Dodd Sponsors Lender Bailout, Takes VIP Loans

by Peter Suderman, Freedom Talks: Senator Chris Dodd is one of the driving forces behind the $300 billion FHA-mortgage-refinancing bill currently making its way through the Senate (see David C. John’s analysis). The bill’s being sold as aid to struggling homeowners, but it’s also a huge boon to lenders holding a lot of risky debt. That’s because it allows these banks to cherry-pick their riskiest loans and slough them off onto the publicly backed FHA; in other words, the bill moves the risk from the bank’s portfolio to the taxpayers’. One of those lenders is Countrywide Financial, and surprise surprise, it looks as if Senator Dodd benefited — possibly improperly — from a VIP loan program for personal friends of Countrywide’s president. . . . [Read More]
Senator Chris Dodd has taken special sweetheart loans not available to the public from Countrywide Financial. Now he's sponsoring a lender bailout that will provide a massive financial benefit to -- you guessed it -- Countrywide! Find out more at www.AngryRenter.com

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Tags: bailout, Chris Dodd, Countrywide, Freedom Talks, homes, lender bailout, VIP loans To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!