Dodd to Refinance Mortgages

Posted February 2, 2009 at 12:42pm

Senate Banking, Housing and Urban Affairs Chairman Chris Dodd (D-Conn.) said Monday that he will refinance two mortgages that he received from the controversial Countrywide Financial Corp., which has been accused of giving favorable loan terms to lawmakers.

According to the Associated Press, Dodd told Connecticut reporters that a third party will help him find a company to refinance the mortgages for his homes in Washington, D.C., and East Haddam, Conn.

Dodd has acknowledged receiving the mortgages in 2003 through a Countrywide VIP program. But he has insisted that he never sought or received favorable treatment and said he is switching mortgage companies in part to show that he is not a friend of Countrywide’s former Chief Executive Officer Angelo Mozillo.

Countrywide Financial was purchased last year by Bank of America.