AFF Releases “Sweetheart Deal”
By AFF on Jun 24, 2008 in Featured, Press Releases
Des Moines, IA – American Future Fund (AFF) today released the exclusive new web video, “Sweetheart Deal,” which examines the questionable mortgage practices of Sen. Christopher Dodd (D-Conn.), and his cozy relationship with Countrywide CEO Angelo Mozilo.
The ad can be viewed here: http://www.youtube.com/americanfuturefund
“As questions continue to circle around Senator Dodd and his relationship with Mozilo, AFF believes no action should be taken on the mortgage bailout bill,” said AFF President Nicole Schlinger. “Congress should not make a practice of bailing out private industries that may have directly assisted the senators who oversee them.”
Last week, AFF called for a full investigation into the loans obtained by Dodd and Sen. Kent Conrad (D-N.D.) from Countrywide Financial Group and its CEO, Angelo Mozilo.
Additionally, Sen. Dodd’s home-state newspaper, the Hartford Courant, had this to say:
In 2003, Sen. Dodd was a member of the Senate Banking Committee, which oversees the mortgage industry. (He’s currently the committee’s chairman.)
Countrywide, the nation’s largest mortgage lender, has since emerged as a major player in the subprime lending debacle. It’s a fair question whether perks like Countrywide’s VIP program had a softening effect on Sen. Dodd and others who might otherwise nipped the problem in the bud years ago.
Dodd, who chairs the powerful Senate Banking Committee and is thereby tasked with overseeing the mortgage industry, reportedly received “V.I.P.” status, saving him $75,000 on two houses. Currently, a $300 billion mortgage bailout stands before Dodd in the Senate.
AFF opposes any mortgage bailout, and is sponsoring an online petition at http://americanfuturefund.com. AFF is also encouraging people to call Sen. Dodd at (202) 224-2823, and tell him senators shouldn’t get sweetheart deals, and to say “No” to the $300 billion mortgage bailout for his friends.
The original story on the matter can be found here: http://www.portfolio.com/news-markets/top-5/2008/06/12/Countrywide-Loan-Scandal
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© American Future Fund, 2008
