Larry is right - it isnt a few hundred dollars - over the long term it is thousands. I would imagine if this was a Republican you might not feel the same way.

Good point LargeBill, I forgot about that.

In Dodd's case it amounted to around 70k.

Rev,

Dodd is co-sponsoring bailout legislation which will in turn take millions of in danger loans off of Countrywide's books. Dodd should be ashamed and considering resigning. However, Dems are incapable of feeling shame and he is going no where.

"For V.I.P.'s, Countrywide often waived at least half a point and eliminated fees amounting to hundreds of dollars for underwriting, processing and document preparation. If interest rates fell while a V.I.P. loan was pending, Countrywide provided a free “float-down” to the lower rate, eschewing its usual charge of half a point. Some V.I.P.'s who bought or refinanced investment properties were often given the lower interest rate associated with primary residences."

"hundreds of dollars"….my goodness, quite a perk.

It's not unusual at all for lenders to "float down" before closing a loan. At least in my experience it isn't.

Is your observation here Ben that Conrad and Dodd did something illegal? Or is it the appearance of conflict of interest? And if it is the appearance of conflict of interest…what have Conrad and Dodd done to help Countrywide? If Dodd and Conrad have not done anything specifically to help bail-out Countrywide….then this story is just so much hot air.

Ben,
Friday I spent half an hour on the phone with Countrywide inquiring whether I could get the special bribery rate on my loan. I have perfect credit and never miss a payment. They did some checking and told me to get back to them when I get to be chairman of the senate banking committee. Actually, the phone center supervisor just stuttered and stammered while trying to explain everyone pays the same rate. She had no answer for if that is the case why did Dodd and Conrad among others get the special bribery rate.