Dodd, Conrad 'Knew They Scored Mortgage Deals'

(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»

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»

Troubled mortgage lender gave breaks to Dodd, other VIPs

(NEWSER) - Countrywide Financial made sweetheart deals for lawmakers and other high-profile pols who received mortgages from the disgraced lender, a Portfolio exposé reveals. The deals, which appear to violate both company rules and federal law, benefited "Friends of Angelo"—as in CEO Angelo Mozilo—including at least two US senators, Clinton and Bush Cabinet members, and an ex-UN ambassador. More»

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»