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News for social, fiscal & national security conservatives who believe in God, family & the USA. Upholding the rights granted by God & guaranteed by the U.S. Constitution, traditional family values, "republican" principles / ideals, transparent & limited "smaller" government, free markets, lower taxes, due process of law, liberty & individual freedom. Content approval rests with the ARRA News Service Editor. Opinions are those of the authors. While varied positions are reported, beliefs & principles remain fixed. No revenue is generated for or by this site - no paid ads - no payments for articles. Fair Use doctrine is posted & used.
Editor/Founder: Bill Smith, Ph.D. [aka: OzarkGuru & 2010 AFP National Blogger of the Year]
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One of the penalties for refusing to participate in politics is that you end up being governed by your inferiors. -- Plato (429-347 BC)

Monday, June 30, 2008

Sen. Chris Dodd Porker of the Month

Citizens Against Government Waste (CAGW) today named Senate Banking Committee Chairman Christopher Dodd (D-CN) its June Porker of the Month for accepting a preferential mortgage deal from a company which stands to benefit from a mortgage bailout bill he is pushing through Congress.

Sen. Dodd acknowledged receiving a “VIP” loan from Countrywide Financial Corporation, but denied that he knew the designation meant he would be receiving special privileges because of his position as the chairman of the Banking Committee. Sen. Dodd is one of several current and former high-ranking officials, including Senate Budget Committee Chairman Kent Conrad (D-N.D.) and former Fannie Mae CEO Jim Johnson, who was on a special “Friends of Angelo” list, named after Countrywide Financial Corporation Chairman and CEO Angelo Mozilo. According to published reports, Chairman Dodd’s special mortgage rate reduces his costs by $75,000 over the 30-year life of the mortgage. . . .

The unsettling revelations about Sen. Dodd’s sweetheart mortgage deal comes as the Senate Banking Committee is pushing a broad housing bill that features provisions that accrue to the benefit of large mortgage lenders while placing taxpayers at great financial risk. The Senate version of the bill would offer lenders an opportunity to off load up to $300 billion of their riskiest loans onto the Federal Housing Administration (FHA), creating new loans that place 100 percent of the loan liability on the taxpayers. The Congressional Budget Office projects that one-third of those refinanced mortgages will ultimately default. FHA Commissioner Brian Montgomery said on June 9, “We are not designed to become the federal lender of last resort, a mega-agency to subsidize bad loans.” . . .

For accepting special financial discounts from a mortgage company whose actions contributed directly to the current housing mess and then drafting a monstrous mortgage bailout bill that will dump billions of dollars worth of risky mortgages onto the backs of taxpayers while lending a helping hand to his corporate benefactor, CAGW names Sen. Christopher Dodd its June 2008 Porker of the Month . . . [Read More]
Tags: CAGW, Chris Dodd, Citizens Against Government Waste, Congressional Pork, Connecticut, housing assistance, mortgage default, pork-barrel spenders, porker of the month, Senator To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!
Posted by Bill Smith at 4:31 PM - Post Link

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