Two U.S. senators, two former Cabinet members, and a former ambassador to the United Nations received loans from Countrywide Financial through a little-known program that waived points, lender fees, and company borrowing rules for prominent people.
Senators Christopher Dodd, Democrat from Connecticut and chairman of the Banking Committee, and Kent Conrad, Democrat from North Dakota, chairman of the Budget Committee and a member of the Finance Committee, refinanced properties through Countrywide’s “V.I.P.” program in 2003 and 2004, according to company documents and emails and a former employee familiar with the loans.
(Note, former HUD Secretary Alfonso Jackson was also a recipient so this growing scandal is going to be bi partisan
Yeah, I don't get it. Don't all banks and financial institutions have "VIP" types of accounts with better terms? How is this different?
(Not attacking, just really want to know.)
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