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Two democratic senators with their own housing crisis

July 29, 2009

From Politico’s Huddle:

SENS KNEW ABOUT VIP MORTGAGES: New revelations about what Sens. Kent Conrad and Chris Dodd knew about their “VIP” mortgage rates with Countrywide. From The Washington Post’s Zachary Goldfarb: “The Senate ethics committee has interviewed a former Countrywide Financial executive who testified under oath that Sens. Christopher J. Dodd (D-Conn.) and Kent Conrad (D-N.D.) were aware that they were accessing a special program to give below-market-rate mortgages to the powerful and famous when he arranged their loans, according to the executive’s attorneys.

This sounds like a problem to me.  For senator Dodd (from my home state of Connecticut), this could not have come at a worse time.  He is up for re-election in 2010, and by all accounts, is struggling to regain his footing in an overwhelmingly democratic state (registered democrats outnumber republicans by almost 4-1).

You can read excerpts of the testimony here, courtesy of Politico.

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