Bismarck Tribune - North Dakota News - Sen. Conrad received deal on mortgage

Sen. Conrad received deal on mortgage

Jun 14, 2008 - 04:06:35 CDT

By JULIE HIRSCHFELD DAVIS
Associated Press Writer

WASHINGTON - North Dakota Sen. Kent Conrad said he personally asked the chief executive of Countrywide Financial Corp. for a mortgage loan for his vacation house, but said he never requested or expected special treatment on its terms.

When the chairman of the Senate Budget Committee was buying the home in Bethany Beach, Del., in 2002, he said, he was referred to Angelo Mozilo, the CEO of Countrywide, which has come under recent, heavy criticism for its mortgage lending practices.

"I called (Mozilo). I said, 'I'm buying this property. Would you be interested in the mortgage?', and he said, 'Yeah. Call these people and we'll take a look,'" Conrad said.

"I deal with the heads of companies every day, and I didn't find it at all unusual. I did not think for one moment, and no one ever suggested to me, that I was getting preferential treatment," Conrad said.

Bethany Beach is a resort community about 120 miles east of Washington, D.C.

Conde Nast Portfolio magazine's Web site reported that Conrad and Sen. Christopher Dodd, D-Conn., the chairman of the Senate Banking Committee, were among a group of public officials who got "VIP mortgages" from Countrywide.

Conrad obtained a $1.16 million loan from Countrywide in 2002 to buy his vacation home, then refinanced twice through the company.

Portfolio reported that an internal e-mail from Mozilo directed that Conrad get a 1 percent interest rate discount when he refinanced $1.07 million in 2004. A 1 percent break would save the borrower about $10,000 annually in interest payments.

Conrad said the terms he received each time he did business with Countrywide were no better than market rates, particularly since he had a good credit and repayment history.

But he said his former loan officer acknowledged to him that Countrywide dropped his rate a full percentage point.

"If they did me a favor, they did it without my knowledge and without my requesting it," Conrad said. "It's an appearance issue, but in terms of substance, I have not done one single thing wrong here."

Countrywide also made an exception in lending Conrad $96,000 in 2004 to buy an 8-unit Bismarck apartment building from his brothers. The company had a policy of only providing loans for buildings of four units or fewer.

"They said they frequently made exceptions, especially for good customers, and I was a very good customer," Conrad said.

An internal e-mail from Mozilo, however, said the exception was "due to the fact that the borrower is a senator," the Portfolio report said.

Countrywide, in a statement, said the company was "very concerned about the improper disclosure of confidential customer information."

"We are aggressively undertaking measures to prevent further disclosure of private customer information," the company said. "We regret any impact this may have had on our customers."

Conde Nast Portfolio's Web site said other participants in the company's VIP program included former Secretary of Housing and Urban Development Alphonso Jackson, former Secretary of Health and Human Services Donna Shalala, and former U.N. ambassador and assistant Secretary of State Richard Holbrooke.

Lawmakers' participation in the VIP program is coming to light just days after similar revelations prompted Barack Obama, the presumptive Democratic nominee, to ax one of his vice presidential vetters, Jim Johnson, who also apparently benefited from preferential Countrywide loans.

Conrad said it was Johnson who referred him to Mozilo in 2002 when he was seeking a mortgage loan for his Bethany Beach home.

Johnson, the former Fannie Mae executive, did not respond Friday to requests for comment.

A non-government ethics watchdog group, Citizens for Responsibility and Ethics in Washington, wrote to the House and Senate ethics committees requesting Friday that they investigate Dodd and Conrad, and determine whether any other lawmakers received preferential mortgages through the Countrywide program.

"It's clearly a violation" of Senate ethics rules, which bar lawmakers from getting loans more favorable than those available to the general public, said Melanie Sloan, CREW's executive director. "But it's very hard to know what to do about a violation that the members were unaware of."

Dodd, the Senate Banking Committee chairman, has been involved in drafting legislation to help homeowners caught up in the national meltdown of the subprime home mortgage market. The Portfolio report says Dodd, who has labeled Countrywide's lending practices "abusive," has gotten special treatment from the company.

Dodd said he was unaware of the favors. "As a United States senator, I would never ask or expect to be treated differently than anyone else refinancing their home," Dodd said in a statement.

Portfolio reported that Countrywide made two loans at special rates to Dodd in 2003. One was a $506,000 loan to refinance a Washington townhouse. The second was $275,042 for refinancing a loan on a home in East Haddam, Conn.

According to internal documents cited by Portfolio, Countrywide waived three-eighths of a point on the townhouse loan, saving Dodd about $2,000 a year in interest payments. They knocked off one-fourth of a point on the second, saving Dodd close to $700 a year. Both loans were for 30 years, with the first five years at a fixed rate.

"When my wife and I refinanced our loans in 2003, we did not seek or expect any favorable treatment. Just like millions of other Americans, we shopped around and received competitive rates," Dodd said.

Mozilo received a compensation package valued at more than $22.1 million and cashed $121.5 million in stock options in 2007, a year Countrywide posted a loss of over $700 million and saw its stock plummet 80 percent from its peak. The company agreed in January to be acquired by Bank of America Corp. for $4.1 billion in stock.

Countrywide has come under scathing fire from congressional Democrats, including Dodd, for its lending practices, such as providing mortgages with low initial "teaser" rates that quickly ballooned higher than its borrowers could afford.

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Comments

Allen ND wrote on Jun 21, 2008 2:45 PM:

" Conrad has fooled the people of North Dakota long enough. I have great respect for Senator Dorgan and our governor. However, Conrad should not have been reelected and his ability to continually fool the people of North Dakota baffles me. He would never live here if defeated. "

dof wrote on Jun 21, 2008 6:23 AM:

" mom of teens.... unethical behavior the last 7 years?... maybe go back the last 15 years or have you forgotten 'Whitewater", the "Intern", the "Lies to Congress"... I think some of the posters are right... you do have a problem with selective recall.... your beloved Kent couldn't give a darn about North Dakota other than it was a state with a small population that would be easy to make a stepping stone to a federal legislative level, all you have to do is look at his back ground, his education, etc... if he ever gets booted in Congress we at least will never have to worry about him 'cause (as one poster stated) he will never set foot in ND again) "

Mom wrote on Jun 20, 2008 10:19 PM:

" I think what Conrad did was unethical. If a lawmaker gets special treatment or discounts or whatever, it appears (whether true or not) that he/she may vote using favor towards the giver of the discount. That is the problem with a lot of Congress people. It is also true of electing judges (especially Supreme Court judges). Too much opportunity for kickbacks if you lean a certain way for them. That is why this behavior is unethical and illegal. MamaMia is accurate when she says that this is the way life is and how things work. That doesn't mean, however, that we should just accept it and allow this type of behavior to continue. Conrad giving his discount money to charity does not redeem him. It admits that he was wrong without him saying so. What honest person suddenly decides to give away a bunch of money to redeem themselves for something they didn't do? "

Dewdrop wrote on Jun 20, 2008 6:26 PM:

" Oh, poor Kent Contrad.... He can do no wrong ! Poor Kent, my heart just bleeds for the injustice that has been bestowed upon you! NOT! "

mom-of-teens wrote on Jun 19, 2008 11:34 PM:

" Thanks Mama, if some people would get as upset over all the unethical behavior that has gone on for the last seven years as they are about Kent Conrad, this country would be in pretty good shape. Too bad the ethics police can't be consistent. "

James wrote on Jun 19, 2008 7:59 PM:

" mamamia, I don't think the words about mom rocks is really the right words to use to describe her but, then......
She sure soe not understand that no matter how 'important one might think of themselves, one does have to obey the laws or be punished, and I will laugh all the while Conrad is being hounded by everyone because he certainly deserves it! He lied to us manyyears ago... I will not run if I do not balance the budget........ "

Dewdrop wrote on Jun 19, 2008 9:50 AM:

" to vor: I have written to Conrad several times, I am sure he knows he will never get my vote again, and I am sure Conrad will thank you for being so concerned about losing my vote! Yes, my vote is important, just like YOURS is!

And to Mamamia, thank you I did have a very nice day and I will keep on having nice days as long as Conrad's name is in the news.... and in a very bad light! "

Bil wrote on Jun 19, 2008 8:53 AM:

" Its about time....; Those of you that see the guy on television know him a certain way.. those of us un important people that he cant get anything out of that have met him know him differently... I have had the displeasure of being at many meetings and seminars with him.. he is as crooked as the day is long.. Only looks out for "NUMBER 1" and wears a fake smile when in front of potential voters... This scandal does not suprise me one bit... "looks like Number 1 got caught with his pants down" remember this at election time people.. "

mom-of-teens wrote on Jun 19, 2008 8:30 AM:

" James, if he did in fact get special treatment by receiving the discount; he has already corrected it then by donating the money to charity and making a public statement. That should be the end of it. I don't live my life to criticize GWB, but what I find fasinating is he has done much worse things for this country than Kent Conrad ever could, but Kent is a nice target for those who hate Democrats, so I guess it works. The price gouging that is going in the oil sector is in my opinion unethical as well, but I don't hear anyone publically apologizing or offering to donate their massive profit windfalls to charity, absolutely amusing to me! "

MamaMia wrote on Jun 19, 2008 8:25 AM:

" Mom of Teens: YOU ROCK! I bet your kids love you! You always tell it like it is and are not afraid to stand up for what you believe. Keep on keepin' on! "

Law wrote on Jun 19, 2008 8:00 AM:

" Sorry Mom of Teens, as a Senator getting special treatment is illegal. Its called Quid pro quo (sp) You do something for me and I'll do something for you. The Senator deals with legislatiion that directly affects Countrywides operation. He should not have called the CEO, he should have done his loan like anyone else.
The fact that people think it is ok for our Congressmen to peddle their influence for their own profit shows how truly messed up our system is getting. "

James wrote on Jun 18, 2008 10:11 PM:

" on line editor, I enter contests all the time and have to enter an image verification code like you have here. I know I am entering it correctly as I have learned to watch so it is done right as it saves a lot of time, but, the one on here very seldom lets me get it right the first time! Sometimes I have to enter it 4 times!
Is there a problem with the Tribs process? "

James wrote on Jun 18, 2008 10:06 PM:

" Mom, If Kent Conrad got 'preferential treatment' he was doing something unethical! Bashing Bush is very important to you, isn't it? You cannot take a breath without doing that! Kent did get special treatment... and he knew it... Why else would he have called the CE of that company? DUH! "

mom-of-teens wrote on Jun 18, 2008 9:33 PM:

" Kent getting discount on a loan isn't detrimental to the economy; it doesn't kill innocent people or cause injustified wars; it doesn't take money from peoples' pensions; it doesn't affect the price of oil; the price of food; the price of health care; the price of education; or the price of anything else. I think some people need to get some perspective on this situation and grow up a little. Kent Conrad is not a con man just for getting a discount on a loan. I don't consider him unethical because of this; unless he was asking for a loan to hire a prostitute or send other peoples' children to fight a war that he lied about; then get over it. "

mom-of-teens wrote on Jun 18, 2008 9:16 PM:

" To Barney, exactly what OTHER name do you expect him to use?? He is Kent Conrad and he just happens to be a senator. He isn't Joe Smith who nobody knows. To just a hick, the CEO of ENRON used his name and influence to rip off peoples' pensions; the president used his influence and position to lie to millions of people; what's the difference; oh, that's right; the difference is ONE PERCENT. There are much stronger examples of abuses of power out there. By the way, he donated the money to charity..... And Dewdrop, as usual you never read. I never said HE had a good credit rating; I SAID I get a discount on MY STUDENT LOAN WHEN I PAY ON TIME! You want to hang this man from the highest tree and let people like Bush and Cheney off scott free; which is hypocritical and ridiculous! They have EVERTHING to do with this; because they are prime examples of what abuse of power REALLY looks like; a fact that you fail to notice. "

VoR wrote on Jun 18, 2008 5:37 PM:

" To Dewdrop, I'm sure that Kent will be sad to read that he has lost your (important) vote. Lets hope that the news of his landslide re-election will help him to deal with the disappoimtment. "

MamaMia wrote on Jun 18, 2008 9:01 AM:

" Dewdrop, you're about as civil as a revolution. Glad to hear about those oil wells. You (as we all know -- a very important person) and your banker have a nice day. "

Dewdrop wrote on Jun 17, 2008 7:53 PM:

" Mamamia wrote: "So get over the petty jealousy that is just dripping from your posts. If you want that kind of treatment, make a big name for yourself and doors will open for you, too. "

Mama, don't worry about me, I have plenty of doors that open for me! I don't have to do underhanded things like Kent the Con-man did! I can go into any bank in the state and get a loan. My oil wells will be pumping soon enough and MY BANKER knows me on a first name basis! Now that we have that one cleared up, mama, the problem is not that Kent the Con went into a bank to ask for a low interest loan, he went to Countrywide's CEO, whom he did not know, and 'expected' a favor, as he was told by people that 'US senators get special treatment'! That is against the law for Senators to get any kind of 'special treatment' because they are a Senator! Got that? I hope so, it is about time you did understand that it is not about me hating Kent, as you yourself said you hate Bush! It is about Kent doing things that were very questionable! He didn't even have to ask for the special treatment, he just had to 'know about it" which of course he is lying about because why else would he have called the CEO of Countrywide? DUH!
Any one, Republican or Democrat that did that should be punished! I am not saying Kent the Con needs to resign, I am saying he needs to be held accountable! See, I am a bit more civil than you are about this! "

This is nuts wrote on Jun 17, 2008 2:00 PM:

" Mamma; I agree that "Arrogance stands by itself and does not necessarily attach itself to a particular profession. " I believe that goes as well for importance. That is the point I am trying to make. And I disagree, you are very important as is eveyone! That is a problem in society, importance, who is really?

I also agree, when I've needed bank service I have in the past called on bank presidents, I knew them. I am sure Senator Conrad could also have called on bank presidents that he knew, unfortunately, he called a CEO of a major, major lending institution that he did NOT KNOW!!! "

Andy wrote on Jun 17, 2008 12:59 PM:

" So, Kent, were to believe the conversation went something like this:

Angelo: Hello, Countrywide CEO, how may I help you?
Conrad: Angie, old buddy, its Kent here!
Angelo: What can I do for you today, Kent old pal?
Conrad: I need some help with a big financing deal, but didnt want to waste my time with those loan officers your company employs.
Angelo: No problem, Kent. How much ya need?
Conrad: A little over a million.
Angelo: I think we can do that for you. Looking for anything specific for terms or rates?
Conrad: Oh, you know, just the standard deal. I dont want any preferential treatment, being a US Senator and all. I am working on that whole financial bailout thing too involving your company, so lets keep it on the up and up, but quiet.
Angelo: That should be a piece of cake. Well just write something up for you. I wouldnt waste your time reading it, as well be sure to give you only a standard deal. No special treatment here. Just sign it and you should be good to go.
Conrad: Sounds great, Angie, old buddy! Glad I was able to get some help from a guy I could trust wasnt going to try to influence my vote in the Senate.
Angelo: (thinking to himself) I think well give him a deal without telling him, since our company enjoys giving money to charities such as the Conrad for sale foundation. Besides, were making money like its going out of style! "

MamaMia wrote on Jun 17, 2008 12:17 PM:

" To This Is Nuts: You are right about me. I am not an "important" person. Truth be known, I'm one of the "little people" that help the world go round. All I'm saying is if you know someone on a personal basis, OR if you are an important person -- be it politician, doctor, lawyer, college president, CEO, etc., doors will open for you. Simple fact of life. And what's with that "arrogance" nonsense? Why do you think that just because someone is a lawyer or an "important person" that they are necessarily arrogant? I've known some electricians and construction workers that were so arrogant I fired them from housing projects I had originally hired them to do. Arrogance stands by itself and does not necessarily attach itself to a particular profession. "

This is nuts wrote on Jun 17, 2008 11:19 AM:

" Oh Ya, the topic. There is nothing wrong with getting favors, that is how the world goes round, except when you are a politician receiving a favor from someone that can benefit from making you Happy! I think it is called a conflict of the interest of the`United States of America. "

This is nuts wrote on Jun 17, 2008 11:14 AM:

" mamma, really! An attorney is important just like a Senator. There is a difference between importance and arrogance even though they often share the traits; however, I do know alot of attorneys that are pompous. Having connections does not make one important. There are alot of us that have connections that would not be considered important. I know many attorneys, as do you, very few that I feel are important, unlike you!. "

Barney wrote on Jun 17, 2008 10:43 AM:

" No petty jealousy on my part, its the hypocricsy of Conrad and his rhetoric and the fact that he has changed his story since this broke as well as his lies over the years. He knew exactly what he was doing by making the call - you believe what you want about the Senator and I will believe what I want about the senator, but to imply I am jealous when you don't know me is so far off base. "

TR wrote on Jun 17, 2008 9:20 AM:

" Note to Mortgage Broker: before you criticize someone's spelling check yours first
In your response to Dewdrop you spelled quit wrong. You spelled it as quite.
Also your statement "your way to partisan" should be "you're way too partisan."
Not a big deal but "people in glas houses etc." "

MamaMia wrote on Jun 17, 2008 9:18 AM:

" Barney and Dewdrop: You both make my point exactly! Yes, this is a smaller town, comparatively, so the odds that one might know the owner of a bank on a personal basis is not that remote. DUH! Also, you must live in a little, little world if you think anyone of importance, whether it be a United States Senator or or a local doctor or attorney feels the need to sit at the desk of some 27 year old loan officer to get money. Do you really think that George W. "Mission Accomplished" Bush or Dick "Let's Go Hunting" Cheney ever slouched into some community credit union and sat there waiting for the loan officer? Get real! It's very obvious that when you are a person of some importance, whether you are a Republican, a Democrat or an Independent, certain doors just open for you. That's life. So get over the petty jealousy that is just dripping from your posts. If you want that kind of treatment, make a big name for yourself and doors will open for you, too. "

Dewdrop wrote on Jun 17, 2008 8:11 AM:

" Mortgage Broker wrote on Jun 16, 2008 8:55 PM:

" Dewdrop, You said it yourself "In another e-mail that April about a Conrad loan, Mozilo wrote: "Make an exception due to the fact that the borrower is a senator."

WHAT? Maybe you need to work on making sense! "

Curious wrote on Jun 17, 2008 7:25 AM:

" When the Chairman of the Senate Budget Committee calls the CEO of Countrywide about getting a mortgage, he doesnt need to ask for preferential treatment. It is implied just because of who the players are. Does that mean Conrad should resign? No. Politicians in both parties have been taking advantage of their positions like this forever.
Part of the problem is that a politician starts campaigning the day after election. They are so used to walking around with their hand out that they dont think there is anything wrong with this behavior. "

Mortgage Broker wrote on Jun 16, 2008 8:55 PM:

" Dewdrop, You said it yourself "In another e-mail that April about a Conrad loan, Mozilo wrote: "Make an exception due to the fact that the borrower is a senator."
Mozelo wrote, not Conrad, Mozelo. Yes Fannie Mae should be investigated so should Countrywide, they made loans that shouldn't have been made to people that shouldn't have got them. All Fannie Mae had to do was quite buying loans with Neg Am or stated income loans ( Countrywide's main programs)and we wouldn't be in this mess.This mortgage meltdown is far from over by the way. Your way to
partisian and misinformed on this issue. Take a deep breath and work on your
spelling and typing. "

Dewdrop wrote on Jun 16, 2008 7:14 PM:

" Mortgage Broker: YOU clearly donot understand that it is illegal for the senators to get paybacks of any sort! It was Sanaator Obama that began the investigation of Fannie Mae.... Duh! That led to Dodd and Conrad being found out about the 1% less than they charged anyone else. Conrad sit on the Budget committee, surely he knows, or he should know that it is wrong to let someone 'do him a favor' by cutting his loan interest rates! I guess he is not as smart as YOU thought!
Conrad (D-N.D.) said yesterday that he sees nothing wrong with calling Mozilo, the chief executive of the nation's largest mortgage lender, Countrywide Financial. And the Senate Budget Committee chairman is adamant that he received no special deals.

But by reaching out to Mozilo, Conrad became another VIP enrolled in the "FOA" -- Friends of Angelo -- loan program.

"[T]ake off 1 point," Mozilo instructed a subordinate in a March 17, 2004, e-mail obtained by Cond Nast Portfolio magazine. In another e-mail that April about a Conrad loan, Mozilo wrote: "Make an exception due to the fact that the borrower is a senator."

I do understand how interest rates work being a business person for 47 years!
You guys ATILL are just to darn funny! "

Dewdrop wrote on Jun 16, 2008 7:06 PM:

" mamamia, puttin on the dog! Still puttin on the dog... So what if you know your banker on a personal level.... who cares! In a town as small as the one you live in, it really doesn't matter! I can walk into any bank and get a loan without hav,ing to sign over any kind of colateral with my signature alone, that is how good MY credit rating is! So what does that have to do with Conrad lying about not knowing Mr. Mozilo? It was Obama that was going after Fannie Mae that caught not only Conrad but, Senator Dodd also! Good for them both!
CONRAD lied! First he didn't know the man, then he called him... sounds kind of like you, HE KNOWS HIM ON A PERSONAL BASIS! LOL! "

Barney wrote on Jun 16, 2008 5:20 PM:

" Mama Mia - the point is Conrad did NOT know this banker on a personal basis at all and got the phone number from the disgraced person who was vetting VP candidates for Obama and was forced to resign last week. Conrad by calling this person whom he DID NOT know was trying to do one thing and one thing only - he was trying to use his stature as senator to benefit himself personally, otherwise he would have filled out the application and let the underwriters take care of it. Conrad thinks he deserves not having to do what normal people do because of his title as Senator. Conrad got caught, tries to worm his way out of it with a charitable donation (which I'm sure he will deduct on his taxes next year - another slimeball move) and the Dems think that is OK, well fine, I expect a pass from you and others on the next Republican issue as well, but that won't happen. You should all be upset because its been proven that Conrad doesn't walk on water - even Big Eddy today said he was disappointed in Conrad, why can't the rest of you admit that? "

Mortgage Broker wrote on Jun 16, 2008 5:00 PM:

" To filius, you say
"Senator Conrad said he didn't know he got special treatment!!! that is the whole point here" Special treatment, compared to what??? He called, was told what he could get, he said go ahead. Ive done home loans for 27 years and people with good credit require much less time and work, so yes I'll give them a better deal.I recomend my clients shop around, that way they know there getting a great deal, did Conrad,? no idea? There is no story here,just venting and bitterness.
Dewdrop: Iam not gona address your statements, you clearly don't get it or more likely don't wanta get it, your statement " blame Obama" exposed you. "

filius wrote on Jun 16, 2008 4:24 PM:

" to Mortgage Broker,
Duh. Everyone wants a good deal and if you qualify for one you take it. You said that if they (your customers) qualify for one you give it...but do you tell them that you made them a GREAT deal because they are a returning customer with GREAT credit? Yes, of course you do. Then they will refer other people to you because you are a "good guy."

Senator Conrad said he didn't know he got special treatment!!! that is the whole point here. That was a lie. If his banker made him a great deal, he would say "Kent you have great credit and a stellar payment history, so I gave you a discount that is only available to people with great credit and a stellar payment history." If that was all there was to this story, it wouldn''t be a story. He was given preferential treatment for having great credt, a stellar payment history ...AND being a person of influence in the Senate. There is the foul. "

MamaMia wrote on Jun 16, 2008 3:09 PM:

" Dewdrop: Not puttin' on the dog at all, just stating a fact of life. When you know your banker on a personal basis he/she would be the go-to guy. And. . .who knows, because of that friendship, you may get a better deal. Happens all the time, but maybe not in your little world. B-O-O H-O-O! "

Dewdrop wrote on Jun 16, 2008 2:19 PM:

" Mortgage Broker:
How do you know Conrad was already in the system? Who said Conrad had already dealt with Mozilo?
CONRAD'S WORDS:
"I called (Mozilo). I said, 'I'm buying this property. Would you be interested in the mortgage?', and he said, 'Yeah. Call these people and we'll take a look,' Conrad said." TAKE A LOOK!
Does this sound like he was a 'return client'? I don't think so! He had to talk to other people! Did you actually read this part where I said this:
REST OF THE PEOPLE IN MY SITUATION? There are millions of us that have good ratings and we do not get what Conrad got... why because he was a VIP! Or thinks he is! Anyway, Obama was criticizing Countyside for the practices they were involved in.... And Conrad was involved with in that practice! Blame Obama for getting Conrad into it! You guys are just to darn funny! "

Dewdrop wrote on Jun 16, 2008 2:01 PM:

" MamaMia wrote:

" If I need a loan I call my bank's president, not some loan officer on the floor. Why? Because I can. Nuff said."
Putting on the dog!
My, very imporotant person, hmmmm? You CAN call the president, it doesn't mean he will give you a break on the rates! Most people are happy to talk to the loan officers! That is what they are there for! Quit...putting on the dog! "

reader wrote on Jun 16, 2008 12:48 PM:

" I think it was foolish of him to let this out of the bag. it can only hurt him. "

filius wrote on Jun 16, 2008 12:11 PM:

" how can a guy who is known for his brilliance with financing say that he didn't realize he was getting a "deal" that other people were not offered? it is in poor taste to not admit that he took a great deal when it was offered. I know it may hurt him, but there is no way that a self-proclaimed budget hawk missed the fact that there was something in his paperwork that indicated he would save 10K a year from the rate he was given "

Mortgage Broker wrote on Jun 16, 2008 11:30 AM:

" to Dewdrop: you say"There are thousands of us that have good credit ratings, mine is very, very, very good. I can walk into any bank and get a loan or get a credit card with no problems, does that make me qualified to get a loan lower then the REST OF THE PEOPLE IN MY SITUATION? "
Yes Yes Yes is the answer, anytime I get a return client with good credit I give them a break on my fees and % rate. Ive already got the info in my computer, great credit requires less paperwork and I want them to come back, thats the way it is. Sorry to blow the logic in your rant but that is the way it works. Only a fool wouldn't try and get the best rate and Conrad's no fool. "

Andy wrote on Jun 16, 2008 11:13 AM:

" For anyone who actually believes Conrads story, I ask you the following simple question: Have you ever received a sweetheart deal on anything and not been told about it? Think about that for a second Companies or individuals go out of their way to advertise such sweet deals precisely so they can create a favorable impression, or exert influence over the consumer (or in this case borrower). Do the honorable thing, Mr. Conrad, and resign. "

Curious wrote on Jun 16, 2008 10:11 AM:

" Wasn't Conrad on the Joel Heitkamp Show last week denying he got any special treatment? Now the facts show otherwise. "

enough is enough wrote on Jun 16, 2008 9:42 AM:

" I am sure glad the majority of the Republicans realize what Senator Conrad, and Senator Dorgan have done for the state of ND. It is those people along with the Democrats that realize what good people we have representing our state. Maybe Ed Schaefer should take some lessons. He is a yes man to Bush and thank goodness his term will be short. He never did anything as governor except his fishy, fish farm!!!!! "

Dewdrop wrote on Jun 16, 2008 9:25 AM:

" Mom of teens, what does Bush or cheney have to do with this... OFF TOPIC, MADAM!
There are thousands of us that have good credit ratings, mine is very, very, very good. I can walk into any bank and get a loan or get a credit card with no problems, does that make me qualified to get a loan lower then the REST OF THE PEOPLE IN MY SITUATION? ( there are thousands and thousands of people like me) THAT IS WHAT KENT CONRAD DID! How do we KNOW that he has such a great credity rating? Aren't those things private? YOU are assuming things that YOU are not able to prove. Just because he is a senator does not PROVE he has a good credit rating! Did you by chance see his credit score? LOL!
And I do not think you gained any points by saying that other people have a lower credit rating than Conrad does! Just because one has money does not mean a thing to the credit rating! "

TR wrote on Jun 16, 2008 8:50 AM:

" So Kent donates $10,500 to Habitat For Humanities: that amounts to what his sweetheart loan saved him in one year. Shouldn't he donate that amount for every year he had the loan with interest? A member of the Finance commitee doesn't know what his mortgage rate is? No wonder the country is in trouble. "

MamaMia wrote on Jun 16, 2008 8:48 AM:

" Tempest in a teapot. If I need a loan I call my bank's president, not some loan officer on the floor. Why? Because I can. Nuff said. "

bad credit wrote on Jun 16, 2008 8:40 AM:

" i know for a fact that if you have a good relationship with your banker, they will help you out if you keep doing business with them. For those that own rental houses, apts, etc....your banker will give you discounts to keep bringing your business to them. Is that preferential treatment? I don't think so, i think it is good business. If you have good credit and make your payments, a high debt to equity can still get you another home loan....and with discounts. "

Nickel Trophy wrote on Jun 16, 2008 6:55 AM:

" Kent Conrad is a liar.

Remember in the 90's when he said he would not run for re-election to the Senate if the budget wasn't balanced? He even went on the Senate floor and made a huge speech about it, and it was on the national news. Then he changed his mind and ran for the late Q. Burdick's seat. He said some garbage about since Burdick died that "everything changed," and that he didn't really break his promise because he didn't run for re-election, he really ran for a NEW seat (Burdick's).

And now he comes out and says he did nothing wrong in this Country Wide case, only to admit it one day later, and then give the $10,500 to charity. He makes amends after getting caught -- how about not doing the unethical deed in the first place?

I wish us ND voters weren't too stupid to get rid of him.

NT=nickel trophy "

Bent Lawnrad wrote on Jun 16, 2008 12:00 AM:

" This guy needs to go, what is with the Dems and Countrywide lately? Jim Johnson, now Kent. Ed Schafer, I hope you're paying attention. You may be the only ND Republican that could beat Kent or the other guy with fake hair. "

just a hick wrote on Jun 15, 2008 11:54 PM:

" Mom of teens: the break you get on interest for paying on time and having good credit rating are the same all people in similar situations get. Sen. Conrad got the break because he is a person of influence and used that influence, that we the people gave him, to get a cheaper rate and a loan that takes special authoriztion from high ranking executives. Neither you nor I would get that benefit. What he did is abuse of power, plain and simple. By the way, President Bush has nothing to do with this situation. "

Barney wrote on Jun 15, 2008 9:19 PM:

" mom of teens - the point is that Conrad used his name and his stature to get the "discount", that is what is wrong. Conrad knew by calling the CEO of Countrywide that they would "help" him out, if he didn't he is just plain stupid, ignorant or a good liar.

Conrad's actions are what the problem is all about, in my opinion, he knew exactly what he was doing. "

mom-of-teens wrote on Jun 15, 2008 2:33 PM:

" So, I guess none of you have ever gotten a good interest rate on a mortgage, or a discount on anything EVER in your lives, huh? Geez, what hypocracy! I get a one percent discount on my STUDENT LOAN when I pay ON TIME! I guess none of you have good credit scores or ever pay on time, or have good business relationships with bankers, wow how sad your financial lives must be if a ONE PERCENT discount puts your undies in a twist! Maybe you should be more concerned about what your president and vice are doing instead of trying to bad mouth someone who ACTUALLY HAS credibility in Washington! "

mom-of-teens wrote on Jun 15, 2008 2:25 PM:

" Yeah, just like Bush and Cheney didn't "know" Saddam didn't have WMD; and just like they didn't "know" when or where terrorist attacks were going to happen; and just like they didn't "know" that Hurricane Katrina was going to be devestating; ever hear of a 35-count resolution to impeach Bush for those VERY things?? The world is full of liars, isn't it?? "

Lee wrote on Jun 15, 2008 1:22 PM:

" I'm an expatriate North Dakotan in Texas, and just read about Conrad's corruption on the Drudge Report, what an embarrassment, please get rid of this bum. Pubic officials should be held to a higher standard, not misuse the power & responsibility entrusted to them as your representative. "

marica wrote on Jun 15, 2008 12:56 PM:

" come on people--when there is NO-CHANGE-there is NO-CHANGE "

Don wrote on Jun 15, 2008 8:03 AM:

" Yeah, pretty sad is'nt it. The only time that our Congressional representatives want to talk to us is when they want your vote. In the mean time it's politics ( the dirtiest game in town) as usual. Don't blame a Preident for everything that's wrong. He can do nothing without the approval of Congress. The President suggests. Congress decides. "

change wrote on Jun 15, 2008 7:50 AM:

" He knows he will be re-elected again don't worry nothing will change just a bump in the road for him. "

Williston Cynic wrote on Jun 15, 2008 7:20 AM:

" If Conrad does not know what interest rates are and if he is getting a discount, I would like to sell him some Sakakawea lake front property. "

coal miner wrote on Jun 15, 2008 6:37 AM:

" Hey Kent

I saw the story on Fox news!!! Thanks for making a life long North Dakotan proud!! "

INSIDE LOOKING IN wrote on Jun 15, 2008 1:44 AM:

" THIS IS NOTHING BUT A JOKE AND THEY ACTUALLY THINK PEOPLE ARE STUPID ENOUGH TO BELIEVE HIM...... THROUGH HIM OUT NEXT TIME HE COMES UP FOR HIS TERM... "

Matt Schatz wrote on Jun 14, 2008 11:48 PM:

" Kent Conrad thinks too much like Tom Daschle...We dumped Tom and I think if the North Dakota people are smart, they would certainly dump Kent. He is a detrament to us who pay taxes. "

kk wrote on Jun 14, 2008 10:41 PM:

" Let us all remember this when we go to the polls to vote~ these guys do nothing to represent us nor do they care. They are no more North Dakotans than the man on the moon~ big money big politicans~ "

CEO wrote on Jun 14, 2008 9:17 PM:

" I watch his back and he watches mine.
Washington politics as usual. "

Leaf wrote on Jun 14, 2008 7:37 PM:

" C'mon, everybody! We all call the CEO of a major national company when we want to do some everyday business with them, don't we? ; ) "

funny wrote on Jun 14, 2008 7:00 PM:

" The guy only owns a house in dc but an apt here.... where does he actualy live? lets keep voting the stooges in. we need new for all three "

Vacation Home ND wrote on Jun 14, 2008 4:16 PM:

" There are good lots available at Pick City or Riverdale. You seem to live and vacation in other states. To good for us? Spend your free time in North Dakota for a change. Maybe spend your money here for a change. Vote in a farmer or rancher from North Dakota. These are just Washington wanta-be's. Not true North Dakotan's. "

Vacation home wrote on Jun 14, 2008 4:14 PM:

" Must be quite the vacation home for over a million dollars. But then again that is the Washington DC area for ya....Now CountryWide is being bought by BankAmerica and who has to approve that buyout?

This is more than an appearance of wrong doing, in my way of thinking. "

Rich wrote on Jun 14, 2008 3:29 PM:

" Hey Down to Earth, you are right, none of us are perfect, but we aren't in leadership positions and use our position to make financial gains. That is pure dishonesty, no matter how you look at it. I agree with an earlier comment, if this was a republican under the democrats majority, there would be a full fledged investigation and reprimmand. Mr (light on the mr) Conrad misused his power, and he could at least apologize for his actions. They all deny wrongdoing when the news breaks. Sad but true.

The sorry part is that the people of ND just keep sending this guy back, and I just don't see what real positive things he has done for this state. A farm bill? Yeah, right, 70% of which is used for food stamps and help the illegals in this country. Our men in Washington need to remember where they came from, and get back to serving US, their contituents. They are out of touch, just like their fellow members in congress. Democrats and Republicans alike. "

just a hick wrote on Jun 14, 2008 3:19 PM:

" To down to earth: Did you call the CEO of WAMU to get your interest rate and loan approved? That is the issue. "

sdflash wrote on Jun 14, 2008 3:14 PM:

" So a United State Senator called the Chief Executive Officer of a major corporation to ask if he would be interested in giving him a mortgage. I seriously doubt that this CEO spends a lot of his day writing individual mortgages for customers, so what exactly was the good Senator calling him for if he didn't want some sort of special treatment! For him to be caught and exposed of using his elected position to personally benefit himself and then to tell us that he is surprised that he received a special deal is another example of just how rotten our political system has become.

Why do we put up with this kind of behavior from our elected officials and constantly reelect Senator Conrad. His quote about this being an "appearance" issue so he did nothing wrong sounds like legal blabber and is an insult. "

down to earth wrote on Jun 14, 2008 2:15 PM:

" We had a loan from Washington Mutual for 5 1/2% interest several years ago. Our credit rating was excellant and we had collateral, which is what Senator Kent Conrad has I'm sure. We recently purchased another property and recieved the same interest rates from our regular bank for the same reasons, good credit and collateral. We are low risk patrons.
And to answer another response, Obama can not control what another person says, especially his Pastor. It would be very difficult to leave your church after 20 years, and if you left after every remark that did not please you, you probably would not find a church to attend. None of us is perfect, don't you know? "

Barney wrote on Jun 14, 2008 1:34 PM:

" Senator, I would like to refinance - can you give me the phone numbers of your buddies who can help me out, but then again because I don't drive a John Deere or a CaseIH you don't care what happens to me, so I guess I am on my own and have to do things the legal way. "

Fishy is right wrote on Jun 14, 2008 12:51 PM:

" "I did not think for one moment, and no one ever suggested to me, that I was getting preferential treatment," So, you mean to tell me that our U.S. Senator was not aware of the going rates for interest when he bought/refinanced his vacation home? I think not. He may not have actually been told, but he knew. "

Barney wrote on Jun 14, 2008 12:25 PM:

" Oh no Conrad never has lied to us (i.e. - I won't run again if the budget isn't balanced) and we are supposed to believe him now. Come on a guy who paints himself as so bright and savvy on budgets and numbers didn't know he was getting a preferred rate - give me a break. He may not have asked for it but he certainly didn't contact them and say, "You know I think my rate is too low, can you see to it that I'm not treated any differently?". Come on a smart budget guy like Conrad not knowing his rate was different, the laugh of the day. Conrad we are not stupid - you would like to think we are but we aren't. "

Vetter wrote on Jun 14, 2008 11:10 AM:

" Yeah kent....just like obama didn't know what was going on in his church.... play stupid and deny it, something you libs are getting pretty good at.... "

ND Resident wrote on Jun 14, 2008 10:58 AM:

" Get real Kent. If this was a Republican doing this there would have been a full scale investigation and a hearing in the Senate on impeachment before the story even broke. "

kk wrote on Jun 14, 2008 9:23 AM:

" who is using my name??? kk?? good thing I agree with you~ "

Hank wrote on Jun 14, 2008 9:04 AM:

" So our "Budget Hawk" is supposed to be the sharpest eye in Washington on budget issues, yet doesn't know how he got such a good deal on a loan.

Why doesn't Conrad have a vacation home in North Dakota? Is he too good for us now? "

cq wrote on Jun 14, 2008 8:44 AM:

" $141,000 sure can buy a lot in Washington! Mortgage rates are awesome out east! "

just a hick wrote on Jun 14, 2008 8:43 AM:

" The good senator calls the CEO of a lending company for a loan and doesn't see a problem. Time to come back to earth. So much for being a populist. "

wal wrote on Jun 14, 2008 8:24 AM:

" Kent said he "deals with heads of companies every day". If Kent was not looking for preferential treatment, why did he call the CEO of a huge company? He could have called a bank president, which is a bit unusual but more believable, but NOT the CEO at the national level. Over a million dollars on a vacation home!?! Kent got caught doing something he shouldn't have - he knew what was going on! Look at how his stories have changed the past two days since this story broke! "

kk wrote on Jun 14, 2008 8:01 AM:

" It doesn't surprise me with all the corruption in Washington. Thats the reason the country is in the position it's in now. They could care less as long as they line their pockets "

Economic Conservative wrote on Jun 14, 2008 7:57 AM:

" I know I, for one, am really getting tired of our politians treating us like we are stupid. Come on Kent, do you really think we buy this " I didn't know I was getting a preferential rate" garbage, or are you so out of touch with what is taking place in the real world that you have no bussiness representing us? Senator, if you really are that out of touch with what is happening in the economic climate of this country that you don't know what a normal interest rate is, STEP DOWN NOW! We need knowledgable representatives, not idiots or liars. "

jim wrote on Jun 14, 2008 7:46 AM:

" why should i be surprised? when running for his first 6 year term in the us senate, kent said if elected to the us senate and if the budget wasn't balanced, he would not run again. using weasel words and tactics he is still in the senate. he has convinced the socalists of nd that buying votes with tax payer dollars is ok and our state can't live without him. shame on you boot licking socalists that continue to put him back in office. the thing that's amazing to me is that he has never, never publicly admitted he made a mistake. perhaps he walks on water too.

socalists - coffee's brewin' can you smell it? "

dof wrote on Jun 14, 2008 7:29 AM:

" Oops...my bad.... its becoming millionaires with an annual income of $162,200, not $141,000.... maybe the additional $21,200....makes it easier, or not. "

Dewdrop wrote on Jun 14, 2008 6:43 AM:

" ha ha ha! "

dof wrote on Jun 14, 2008 4:46 AM:

" Oh, oh.....is this how we become millionaires with a job that only pays $141,000 per year? "

gg wrote on Jun 14, 2008 4:23 AM:

" Something smells a little fishy here, Kent................... "

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