Michelle Malkin » Dodd absolves himself of wrongdoing, “releases” financial documents that public cannot view

Dodd absolves himself of wrongdoing, “releases” financial documents that public cannot view

By Michelle Malkin • February 2, 2009 04:30 PM

A follow-up to my earlier post about unscrupulous borrower Chris Dodd’s announcement that he will be refinancing his sweetheart mortgages: It seems he compiled an “independent” report that — surprise! — absolves him of any wrongdoing. And in response to pressure that he release his financial records to the public, Sen. Dodd “released” about 100 pages of information to members of the press…who weren’t allowed to copy them and could only take notes for a short period before returning them.

Ain’t The Age of Disclosure and Transparency grand?

Via the Hartford Courant:

In response to pressure since last year that he demonstrate his full relationship with home mortgage lender Countrywide Financial, Sen. Chris Dodd release his 2003 mortgage documents today in Connecticut. “I regret I did not do this sooner and I apologize to the people of Connecticut for the delay,” he said in a statement.

After having been accused of taking part in a special VIP program with the lender — now owned by Bank of America — he has steadily insisted that he received no special treatement because of his Senate status. But though he had promised to release documentation last year, he had then said he would postpone doing so until the Senate ethics panel had a chance to review the accusations against him. Then, he apparently changed his mind again.

Dodd said again today, “There was nothing special about the rates, fees, or points. We were never offered special or sweetheart deals and if anyone had made such an offer, we would have severed that relationship immediately.”

Dodd released more than 100 pages of documents, which he said were also provided to the ethics committee…

….these documents were only made available to members of the media at today’s session. They were allowed to review the documents and take notes but not to take copies with them.

He did, however, make his little absolution report available and this full statement:

HARTFORD, CT – Senator Chris Dodd (D-CT) and his wife Jackie met with members of the media today to make public all of the documents that they possess related to their 2003 mortgage loans.

The Dodds also released a report from Cross Check Compliance, an independent, Chicago-based professional services firm with over 75 years of combined financial services and mortgage lending experience. The firm compiled and analyzed market data on mortgage rates and fees from 2003 and determined that the rates and terms on the Dodd’s loans were well within the market at that time.

The report and additional information about the 2003 mortgage market are attached. The full text of Senator Dodd’s statement to the media is below:

Statement of Senator Chris Dodd

Good morning. Today, we’ll be making public all of the documents that we possess related to the refinancings of our 2003 mortgage loans. I regret I did not do this sooner and I apologize to the people of Connecticut for the delay.

I planned on making these documents public after the Ethics Committee completed its work, but I should have realized that with national elections and the start of a new Congress it was unrealistic to expect the Committee to finish by now.

Let me start by making two important points.

First, Jackie and I acted properly in our mortgage refinancing negotiations. We did not seek or expect any special rates or terms on our loans and we never received any.

Second, the rates and terms we did negotiate were widely available in the market when we refinanced.

In the spring of 2003, when mortgage rates were dropping to a near 50 year low, and we did what millions of other Americans did – we refinanced the mortgages on our home in Connecticut, which I’ve owned for 27 years, and our home in Washington, which we bought together in 1999. There was an almost unprecedented level of mortgage refinancing in the spring of 2003 and lenders were aggressively competing to attract new customers or retain current borrowers.

We shopped around with several different lenders during that time, but decided to stay with Countrywide because they met the lower rates and terms that were readily available from other lenders. We had been a good customer, and it was easier to refinance with them than to originate new mortgages with a new lender.

We negotiated only with loan officers. There was nothing special about the rates, fees, or points. We were never offered special or sweetheart deals and if anyone had made such an offer- we would have severed that relationship immediately.

Today, we are making public over 100 pages of documents that include the details on our 2003 loans: the Connecticut refinance, the Washington, DC refinance and the home equity loan. These documents contain all the information about the rates, fees, points and terms of our loans. The documents also include the information about the float down of the rates that we negotiated for both the CT and Washington homes. These are all the documents that Jackie and I used and relied upon when we negotiated the refinancings of our mortgage loans including the home equity loan.

We are also releasing a number of documents that our lawyers received from Countrywide last summer. We had never seen these documents before.

These two sets of documents are all of the documents concerning these loans that we have in our possession. They have all been provided to the Ethics Committee.

Lastly, I’m providing an independent report from a firm that reviewed our loan documents, examined and analyzed loan rates across the mortgage industry and the real estate market at that time. The report clearly concludes that the rates and terms of our loans were available to similarly qualified borrowers at the time.

These documents put to rest any notion that Jackie and I received a special deal or sweetheart deal on our loans.

Allow me to address two other issues: the so called “friends of Angelo” list and the VIP program at Countrywide.

Let me be very clear, we are not friends of Angelo Mozilo and we have never been a friend of his. We have never communicated with him or anyone else other than loan officers at Countrywide about our mortgages. The first we ever heard of the “friends of Angelo” list was through press reports last summer. Apparently, Countrywide put us on this list, but it was without our knowledge or consent and as you’ll see we negotiated market rates and terms.

We were aware of the VIP program. We asked what it entailed and we were told that it was nothing more than enhanced customer service. For instance, being able to get a person on the phone instead of an automated operator.

We believed this was nothing more than a courtesy for highly qualified borrowers. We have since been told the VIP program includes thousands of customers.

Since we shopped around for competing rates at the time of our refinancing and since Countrywide was offering competitive rates and terms, we had no reason to believe that we were getting anything that wasn’t widely available to similarly qualified borrowers.

Let me conclude by saying – knowing what I know now, I regret having ever done business with Countrywide. As I said earlier, I also regret not making these documents public sooner. I respect the Ethics Committee process, but I also have an obligation to the people of Connecticut, who have a right to expect the highest standards from their elected representatives. And again, I am sorry that I did not do this sooner.

Lastly, Jackie and I have also decided that we will refinance our homes and, in an abundance of caution, we will be seeking a third party to negotiate the new loan terms on our behalf.

I am proud of my service as a United States Senator for these past 28 years. I understand there will always be people who disagree with my positions on certain issues, but I do not want anyone to ever believe that I would trade my office for personal financial gain. To believe that is to misunderstand everything that is important to me and everything that has motivated my work serving the people of Connecticut.

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Posted in: Chris Dodd,Corruption

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Comments

#1

On February 2nd, 2009 at 4:34 pm, cpodug said:

Why is it that all politicians(especially those with something to hide) have to channel their responses through a bank of attorneys? I’m sure his response and disclosure was vetted through at least five lawyers before being approved.
#2

On February 2nd, 2009 at 4:34 pm, sonofdy said:

So he produces 100 pages of documents for a mortgage, which can not be verified, and says, “well see I released them,,,, yoink!!! I got them back”

and thinks we will buy that?
#3

On February 2nd, 2009 at 4:34 pm, Coregis said:

I guess transparency and above the board dealings are only for the little people. I cannot believe that not one single reporter didn’t scarf up one of the documents and hidden it away for future viewing. These aren’t the reporters that I knew…..
#4

On February 2nd, 2009 at 4:35 pm, Freddy said:

Crooked is as crooked does.
#5

On February 2nd, 2009 at 4:35 pm, Paul Revere said:

What a tease!
#6

On February 2nd, 2009 at 4:36 pm, lottadawg said:

Un Huh!
#7

On February 2nd, 2009 at 4:40 pm, ThatSamIAm said:

Where is law enforcement? Shouldn’t they be looking into possible crimes involving elected officials?

Where are the fellow senators that should be ensuring conflicts of interests, bribes and kickbacks are not taking place?

Where is the media who is allegedly looking out for the American people?
#8

On February 2nd, 2009 at 4:49 pm, regularguy said:

Countrywide can thank Mr. Dodd for the loss of tens of thousands of dollars in mortgage interest they will lose starting next week when I refinance with a more worthy institution.
#9

On February 2nd, 2009 at 4:50 pm, sonofdy said:

I am sure that if he had found out that he had done something wrong he would have quickly turned himself in.

Right?????
#10

On February 2nd, 2009 at 4:56 pm, bayou22 said:

Reading this I hear the voice of Charlie Brown’s parents in my head.
#11

On February 2nd, 2009 at 4:56 pm, Flyoverman said:

The breath of fresh air in Washington D.C. smells like it does around hone when I am down wind from the sewage treatment plant.

I can’t wait for our leftist posters to get on and defend Dodd’s right to privacy….. YA RIGHT!
#12

On February 2nd, 2009 at 4:57 pm, mchristian said:

Chris Dodd is an immoral, lying sack of excrement. And those are his good qualities.
#13

On February 2nd, 2009 at 5:02 pm, AlohaGuy said:

“I am not a crook.”
#14

On February 2nd, 2009 at 5:03 pm, cicerokid said:

Invisible financial statements? Brilliant!
#15

On February 2nd, 2009 at 5:07 pm, Coregis said:

I know – there wasn’t a NYT reporter around at the press conference, since EVERYONE knows that they are very good at keeping secrets……
#16

On February 2nd, 2009 at 5:09 pm, conservativesRus said:

And how come “reporters” have not been picked up for aiding and abetting a crime?
#17

On February 2nd, 2009 at 5:21 pm, southsideironworks said:

Dear common people, it is all in your best interest. We are mere civil servants not out to line our own pockets with special privileges and perks.

We’re here to help you, honestly.

/sarc off
#18

On February 2nd, 2009 at 5:23 pm, maine yankee said:

Is there any evidence he ever made a payment at all ??
#19

On February 2nd, 2009 at 5:48 pm, Ron said:

Transparency? Yes, the emperor has no clothes, folks. Dems are just as unprincipled and despicable as we all knew they were from the get-go.
#20

On February 2nd, 2009 at 6:13 pm, FamilyMan said:

weren’t allowed to copy them and could only take notes for a short period before returning them

I tried that on mother one year when I had a bad report card. Didn’t work with her. Maybe we should have some moms on the press corp.
#21

On February 2nd, 2009 at 6:27 pm, tarpon said:

Aren’t you sure, that those that saw, will report the truth?
#22

On February 2nd, 2009 at 6:33 pm, graysonret said:

Dear IRS auditor, I paid my taxes and my 1040s are correct. I have the documents to prove it, too. Uh, you can’t have them, but I’ll let you glance at them for a minute. Signed, graysonret
#23

On February 2nd, 2009 at 6:44 pm, Hannibal said:

… I regret having ever done business with Countrywide. … I also regret not making these documents public sooner. … I am sorry that I did not do this sooner.

But most of all, I regret and am so sorry for getting caught. Let me go on record right now in advance, that Jackie and I are very sorry for whatever we get caught at in the future!
#24

On February 2nd, 2009 at 6:51 pm, Jet Jaguar said:

On February 2nd, 2009 at 4:56 pm, Flyoverman said:

The breath of fresh air in Washington D.C. smells like it does around hone when I am down wind from the sewage treatment plant.

It must be those smelly tourists that Reid ranted about.
#25

On February 2nd, 2009 at 6:57 pm, bansharia said:

HMM media could look at but not copy or report on sounds exactly like stunt Kerry pulled with some of his records.

both pals of the swimmer….
#26

On February 2nd, 2009 at 7:12 pm, docflash said:

I can smell the lies when reading this.Saying “Im sorry”is fast becoming the standard with all of Congress.Sorry also means other things.They are all crooks.
#27

On February 2nd, 2009 at 7:48 pm, ThatSamIAm said:

BREAKING NEWS: Charles Manson has just distributed an “independent” report that clearly shows he is not guilty. No details were provided, however, since it was an “independent” review we have to assume it is true.
#28

On February 2nd, 2009 at 8:25 pm, PKAmmoTroop said:

Nothing to see here folks, just democrats doing what democrats do best. Crime. Move along… don’t block the sidewalks…
#29

On February 2nd, 2009 at 8:58 pm, Henry said:

….these documents were only made available to members of the media at today’s session. They were allowed to review the documents and take notes but not to take copies with them.

This is the exact same thing McCain did with his health records. Remember what the moonbats thought of that?
#30

On February 2nd, 2009 at 9:38 pm, Marc said:

Dodd’s shenangigans don’t begin and end with Countrywide. BTW, we should always refer to Dodd as US Senator Christopher Dodd (D-Countrywide).
At the 1978 Democratic Party miniconvention in Tennessee, Dodd and Ted Kennedy got a little loopy and went to a doughnut shop where they had an Animal House style food fight. Then the two men of the people skidaddled out of the doughnut shop before paying the bill. When the local newsmedia got on to the story, Dodd and Kennedy paid for the doughnuts. This is still available in microfilm if anyone in the MSM cares to look for it. Of course, they won’t do it. The MSM is still busy digging for information about Nixon.
#31

On February 2nd, 2009 at 10:15 pm, MooDog2 said:

I see that nowhere in the newspaper article from the Hartford Courant is the party affiliation mentioned. Note to self: When offenders party is “D” don’t look for any party affiliation. When offenders party is “R” look for party affiliation in the first paragraph.
#32

On February 2nd, 2009 at 10:45 pm, chapoutier said:

I see that nowhere in the newspaper article from the Hartford Courant is the party affiliation mentioned. Note to self: When offenders party is “D” don’t look for any party affiliation. When offenders party is “R” look for party affiliation in the first paragraph.

For goodness sake. Its Dodd’s hometown paper. Every freaking one who gets it knows Dodd is a Democrat.

Slightly off topic: I destroyed the Courant’s Sunday crossword this weekend.
#33

On February 2nd, 2009 at 11:07 pm, vsatt said:

I hear ya, #3, where’s Sandy Berger when you need him?
#34

On February 2nd, 2009 at 11:33 pm, Dimsdale said:

Dodd is a fraud. If his mortgage paperwork exonerated him, he would have released it immediately, completely and publicly.

He did not, so they do not.

I guess he got tips from “I’ll release all of my military/medical records and put those Swiftboaters in their place (the day after never)” Kerry.

Of course, this pales in comparison to his role in the current economic debacle.
#35

On February 3rd, 2009 at 12:55 am, Politicalguano said:

Chris Dodd – Macaca. Means democRAT tax cheat/thief/embezzler/crook. Tom Daschle -Macaca. Same for Governors of New York/Illinois/New Jersey, mayors of Detroit and Miami and Phili – all Macaca. Dianne Feinstein sending defense contracts to her husband’s company – Macaca! Is there one Democrat mayor/governor/congressman/president that is not a felon or soon to be a felon? Just one? Barney Frank -Macaca. Harry Reid land deals – Macaca. Terry MacCaullife >$10 million sweetheart IPO deal Macaca. Clinton pardon of F. Rich after $1,000,000 contribution to Billy’s “library,” Macaca. Hitlery book deal and much more – Macaca. And on and on and on.No wonder these guys and gals are antigun – felons are their friends and family and they want them safe. Republicans in congress are like Jim Jones’ followers – soon to drink Macaca kool aid.
Buy an AR-15 and a couple thousand rounds of ammo and practice marksmanship. You will need it.
Macaca!
#36

On February 3rd, 2009 at 1:07 am, Bogtrotter said:

“….and thinks we will buy that?”

“We” won’t, “they” will. Sad to say.
#37

On February 3rd, 2009 at 10:54 am, WaterBoyz said:

Well, he has had plenty of time to “get his records in order”. for the “independent” lawyer/accounting group to “work it out.”

Just how long does it take to open a clasp envelope with the closing docs?
#38

On February 3rd, 2009 at 10:37 pm, mizzoujgrad said:

Why oh why do the people of Connecticut keep returning this sham of a public servant to the Senate?