Image via Wikipedia
Senator Christopher Dodd, head of the Senate Banking Committee, is corrupt, plain and simple. Senator Dodd has sponsored a mortgage bailout bill in Congress to benefit mortgage lenders and took money from one of them – Countrywide – while putting up the legislation. Details, courtesy of the Wall Street Journal:
On Tuesday, the very day he finally admitted knowing that Countrywide Financial regarded him as a “special” customer, the Connecticut Democrat also announced that he was bringing to the Senate floor a housing bailout sure to help lenders like Countrywide.
How much will Countrywide benefit from Mr. Dodd’s rescue? The Senator’s plan allows mortgage lenders to dump up to $300 billion of their worst loans on to taxpayers via a new Federal Housing Administration refinancing program, provided the lenders are willing to accept 87% of current market value. The program will be most attractive to lenders and investors holding subprime and slightly-less-risky Alt-A loans made during the height of the housing bubble in 2006 and 2007.
That legislation is bad enough. Here’s the kicker:
Meanwhile, Mr. Dodd continues to insist that, though he knew he was a “special” Countrywide customer, he didn’t think he was getting any special financial benefit. But a 75,000 reduction in mortgage payments is no small matter for anyone living on a Senate salary of169,300. Why else would he be known around Countrywide as a “Friend of Angelo” – Angelo being Countrywide CEO Angelo Mozilo.
Yesterday, nine Senate Republicans led by South Carolina’s Jim DeMint sent a letter asking Majority Leader Harry Reid to delay consideration of Mr. Dodd’s housing bailout bill in light of its benefits for Countrywide – and Countrywide’s benefits for Mr. Dodd. That’s an excellent idea, in addition to a Congressional and Justice Department probe of Countrywide, Fannie Mae and the favors they seem to have spread around Washington. American taxpayers need to understand more about who they’re being asked to bail out here, and why.
Dodd, in effect, is going to charge American taxpayers – ME – 300 billion for a75,000 bribe. This is corruption, plain and simple.
I call for the immediate resignation of Senator Dodd from Congress, and urge you to contact YOUR senators and representatives to ensure the mortgage bailout bill is voted down on arrival. Let lenders – and disclosure, I work for a student loan company – live with the bets they make in the marketplace.
Did you enjoy this blog post? If so, please subscribe right now!
Get this and other great articles from the source at www.ChristopherSPenn.com
Hear, hear. I ask you, which politician isn't corrupt anyway. If they aren't when they get into office, they certainly will be after a term. It's hard to stay honest in a world of sharks without being bullied out of the job.
Dodd has acted wrongfully, taxing America to pay for a housing bill which will bailout countrywide to the tune of $25 BILLION (Dodd got a cheap loan from too. not cool). Go to this site to see what you can do to stop this bill!
http://www.capwiz.com/freedomworks/issues/alert…
Hear, hear. I ask you, which politician isn’t corrupt anyway. If they aren’t when they get into office, they certainly will be after a term. It’s hard to stay honest in a world of sharks without being bullied out of the job.
Dodd has acted wrongfully, taxing America to pay for a housing bill which will bailout countrywide to the tune of $25 BILLION (Dodd got a cheap loan from too. not cool). Go to this site to see what you can do to stop this bill!
http://www.capwiz.com/freedomworks/issues/alert/?alertid=11529276
Once an Oligarchy always an oligarchy
Once an Oligarchy always an oligarchy
The two representatives, Chris Dodd and Barney Frank should be forced to resign…immediately.
Any efforts to stabilize our economy after these two have raped it for years now will be ineffective without new, accountable leadership in place.
Resignations of these two men must come first!!!
The two representatives, Chris Dodd and Barney Frank should be forced to resign…immediately.
Any efforts to stabilize our economy after these two have raped it for years now will be ineffective without new, accountable leadership in place.
Resignations of these two men must come first!!!
what I resent is Cris Dodd attempting to advance his own carreer, running for President ,while the economy is collapsing. All candidates should give up their posts while running for another office. Maybe Lieberman established a precedence.
WE NEED TERM LIMITS FOR ALL IN CONGRESS
what I resent is Cris Dodd attempting to advance his own carreer, running for President ,while the economy is collapsing. All candidates should give up their posts while running for another office. Maybe Lieberman established a precedence.
WE NEED TERM LIMITS FOR ALL IN CONGRESS
Sen Dodd,
Please protect us here in Richmond Texas for this Government Unfounded Bailout. If it were I on Wall Street you would put me in jail. What about those who went by the rules? Is this our reward? How are we expected to live as honest hard working Americans when you save those whom have stolen from the taxpayers? Given housing to those who never intend to repay. Funded FANNY and Freddie with my money and hearing Maxine Waters call me un-American. I am a vet who fought for your right to stand before America and say NO BAILOUT. Do as I have done standup as an American against all odds and say no for those who are not hear to stand with me.
Sen Dodd,
Please protect us here in Richmond Texas for this Government Unfounded Bailout. If it were I on Wall Street you would put me in jail. What about those who went by the rules? Is this our reward? How are we expected to live as honest hard working Americans when you save those whom have stolen from the taxpayers? Given housing to those who never intend to repay. Funded FANNY and Freddie with my money and hearing Maxine Waters call me un-American. I am a vet who fought for your right to stand before America and say NO BAILOUT. Do as I have done standup as an American against all odds and say no for those who are not hear to stand with me.
He needed to go a long time ago
He needed to go a long time ago
I object to the TV commercials touting Dodd as endorsing the kind of sloppy mortgages that got us into the present trouble. Everyday we see them advertising 973/4 percent mortgages with no qualifications FHA insured
I object to the TV commercials touting Dodd as endorsing the kind of sloppy mortgages that got us into the present trouble. Everyday we see them advertising 973/4 percent mortgages with no qualifications FHA insured
Chris has to go and hopefully he will take Barney with him.
Christopher Dodd & Barney Frank should both resign.
Christopher Dodd & Barney Frank should both resign.
Chris has to go and hopefully he will take Barney with him.
Chris has to go and hopefully he will take Barney with him.
Christopher Dodd & Barney Frank should both resign.
Christopher Dodd & Barney Frank should both resign.