AFF Calls for Full Investigation into Shady Mortgage Deals
Des Moines, IA – The American Future Fund (AFF) today called for a full investigation into the questionable loans obtained by Sens. Christopher Dodd (D-Conn.) and Kent Conrad (D-N.D.) from Countrywide Financial Group and its CEO, Angelo Mozilo. AFF is also releasing the exclusive new web video, “Friends of Angelo,” found here: http://www.youtube.com/watch?v=A4WKB1AWzVY
The loans, which allegedly saved Dodd thousands of dollars and secured financing for a million dollar beach house for Conrad, came to light last week, just as the Senate is poised to act on a $300 billion federal bailout for the mortgage industry.
“These senators are responsible for regulating this industry, and if there were indeed sweetheart deals, the public has a right to know,” said AFF President Nicole Schlinger. “The Senate should not bail out the mortgage industry, especially if Senate members are direct beneficiaries from those who stand to benefit, including Angelo Mozilo and Countrywide.”
Dodd, chairman of the powerful Senate Banking Committee and thereby tasked with overseeing the mortgage industry, reportedly received “V.I.P.” status, according to a June 12 Portfolio Magazine article. As a “V.I.P.,” Dodd evaded fees and regulations typically charged on borrowers.
In Conrad’s case, a $1 million loan was secured for a vacation house, while another loan was granted for an apartment complex in Bismarck, N.D.
“These explosive revelations should be investigated immediately,” continued Schlinger. “The senators say there was no impropriety, so they should have no problem sharing what they knew and when. AFF is strongly against a bailout of the mortgage industry, and any legislative action is now clouded with extreme doubts and suspicion of those acting on the industry’s behalf.
“Congress has a history of conveniently sweeping these matters under the rug. This shouldn’t be one of those times.”
More information can be found on Portfolio’s web site: http://www.portfolio.com/news-markets/top-5/2008/06/12/Countrywide-Loan-Scandal
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