But consultant reports -- prepared at the behest of a law firm hired by Mr. Dodd to help him through the Countrywide mess -- tell us nothing about what Mr. Dodd knew and when he knew it. Instead, they are an attempt to change the subject. Mr. Feinberg has said that Friends of Angelo were regularly reminded that they were getting special treatment -- otherwise, what was the point? And he claims to have Countrywide documents that prove that Mr. Dodd was aware that Countrywide had done him favors. Those documents may or may not be among those that Mr. Dodd played peek-a-boo with Monday, but we still don't know. Mr. Dodd said he's "sorry" he didn't release the documents sooner -- just not sorry enough to actually release them, apparently.

Countrywide was for years the biggest single customer of Fannie Mae, the giant government-sponsored mortgage securitizer that has since gone into federal conservatorship. Much of Countrywide's business was built around its ability to sell loans to Fannie, and Mr. Mozilo helped push Fannie to accept dodgier and dodgier paper. Mr. Dodd in turn supported this goal by pressing Fannie to do more for "affordable" housing.

This nexus between Mr. Dodd's public duties and Countrywide's interests is a serious matter involving the Senator's personal ethics and accountability to taxpayers who will be paying for Fannie's bad loans for years to come. If, as Mr. Dodd claims, he has nothing to hide, then why is he still hiding it?


http://online.wsj.com/article/SB123362399705441875.html?mod=loomia&loomia_si=t0:a16:g2:r3:c0.220039:b

It would be nice to know what rates Countrywide offerred other people trying to re-finance $800,000. At the time, interest re-finance rates were higher than 4.25 and 4.5. Why won't Dodd release all the details? Maybe because the $ 75,000 was for a future endearment? We know how all that works, right?

Where is the outrage? Oh, I forgot he is a democrat.

Isn't he in line to be named Housing Secretary??

Tax cheats running the Treasury and Health Departments, what else do you expect..

Wasn't it Biden's line that went something like, "Time to get on board, Time to be partiotic, Time to pay taxes"

Notice that when Democrats talk about the "Super Rich" paying higher taxes, they're never talking about themselves???

Obama's batting 1.000!!!

And don't forget Richardson. Makes you wonder exactly what he ran away from.

You just dont get it do you?

Those who are responsible for Obama getting elected are the unaffiliated or Independent voters.

They/we are responsible for the outcome of every Presidential election.

HOPE and CHANGE!

Not a Bush-class Republican!!

Yep!

You know what they say about being in bed with someone.....

As bad as the Dems seem to be Im sure the Republicans are worse.
After all, this stuff happened during the 8 yrs the Republicans were raping the whole country.
Destroying our economy, our military, our image in the world, and sending our bravest to die in an illegal war!

Who do you want to marry? An evil lying *****, or someone who at least gives you hope of a future?

Get over it. America spoke, the republicans lost.
You are a minority and acting very unAmerican....

You seem to have some unresolved anger issues..

Wars don't get entered into but with the backing of Congress..

Truth doesn't seem to matter, though. It was liberal legislation that forced banks across the country to lend to under/unqualified borrowers under penalty of Law.

Barney Frank, Franklin Raines blah blah blah..

LMAO
He lied. He lied to the American People, he lied to the senate, and he lied to the world.
You dont get it , do you? LOL

You die-hard Bushies attack Obama right off the bat. You are spiteful because your hero was deemed a loser by the American majority.
Bush's approval ratings peaked between 80 percent and 95 percent in September 2001 , then plummeted to the worst in history. People didnt just pick on him and his approval rating was not a fluke.
He earned it!!!!
The guy nearly destroyed America.

At least give Obama they same rights and respect that was given to your hero at the beginning. At least let him do something wrong to deserve your unwarranted disapproval.
Quit with the spite already!!

There's an even chance that what he has planned wont work, but at least he's trying to do something constructive. Bush did squat and none of you are financial geniuses.

That BS Fanta. You just can't face the fact that Obama campaign promises are getting broken and/or altered. His campaign promises are what elected him along with people placing all the blame on Bush instead on Bush and Congress. Obama's choices are a joke. Especially on the lobbying issue. Tax problems have sunk many individuals in the past but somehow now they are getting a pass. Obama's choices aren't competent. He has picked a bunch of Clinton people with skeletons in the closet. Why am I acting un Americasn to post that.

do something wrong, like nonimate tax cheats for high office appointments, one after another?? Like crawl on his belly to Al-Aribiya and the Muslim world??

Low approval rating? How about a congressional approval rating the lowest it's EVER been?? Under Pelosi and Reid, congress has seen it's worst approval rating in modern history. Yet Obama is deferring en toto to this cesspool..

Sure, I'm willing to give him a chance, but you know what they say about rope??

Lmao
What?
Do you think he has been all their accountants??? LMAO

If it were Bush. He'd be covering the chit up!!!

There probably isnt a Politician in Wash that isnt guilty of something.

The whole idea of Obama was to clean their crap up.

So far he has tried to do everything he promised crickster. But, the unAmerican Republicans keep getting in his way. Wait two more years and we'll get rid of a few more of them!

Personally I think the whole Republican Party is so corrupt that they should be disbanded.
The Dems are bad but to compare the two is like comparing the Nazi's to the Italians.

One can be rehabilitated, the other must be wiped out!

There probably isnt a Politician in Wash that isnt guilty of something.

ohhhhhhhhhhhhhhh...the old...they ALL do it argument...I love it !!...

Where is the outrage? Oh, I forgot he is a democrat

exactly...Republicans are always held up to a higher standard...