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Chris! Say It Ain't So!!

By
Mortgage and Lending with Equity Resources NMLS 67179 Licensed in NC

chris doddIt's not like we're friends or anything... but as a "politically interested" person - and someone who looks at the Senate Banking Committee website at LEAST once a week to check on Housing Bills...

I kind of felt like I knew something about the moral ethics of Christopher Dodd, Senator to the Great State of Connecticutt, and Chairman of the U.S. Senate Committee on Banking, Housing and Urban Affairs.  As a Democrat (it's okay- Steve's a republican so we balance each other out), I kinda' felt he would be a good Veep for Obama... but sadly...

"Dodd admitted Tuesday that he and his wife were told during their 2003 loan process with Countrywide Financial Corp. that they were being included in a special VIP program, but the senator - one of the most powerful congressional voices on the regulation of the mortgage industry - didn't ask what that meant"  HUGH???

So right when he's pushing for a foreclosure and housing package that will affect millions of Americans (potentially, if it has any teeth and IF IF IF they can get Barney and the US House of Represenatives to agree to it), Dodd denies knowing that he got a "sweet deal?"

"There are a ton of old jokes that abound on Capitol Hill around what's known as the "ostrich defense," and this is teeing up one for the record books. Senator gets a great mortgage, and is told he's in a VIP program - but doesn't think for a minute that being a VIP got him special treatment."  Right!?

Wonder if he "shopped" his lender, or did Mozillo just "waive" the origination fee??? 

Mike Jaquish
Realty Arts - Cary, NC
919-880-2769 Cary, NC, Real Estate

Sheesh, Eleanor!

What's the point of climbing the ladder if you can't grab the swag?

Jun 18, 2008 03:23 PM
Scott Geary
Infinity Home Mortgage Company Inc - Allentown, PA
Your Pennsylvania Mortgage Source

Another fantastic example of why the government should keep out of the aledged "mortgage mess". I am certain that Chris isn't the only person in a public position that recieved the VIP treatment without questioning exactly what that is. The mortgage industry will take care of itself. Involvment by elected officials who have only laymans knowledge of the industry will only prolong the agony and lead to the "outing" of many officials we have come to trust. Thought provoking post!

Jun 20, 2008 02:25 AM
Jim Fischetti
The Fischetti Group/Keller Williams - Wake Forest, NC

Eleanor,

 

"I'm shocked" a politician using his posistion for personal gain?

 

Jim

Jun 22, 2008 09:07 AM
Olan Carder
Fairway Independent Mortgage - Charlotte, NC

Well, I think that we all can get a little extreme in our political views.  I lean more to the Republican side, but like to think I don't give either side a free pass.  I am not outraged that Senator Dodd got a great deal or special treatment... if a Senator can't get special treatment who can?!?!  LOL

The impractical solutions they come up with are what get me upset.  I think the government should play some role in regulating industry, but they should at least be good at it.  Most of the laws and regulations only seem to hamper good loan officers, while the bad ones keep on being bad...

If you want to fix the housing market, don't take programs and products away... make sure they are used properly.  That would be like taking away medicines because some doctors aren't doing a good job!

Jun 23, 2008 03:23 AM