Countrywide’s VIP loan program

Behind the scenes stuff that happens that our leader claim do not buy influence.

  Christopher Dodd

U.S. senator (Democrat, Connecticut); chairman, Senate Committee on Banking, Housing, and Urban Affairs

 1. May 3, 2002
Loan type: Refinance
Amount: $388,991
Rate: 7.38 percent
Property: Washington townhouse
 
2. June 16, 2003
Loan type: Refinance
Amount: $275,042
Rate: 4.5 percent
Property:Residence, East Haddam, Connecticut
V.I.P. Treatment: Three-eighths of a point waived, or $2,000; received free float-down from 4.875 percent to 4.5 percent

3. July 9, 2003
Loan type: Refinance
Amount: $506,000
Rate: 4.25 percent
Property: Washington townhouse
V.I.P. Treatment: One-fourth of a point waived, about $700; received free float-down from 4.875 percent to 4.25 percent

Richard Holbrooke
Former U.S. ambassador to the United Nations

1. November 26, 2002   
Loan type: Refinance
Amount: $675,000
Rate: 5.00 percent

2. February 28, 2003
Loan type: Refinance
Amount: $1.2 million
Rate: 5.38 percent
Property:Vacation home, Telluride, Colorado
V.I.P. Treatment: At least 1.25 points ($15,000) waived, per Angelo

 

William Esrey
Former chairman and C.E.O., Sprint

1. September 27, 2002
Loan type: Home-equity loan
Amount: $1.5 million
Rate: 3.75 percent
Property: Primary residence, Kansas

2. September 27, 2002
Loan type: Refinance
Amount: $748,100
Rate: 5.38 percent
Property: Primary residence, Kansas
V.I.P. Treatment: 1.25 points waived; about ($9,000)

3. September 27, 2002
Loan type: Refinance
Amount: $1,794,800
Rate: 5.75 percent
Property: Vacation home, Vail, Colorado
V.I.P. Treatment: Seven-eighths of a point waived ($15,000)

4. July 30, 2002
Loan type: Home-equity loan
Amount: $2 million
Rate: 3.75 percent
Property: Vacation home, Vail, Colorado

Donna Shalala

Former secretary, Health and Human Services; currently president, University of Miami

1. October 7, 2002
Loan type: Refinance
Amount: $338,685
Rate: 5.13 percent
Property: Washington property
V.I.P. Treatment: Received free float-down from 5.375

2. September 27, 2002
Loan type: Purchase
Amount: $202,300
Rate: 6.00 percent
Property: Florida condo
V.I.P. Treatment: Received free float-down from 6.25; received owner-occupied status on a second residence

Franklin Raines
Former chairman and C.E.O., Fannie Mae

1. July 31, 2003
Loan type: Refinance
Amount: $986,340
Rate: 4.13 percent
Property: Washington residence
V.I.P. Treatment: No points (one waived)

2. April 30, 2003
Loan type: Refinance
Amount: $982,253
Rate: 5.13 percent
Property: Washington residence

 

Henry Cisneros
Former secretary, H.U.D. (1993 to 1997); former Countrywide director (2001 to 2007)
                
1. November 26, 2003
Loan type: Home-equity line of credit
Amount: $60,000
Rate: 6.50 percent

  The average person never had a chance at getting one of these loans.    If the banks did loans like this for even the best borrowers they would be out of business.  The worst part is our leaders claim that these loans where done as banks competing for their business and not for influence.  YA RIGHT!  The worst part of this is that Sen. Dodd is not the only politition involed in this sweethart program.

 

  This information was leaked out to me from a former Countrywide employee involved with the VIP program and in my opinion is most likely correct.   This VIP program within Countrywide was jokingly called amongst the employees “Friends of Angelo Loan.”   

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