03 Feb 09 Dodd Home Loans Refinanced with Countrywide Questioned
The mortgage refinancing of Senator Christopher Dodd’s Washington townhouse and Connecticut house will end the Senate Banking Committee chairman’s transactions with Countrywide. Dodd, a Connecticut Democrat, said he regretted doing business with Countrywide, which was once the nation’s largest residential lenders and that he was publicly releasing all loan documentation and records in his possession related to the home loans.”I regret I did not do this sooner and I apologize to the people of Connecticut for the delay,” he said in a statement. As chairman of the Senate’s banking panel, Dodd plays an influential role in overseeing mortgage finance laws that affect U.S. lenders, investment firms, international trade finance and housing.
Why hasn’t Senator Chris Dodd provided his controversial home loan papers?
Watch Dodd & Countrywide Video
B of A acquired Countrywide last year, which many blame for helping to inflate the massive housing bubble that burst last year and sent the global financial system and the U.S. economy into a tailspin. Dodd said he and his wife “acted properly in our mortgage refinancing negotiations. We did not seek or expect any special rates or terms on our loans and we never received any.”
Mortgage leads continue to rise with low rate demands as loan application volumes continue to rise. Many mortgage industry executives suggest that very few applicants qualify for home refinancing, because guidelines have tightened and home values have sunk. Read the original article> Senator Dodd Refinance Mortgages with 2 Countrywide. For the record, Mortgage Related News believes that Dodd did nothing wrong.
Tags: Christopher Dodd, Countrywide, home loans, mortgage refinancing
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