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The Countrywide Lineup

From senators to C.E.O.'s, Countrywide spread its favorable loans to a wide net of V.I.P.'s. Here, the rundown on who got what.
Condé Nast Portfolio writer Dan Golden pulled back the cover on Countrywide's practice of handing out favorable loans through its "V.I.P." program, which C.E.O. Angelo Mozilo endorsed. Here, in no particular order, a rundown of the characters in the Countrywide drama: who they are and the terms of the loans they received.

 

1.  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

 
2.  Kent Conrad
U.S. senator (Democrat, North Dakota); member, Senate Finance Committee

1. March 15, 2004
Loan type: Refinance
Amount: $1.07 million
Rate: 4.88 percent
Property: Bethany Beach, Maryland, vacation home    
V.I.P. Treatment: One point waived, equivalent to $10,700

2.
Loan type: Refinance
Property: Bismarck, North Dakota, eight-unit rental building (investment property)    
V.I.P. Treatment: Countrywide waived its policy of only funding mortgages for buildings with four units or less

 
3.  Clinton Jones III
Senior counsel, House Financial Services Subcommittee on Housing and Community Opportunity

1.
Amount: $101,800
V.I.P. Treatment: Five-eighths of a point waived, equivalent to $625  
4.  Alphonso Jackson
Former secretary, Housing and Urban Development

1. August 18, 2003
Loan type: Refinance
Amount: $346,331
Rate: 4.38 percent
Property: Townhouse, Alexandria, Virginia

2. January 21, 2004
Loan type: Purchase
Amount: $308,000
Rate: 5.00 percent
Property: Vacation home, Hilton Head Island, South Carolina

 
5.  James Johnson
Former C.E.O., Fannie Mae

1. May 30, 2003
Loan type: Refinance
Amount: $1.27 million
Rate: 4.25 percent
V.I.P. Treatment: 1.875 points waived; about $24,000

2. June 24, 2003
Loan type: Refinance
Amount: $971,650
Rate: 3.88 percent
V.I.P. Treatment: 1.375 points waived; about $13,000

3. October 17, 2002
Loan type: Refinance
Amount: $1.28 million
Rate: 5.00 percent
Property: Primary residence

4. October 21, 2002
Loan type: Refinance
Amount: $975,900
Rate: 5.00 percent


5. February 9, 2004    
Loan type: Purchase
Amount: $3.04 million
Rate: 4.38 percent
Property: Vacation home
V.I.P. Treatment: Home exceeded limit for second-home mortgage

 
 

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