Countrywide Scandal Extends to Senate

(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»

(NEWSER) - Democratic Sens. Chris Dodd and Kent Conrad were fully aware they were getting sweetened mortgage deals, the Countrywide Financial exec who handled their loans has told congressional investigators. The testimony from the loan officer to the House Oversight and Senate Ethics committees directly contradicts the senators' assertions that they had no idea they were getting discounts under a VIP program, the AP reports. More»

Lawmakers wary of unearthing more Countrywide ties

(NEWSER) - GOP lawmakers are leery of investigating mortgage deals Countrywide may have arranged for members of Congress, even though a fellow Republican is leading the charge, Politico reports. More Democratic ties to the troubled lender would give the GOP ammo in a cycle seemingly stacked against it—but the people who must pull the trigger are apprehensive about “opening Pandora’s box,” said one aide. 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) - The long slide from the top continues for former Countrywide chief Angelo Mozilo. Staffers at the SEC have recommended filing a civil suit against him on charges of fraud and insider trading, reports the Los Angeles Times. Countrywide had been the nation’s largest mortgage lender before it nearly went belly up last year and was acquired by Bank of America. More»