Kent Conrad Rushing To Explain Away Countrywide Scandal Before It Grows Legs In North Dakota

• June 20, 2008

Via a friendly source in the North Dakota media comes this soon-to-be-published op/ed from Kent Conrad which seeks to defend the Senator on the Countrywide Mortgage scandal.
Here’s the text of the email being sent out with the op/ed:

Good afternoon. Below is an op-ed that Senator Conrad would like to submit for publication in your paper. While I know it is longer than usual, it deals with a complicated issue and deserves as much space as you can afford. I thank you in advance for your consideration. Please do not hesitate to contact me if you have any questions or concerns.
Kind regards,
Sean
Sean Neary
Director of Communications
United States Senator Kent Conrad

I’m sure the North Dakota media will give Senator Conrad all the space he needs to defend himself.
I’ve included the entire text of his op/ed in the extended portion of this entry, but here’s three points to take away from this rather self-serving piece of horse puckey:
First, Conrad says that he never intended to ask Mozilo for the loan. Yet Conrad has been quoted by the Associated Press as saying he “called him [Mozilo] up” to ask for the loan. Is that an inaccurate quote? It could be, but even so Conrad still called a high-ranking move-and-shaker in the mortgage industry (Jim Johnson), which isn’t exactly the action of someone who is just looking for a run-of-the-mill loan. Clearly, Conrad was looking for a deal from someone. And what are the chances that Conrad would call up Johnson who just happened to be in the same room with the CEO of a major mortgage company who was more than happy to give Conrad a cushy, VIP loan? Seems like an unlikely coincidence to me, though one that’s very convenient for Conrad who is scrambling to get out of the way of this scandal.
Second, Conrad tries to minimize his savings on the loan as though $10,700 were mere peanuts. I’m sure there are a lot of North Dakotans, hell a lot of Americans, who would love to have saved $10,700 on their mortgage.
Third, let’s remember that Kent Conrad is not a stupid man. He knew Countrywide was waiving fees for him and lowering the interest rate on his loan. He also knew that, after receiving this special deal from Countrywide, he helped grease the wheels for a $300 billion bail-out bill for the mortgage lending industry in which Countrywide is the largest player.
Perhaps the most interesting thing in Conrad’s entire op/ed is the fact that he didn’t mention this bailout legislation at all. I guess he has no convenient explanation for that.
Conrad and his allies in the North Dakota media (and make no doubt about it, he has a lot of them) will no doubt try to make this go away. They’ll pretend like it’s no big deal. “An honest mistake from a dedicated public servant” is how they’ll spin it. But at the end of the day this is what happened: Kent Conrad got $10,700 in savings and some special treatment on a mortgage from Countrywide Mortgage and then turned around and pushed through legislation potentially worth hundreds of millions of dollars to Countrywide Mortgage.
Perhaps the most appalling thing in this whole mess for this particular North Dakotan is not so much that Kent Conrad allowed himself to be bribed, but that his price was so low.
Conrad should resign. Now.

Tags: North Dakota News, Politics, The Loony Left

http://Array gilbyguy

In 2004, I also financed an eight unit apartment building in Bismarck, in which I live.

Hmmmm … I own a town home in Georgetown, a beach house in Maryland, but I live in a dumpy apartment in Bismarck.

Riiiiiiiighhhhht!!!!!
Conservative Reader

And don’t forget that Conrad has accepted several thousand dollars in campaign contributions from Countrywide execs.
http://SayAnythingBlog.com The_Whistler_ofnd

I think reporters should ask to visit his home in Bismarck to verify that he lives there.
gilbyguy

Errr that bold text is a direct quote from Sen. Conrad’s Op-ed.
FlyOnTheWall

Thirty pieces of silver…Thirty pieces of silver…Thirty pieces of silver
http://SayAnythingBlog.com The_Whistler_ofnd

I love that, back in his 20′s he didn’t get any special treatment.

Well let’s see. Back then you weren’t in position to ruin or favor a bank.

As if we’re supposed to assume that it’s ok he hasn’t learned anything in the last 30 years or so.
Bat One

I have never asked for, expected or was aware of any special favors by Countrywide executives.

A third rate and classless attempt at parsing, with none of Bill Clinton’s rhetorical flair. Conrad told Mozilo that he needed the mortgage, which in Conrad-speak isn’t quite the same thing as asking for a mortgage.

I also consulted a mortgage broker in Washington, D.C. He offered me the identical rate as Countrywide.

First, that broker was almost certainly hooked up with Countrywide anyway. Few brokers weren’t. Second, more parsing. Thus far, at least, the rate hasn’t been the issue The fees, specifically the origination fee have been. What happened here is that Countrywide waived the $10k origination fee (1%). The broker didn’t address that in the the Bismark Tribune, because he wasn’t asked and because he never saw the Countrywide Good Faith Estimate (GFE) in any case..

As for Conrad being “unaware” that Countrywide waived the origination fee, in the first place I guarantee both Conrads’ signatures are on that GFE… as are the fees. Second, apparently Conrad didn’t take the mortgage broker’s quote seriously since he obviously never compared the brolers figures to Countrywide’s. Finally, all fees are required to be listed on the Settlement State (HUD-1), a tiresome number of copies of which Conrad and his wife signed at the closing. Is the public to believe that a US Senator who has several mortgages under his belt doesn’t know what’s on the Settlement Statement? Nobody over 18 is that obtuse, Senator. Sorry!

All of which proves once again that Mr. Conrad is either too disingenuous for public service, or too stupid. In any case, what is not true is that the people are so stupid as to believe this stuff. Hard to imagine a less artful dodge than this.
http://www.valleydeals.com/cgi-bin/board2/YaBB.pl Kevin

How can I get on the same gravy train Gaylord Conrad has been riding almost all his life?
http://www.valleydeals.com/cgi-bin/board2/YaBB.pl Kevin

your own damn elevators

Automatic elevators with human operators pushing the buttons.
Pomerdorgrad

After you’ve been in the U.S. Senate for 22 years, served by sycophants and lobbyists and your own damn elevators, you expect special treatment. It’s a rare public servant who doesn’t go native.
gilbyguy

Perhaps the most appalling thing in this whole mess for this particular North Dakotan is not so much that Kent Conrad allowed himself to be bribed, but that his price was so low.

That, my friends, is called a smackdown. Nice job, Rob.

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Kent Conrad Rushing To Explain Away Countrywide Scandal Before It Grows Legs In North Dakota

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