>> The point is, Countrywide was going all out to write loans.
You'd argue with a fence post. This isn't even subject to debate amongst those who have been paying attention. YOU ARE EITHER LYING/CONFUSED OR YOU'RE A FOA.
Loan Officer: Sens. Dodd and Conrad Knew About Their "VIP" Loans
July 27, 2009 10:11 PM
ABC News' Kristina Wong reports: According to excerpts from a deposition obtained by ABC News, democratic Senators Christopher Dodd and Kent Conrad knew they were receiving preferential treatment on loans from Countrywide Financial, the nation’s formerly-largest home lender.
Mr. Robert Feinberg, a former loan officer for Countrywide, testified to a House Committee on Oversight and Government Reform investigator that Dodd and Conrad knew they were getting special “VIP” discounts on personal mortgages, in 2003 and 2004 respectively. The “VIP” processing unit offered preferential treatment to VIPs or FOAs – “Friends of Angelo’s.” Angelo Mozilo was Countrywide’s then-CEO. In the deposition, conducted last month, Feinberg referred to the unit under its code name, “850.”
Feinberg said both Sens. Dodd and Conrad were already “VIPs” when he first spoke to them.
Both senators have denied knowing they were getting unique deals. The House Oversight and Government Reform Committee is investigating Countrywide. In March, Republicans on the committee issued a report entitled, “Friends of Angelo: Countrywide’s Systematic and Successful Effort to Buy Influence and Block Reform.”
Dodd’s office released a statement and fact sheet refuting Feinberg’s testimony late Monday evening, that stated the senator and his wife, Jackie, “did not seek or expect any special rates or terms on their loans and they never received any; they were never offered special or sweetheart deals and if anyone had made such an offer - they would have severed that relationship immediately.”
Read the deposition excerpts with Mr. Feinberg below:
Q: And in your communications with Senator Conrad, whether the one phone call you identified or the e-mails you exchanged with his office, do you know whether he was aware that he was getting preferential treatment?
A: Yes, he was aware.
Q: And why did you say that?
A: By preferential treatment, I mean specifically the suite of advantages, whether he's knocking the points off, knocking the junk fees. I have to preface it by that we were not allowed to tell anybody what the points were being waived, but we can tell everything else; and, any person, FOA, VIP, whatever they were that was coming through there, it was always instilled in them to let them know their sense of importance of where they were. And that you are were a friend of Angelo's. You were referred by Angelo. You were approved by Angelo.
There were many different ways of saying it, so the discount was there and we would let them know. Now, if anyone really pushed on the rate what the discount was, we would have to give it off to say Doug, or a manager, basically, which would be Doug, and say, look. This person really wants to know what they're getting. Also, as I stated earlier, when the loan comes out of the VIP processing unit their business cards are stapled in loan packages. It says "VIP Supervisor," "VIP Underwriter."
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Q: The one telephone call that you remember having with Senator Conrad was in relation to this eight-unit apartment building in Bismarck, North Dakota?
A: Yeah, because I distinctly remember him telling me that not only was it an issue for the most part that it was a commercial loan, but also that he has two brothers on it. So now it because a rental property. There's two family members on it. So at that time, that was really confusing. You know, in guidelines in terms of trying to structure something so I didn't know what to do, because I never had that. I didn't have somebody say, well, I want this, or I want an apartment building complex, a warehouse or something; and, again, you never said no. If there was a regular customer calling, and of course you say no, we're a residential lender. We cannot provide you with that service. You're going to have to speak with, you know, outside Countrywide, go find a bank or someone that could do it. In this case it wasn't going to be a no. It was going to be let me find out, and that's what you see these e-mails. I'm finding out.
Q: So it was because he was afforded FOA, VIP treatment?
A: Absolutely.
Q: Because he was a senator?
A: I would say because he was an FOA.
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Q: And do you know if during the course of your communications with Senator Dodd were his wife that you ever had an opportunity to share with them if they were getting special VIP treatment?
A: Yes, yes.
Q: You did communicate that to him?
A Yes, yes. I mean, they'd already been there to begin with, so they knew. You know, once you're basically in the VIP department you're in. You know, you're done. You don't even have to really talk to Angelo if you don't want to, because as I keep stating, you go back and you see somebody at 850, if you're not sure who they are then you'll talk to somebody. I may talk to Maritza. I may say do you know who this person? Oh, yeah, we did their loan such and such a time, this many years ago, or whatever. Yeah, that's a friend of Angelo's. Okay, we'll go with it. You might ask Doug or you might ask Stephen or somebody.
ABC News’ Matt Jaffe contributed to this report. |
