And they wonder why their approval ratings are so low.
Senator Christopher Dodd was on CNBC's Squawk Box this morning to discuss the bail out of Fannie Mae and Freddie Mac. After the Senator had finished pontificating, Carl Quintanilla had the assignment of asking him the only question I really wanted him to answer - this is the way I would have asked the question, Mr. Quintanilla was considerably more diplomatic -
"Senator, does it bother you at all to get up and talk about the lack of oversight and regulation in the mortgage industry when there is speculation that you received a favored treatment for your mortgage from Countrywide?'
To which the Chairman of the Senate Banking Committee replied:
"Hell, no." Wait, sorry that was me again. I believe Senator Dodd's response was more along these lines:
yadda yadda yadda
"within the bands other loans received"
yadda yadda yadda
"the reaction of my colleagues"
yadda yadda yadda
"consider it a non-issue"
Well, Chris - if I may call you, Chris - it doesn't surprise me in the least that your esteemed colleagues didn't bat their collective eyelashes at the thought that you might have received preferential treatment. It doesn't surprise me that your esteemed colleagues consider it a non-issue. Most of them are probably hoping you will return the favor when news of the preferential treatment they may have received comes out. I, on the other hand, am ticked off and I do consider it an issue. The problem for me isn't even whether or not you actually received any special treatment from Countrywide. The problem for me is that as Chairman of the Senate Banking Committee there was ever any possibility that you might receive special treatment. I agree that Senators and Congress people should remain - if at all possible - on cordial terms with one another. I am not at all sure that an elected representative who has the responsibility for looking into issues like the mortgage mess on behalf of the people of the United States should be hobnobbing with those he may one day have to regulate/investigate/legislate for or against.
I remember reading once that the Reverend Billy Graham made it a habit never to be alone behind closed doors with a woman other than his wife. It was not that he would do anything untoward or even be tempted to do anything untoward, it was that Reverend Graham wanted there to be no question of impropriety.
Well, Senator Dodd, I don't think Senators should be alone behind closed doors with anyone other than their constituents. It's not that ya'll would do anything untoward...or wait, maybe it is.
i took out a $275K mortgage in 2003, was offered a 4.5% rate, shopped around a little, and bargained it down to 4.25%. i.e., my story is exactly the same as dodd's. so where is the preferential treatment? i call bullshit.
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Thank you for your comments and congratulations on the good rate you rec'd on your mortgage. Had Senator Dodd received his similar rate in the same manner that you did, there would be no problem. Senator Dodd, however, was given a special access to a program for friends of Angelo Mozilo. He did not have to negotiate his interest rate, indeed he did not even have to supply all of the documentation that I am sure you had to supply. While what Senator Dodd did was not illegal, it was certainly ill advised. The Chairman of the Senate Banking Committee should not be considered the "special friend" of the leader of an industry over which his committee may have some oversight.
Again, thank you for your comments, they are sincerely appreciated.
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