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Conrad Says Countrywide Waived Point on His Mortgage
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Candidate
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| Contributor | J.R. |
| Last Edited | J.R. Jun 14, 2008 11:45pm |
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| Category | Oops |
| News Date | Sunday, June 15, 2008 05:00:00 AM UTC0:0 |
| Description | June 14 (Bloomberg) -- Senator Kent Conrad said he was given preferential treatment on a mortgage from Countrywide Financial Corp. and will write a $10,500 check to charity.
``It appears Countrywide waived one point on my mortgage,'' Conrad, a North Dakota Democrat, said in a statement today in Washington. ``Although I did not ask for or know that I was receiving a discount, and even though I was offered a competitive loan from another lender, I do not want to have received preferential treatment.''
Conrad said he also received a loan from Countrywide on an eight-unit apartment building in Bismarck, North Dakota, even though the lender typically serves properties that have four units or less. He said he had decided to refinance that loan with another institution.
Conrad and Senator Christopher Dodd, who oversees the U.S. mortgage industry as chairman of the Senate Banking Committee, were among those who received loans through Countrywide's ``V.I.P.'' program, which waived points, fees and borrowing rules for prominent people, Portfolio magazine reported June 12. Dodd has denied receiving preferential treatment. |
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