Courtesy of the American taxpayer
Just when it seemed that the proposed mortgage bailout couldn’t get any worse, it was revealed that one of the bailout’s primary architects, Senator Chris Dodd, received special “VIP” mortgage rates from Countrywide. As one of the leading sub-prime mortgage lenders, Countrywide stands to be one of the leading beneficiaries of the Dodd Mortgage Bailout if it passes the Senate.
It was also revealed that Sen. Dodd was not the only Senator to receive such “VIP” treatment from Countrywide. Sen. Kent Conrad of North Dakota also received highly favorable loan rates from the lender. How many other Senators benefited from these “special” rates while average Americans struggled to pay their mortgages?
The Dodd Countrywide Mortgage Bailout is a $300 billion bill. Why should renters and homeowners who have either paid their mortgages or have been responsible in securing an affordable loan be on the hook to bail out banks and house flippers? The bill would also bail out the lending companies who issued the risky loans. It is simply unfair for Congress to punish the majority of the population for the bad decisions made by a minority of borrowers and lenders, including companies like Countrywide.
Call your Senators toll free at 866-928-3035 today and ask them how they will be voting on the Dodd Countrywide Mortgage Bailout. Also, ask them if they received “VIP” mortgage rates from Countrywide. Tell them that it is unacceptable for Congress to pass bills for companies that give special deals to Congress.