Dodd, Conrad Cleared But Scolded in Mortgage Probe

(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»

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»

Baucus leads 'Board of Directors' in tough bipartisan negotiations

(NEWSER) - If Barack Obama succeeds in overhauling America's health care system by the end of 2009, he'll have to thank a bipartisan group of nine senators charged with developing a bill that can muster 60 votes. The "Board of Directors"—named by Max Baucus, Obama's go-to figure for health reform—has been holding weekly meetings to flesh out a deal, but as Politico reports, it's been slow going. 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»

Lawmakers love how it explains meltdown

(NEWSER) - Listen to debate over financial reform on Capitol Hill for any length of time and you might think lawmakers were being paid to plug The Big Short, by Michael Lewis. They're not; they just love the way the book explains the financial meltdown and how a handful of investors made a mint on the subprime collapse. Politico counts 15 public mentions of it in hearings or news conferences. (Chris Dodd: "Read this new book, The Big Short." Harry Reid: “I recommend everyone within the sound of my voice to read the book.”) More»