QUESTION: I recall there was some scandal between a financial institution that failed and Senator Dodd of the Dodd-Frank invoice that revised banking. Do you will have something on that?
Thanks for being the one dependable sources nowadays
RK
ANSWER: You have to be referring to the 2008 Countrywide Monetary Scandal. There was a political mortgage scandal in 2008-2009 that concerned U.S. politicians who allegedly obtained favorable mortgage charges. In June 2008 Conde Nast Portfolio reported that quite a few Washington, DC politicians over latest years had obtained mortgage financing at noncompetitive charges at Countrywide Monetary as a result of the company positioned the officeholders in a program known as “FOA’s”–“Pals of Angelo“, Countrywide’s Chief Govt Angelo Mozilo.
The politicians who obtained such favorable financing included the chairman of the Senate Banking Committee, Christopher Dodd (D-CT), and the chairman of the Senate Price range Committee, Kent Conrad (D-ND). Countrywide’s political motion committee had additionally made giant donations to Dodd’s marketing campaign.
