Dodd, Conrad 'Knew They Scored Mortgage Deals'

45K 'underwater' borrowers to be offered reduction

(NEWSER) - Bank of America is offering to slash mortgage-loan balances by up to 30% for thousands of delinquent borrowers who owe more than their homes are worth. The plan—part of an agreement to settle a lending-abuse suit—is one of the most ambitious moves yet to ease the foreclosure crisis, and is expected to serve as a model for other lenders, the Wall Street Journal reports. More»

'Letter of admonition' cites fibs surrounding Blagojevich

(NEWSER) - The Senate Ethics Committee today issued a “public letter of qualified admonition,” its gentlest censure, to Roland Burris. The Illinois Democrat had been required to come clean about his dealings with then-governor Rod Blagojevich before his appointment to replace Barack Obama, which he did—before amending his testimony. "You should have known that you were providing incorrect, inconsistent, misleading or incomplete information," the panel ruled. More»

Baucus, Dodd the only senators with secure seats at negotiating table

(NEWSER) - Every senator worth their salt is salivating for a seat at the table when Harry Reid merges the Senate’s two competing health care bills—but the vast majority will instead have their noses pressed to the glass. Reid hopes to speed things up by keeping the group small, Politico reports, with one Senate leadership source saying that it may come down to three men in a room: Reid, Max Baucus, and Chris Dodd. More»

(NEWSER) - Chris Dodd and Kent Conrad have been cleared of wrongdoing in taking preferred loans from Countrywide Financial, the Hill reports. But the Senate ethics panel gave both Democrats slaps on the wrist. No “credible evidence” of ethics violations emerged, the committee said in a statement, but two “should have exercised more vigilance” to “avoid the appearance you were receiving preferential treatment." More»

$8K for first-time buyers may jump to $15K, apply to all sales

(NEWSER) - With the tax credit for first-time homebuyers set to expire in November, congressional efforts to increase it and broaden its reach are ramping up, reports USA Today. Chris Dodd, who leads the Senate Banking Committee, supports a proposal to raise the credit to $15,000 and extend it to all buyers. The measures have wide support, but the fact that they cut tax revenue may make the concept a tough sell. More»