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“Chris Dodd’s Mortgage Nirvana”

By Michelle Malkin  •  February 3, 2009 04:28 PM

Senatorial perks. Ain’t they grand? Loan Zen breaks down the little bit of information Sen. Dodd deigned to release yesterday:

So let’s ponder this scenario friends. You’re the head of one of the most powerful committees in the world. You get a sweetheart deal from the tannest man in America on not one but two mortgages. Someone discloses the “less than fair” deal after the market turns to pixy dust. You throw a news conference admitting you’re wrong and that you’ll make it better by refi-ing out. You go ahead and refinance at market historic lows — paying 2 points on both deals — at the rate of 4.375% for a 30 year fixed loan. You walk away saving $7,325.69 per year on your mortgages. Now this is a beautiful country.

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

Posted in: Subprime crisis