Preferential treatment by Countrywide to Senator Kent Conrad shows how corrupt the mortgage business is
Peter Oberois
Jun. 14, 2008

Countrywide waived one point on Senator Kent Conrad million dollar mortgage. The Senator never understood the mortgage lender was bribing him. Countrywide made up that $10,500 many times by messing other borrowers who never understood what they were getting into.

``Although I did not ask for or know that I was receiving a discount, and even though I was offered a competitive loan from another lender, I do not want to have received preferential treatment.''''

Conrad said he also received a loan from Countrywide on an eight-unit apartment building in Bismarck, North Dakota, even though the lender typically serves properties that have four units or less. He said he had decided to refinance that loan with another institution.

The systemic corruption and total deception in mortgage business has crippled the economy and the middle class.

Conrad and Senator Christopher Dodd, who oversees the U.S. mortgage industry as chairman of the Senate Banking Committee, were among those who received loans through Countrywide's ``V.I.P.'''' program, which waived points, fees and borrowing rules for prominent people, Portfolio magazine reported June 12. Dodd has denied receiving preferential treatment.

``He never expected, asked for or was aware of any special treatment,'''' Conrad's spokesman, Chris Thorne, said. ``He is paying this to make absolutely clear he will not partake in any preferential treatment.''''

Preferential treatment by Countrywide to Senator Kent Conrad shows how corrupt the mortgage business is
Peter Oberois
Conrad said he also received a loan from Countrywide on an eight-unit apartment building in Bismarck, North Dakota, even though the lender typically serves properties that have four units or less.
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