Dodd Says He Will Refinance His Countrywide Mortgages
U.S. Senate Banking Committee Chairman Christopher Dodd said he and his wife will refinance two mortgages with Countrywide Financial Corp. in response to criticism that he got preferential terms, Bloomberg reported.
"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," Dodd said today at a news conference in
The Connecticut Democrat, whose panel oversees the
Dodd and Senator Kent Conrad, a North Dakota Democrat, received loans through Countrywide's "V.I.P." program, which waived points, fees and loan restrictions for prominent people, Portfolio magazine reported in June.
Dodd said he refinanced mortgages in 2003 on a
"We negotiated only with loan officers," Dodd said. "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 the relationship immediately."