Wednesday, June 25, 2008

I Prefer A Different Word Starting With "S"

clipped from pajamasmedia.com

It’s a pretty seedy story: When Conrad was looking to buy his Delaware beach house in 2002, he called his good friend, former Fannie Mae CEO James Johnson, Conde Nast reported. Mozilo happened to be in Johnson’s office and Johnson handed the phone to him. Countrywide financed the beach house and, later, an investment property of Conrad’s. Mozilo instructed a subordinate via email to "(T)ake off 1 point" and in another email wrote, "Make an exception due to the fact that the borrower is a senator." Dodd never spoke directly to Mozilo, but Dodd was aware that his two Countrywide mortgages were in a "VIP section." Dodd says he assumed that was just some kind of "courtesy." The Senate Ethics Committee is investigating.

Incidentally, Johnson is the same guy who was briefly tasked by Obama to vet potential running mates. Johnson stepped aside when it was revealed that he had received preferential loans from Countrywide.