I guess this is good news:
Connecticut Sen. Chris Dodd says he’ll refinance two mortgages that he received through a VIP program from Countrywide Financial Corp.
Dodd told reporters Monday that the mortgages for his homes in Washington and East Haddam, Conn., will be refinanced with a different company.
Dodd has acknowledged receiving mortgages in 2003 through a VIP program at Countrywide, which was sold to Bank of America Corp. earlier this year and has been the focus of allegations that it gave favorable loan terms to lawmakers.
Dodd says he’s moving the loans in part because he was wrongfully labeled a friend of Countrywide’s former CEO, Angelo Mozilo. Dodd says he never sought special treatment.
The chairman of the Senate Banking Committee, Dodd says a third party will be involved in choosing the new bank.
What exactly is a “VIP program”? For whom is it designed? I would guess anyone who the mortgage industry would like to have on their side. I’m sure you and I wouldn’t qualify for a VIP mortgage.
I’ll take Dodd at his word that he never sought special treatment. It was just given to him without asking. But, good virtue should have led him to turn it down. I suppose I’m expecting too much out of our elected officials.