What do Mozilo, Dodd, Conrad and Raines Have in Common

Posted on October 30th, 2008 in Daily Mortgage/Housing News - The Real Story, Mr Mortgage's Personal Opinions/Research

They are potentially all under Justice Dept Inquiry – Countrywide back in the news.

The wide-ranging criminal investigation into wrongdoing at Countrywide – once the nation’s largest mortgage originator – now includes serious scrutiny of a loan program that provided special mortgage deals to the well-connected and powerful, including two U.S. senators.

NBC News has learned that Robert Feinberg – a former Countrywide loan officer who handled what were known as the “V.I.P.” mortgages – spent six hours last Thursday with a six-person team from the Justice Department. The team included prosecutors from the Public Integrity section, which handles investigations of possible public corruption.

“The Justice Department is making very serious inquiry into any possible wrongdoing that may involve (former Countrywide CEO) Anthony Mozilo, other Countrywide employees, Sen. Chris Dodd, Sen. Kent Conrad, (former Fannie Mae CEO) Franklin Raines or other public officials,” said Feinberg’s lawyer, Anthony Salvano. “Robert has always cooperated thoroughly with authorities and is strictly a witness in their investigation.”

Source: MSNBC – Click HERE for link to full story

2 Responses to “What do Mozilo, Dodd, Conrad and Raines Have in Common”

  1. The piece below talks about defaults being tied to loan program type vs. quality of borrower.

    Question: If low income buyers are defaulting at the same rate as high income buyers, why does the forclosure pinpoints cluster hugely in the poor areas?

    Second question, doesn’t loan program type and quality of borrower correlate rather closely?

  2. oops. Sorry about the mixup on the comment.

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