Sen. Dodd and Sen. Conrad both received preferential loans from Countrywide, according to testimony in front of a Senate ethics committee. The AP is reporting that, not only did they receive preferential loans, but they knew about it.
I don’t know if they knew that they were getting preferential treatment, although I suspect they did. Either way, this is disturbing news. Members of Congress get preferential loans and yet they still apparently have no ability to stop Countrywide, now Bank of America, from its foreclosure boom. The average American gets hammered in the economy and two very wealthy folks get preferential treatment from a company that they are supposed to be regulating and have failed to regulate.