The New York Post reports:
Two influential US senators got “VIP” loans from a leading subprime mortgage lender that saved them tens of thousands of dollars. . . The Democratic pols, Chris Dodd of Connecticut and Kent Conrad of North Dakota, both received the highly favorable loans under the designation “Friend of Angelo,” a reference to embattled Countrywide head Angelo Mozilo, Condé Nast Portfolio reported.
Dodd is chairman of the Senate Banking Committee, while Conrad is chairman of the Budget Committee and a member of the Finance Committee. The two senators refinanced properties through the VIP program in 2003 and 2004, the report said. . .
The report came one day after Democratic heavyweight Jim Johnson stepped down as chief of Barack Obama’s vice-presidential search committee after revelations he’d gotten Countrywide loans at very favorable rates because of Mozilo. . .
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. . . Conrad borrowed $1 million to refinance his vacation home, and saved at least $10,000.