Tuesday, February 3, 2009

Senator Chris Dodd steps in it again

It all began when Senator Chris Dodd appeared on The O'Reilly Factor last year and promised to produce his sweetheart mortgage loans that he received from Countrywide Mortgage, presumably to ensure inaction by Dodd in his role as Chairman of the Senate Banking Committee.
Well, it seems that Dodd has made a deal with himself to refinance his questionable mortgages in lieu of producing those papers that he promised. The problem is that despite his best intentions, what he desires to do should not sit well with anyone, since he is one of a small population of Americans who have the luxury of refinancing.

It is hard to say if Dodd suffers from incurable arrogance or is simply so out of touch with regular people to make this sort of insensitive mistake. He's probably so caught up in covering his tracks that he's lost all sight of what his own constituents, and the rest of America, are going through. He could make it all better by showing both the old papers and the new papers to prove that his properties didn't get inflated appraisals in order to qualify for the new loans. The question becomes whether or not Dodd will pay out of pocket to refinance properties that have presumably depreciated a little, or will he be the first unofficial beneficiary of a lender "write down" under the bailout.

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