Wednesday, July 2, 2008

Porker of the month,,,Chris Dodd

Porker of the Month: Sen. Christoper Dodd

Citizens Against Government Waste (CAGW) has named Senate Banking Committee Chairman Christopher Dodd (D-Conn.) Porker of the Month for accepting a preferential mortgage from a company that stands to benefit from housing legislation the senator is pushing through Congress. Sen. Dodd acknowledged receiving a “VIP” loan from Countrywide Financial Corporation, but denied that he knew the designation meant he would be enjoying special privileges. According to published reports, Sen. Dodd’s special mortgage rate reduces his costs by $75,000 over the 30-year life of the mortgage. Countrywide, once the nation’s largest mortgage lender and the largest lender of sub-prime mortgages, has lost billions of dollars in the mortgage crisis. The unsettling revelations about Sen. Dodd’s sweetheart mortgage deal come as the senator is pushing a bill that offers mortgage lenders an opportunity to offload up to $300 billion of their riskiest loans onto the Federal Housing Administration, which would provide new loans with 100 percent of the liability falling on taxpayers. For accepting special financial discounts from a mortgage company whose actions contributed directly to the current housing mess and then drafting a monstrous mortgage bailout bill that will dump billions of dollars worth of risky mortgages onto the backs of taxpayers while lending a helping hand to his corporate benefactor, CAGW names Sen. Christopher Dodd its June 2008 Porker of the Month. Read more about the Porker of the Month.

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