Press Releases
October 30, 2008
Record of Statements from Senator Kent Conrad on Countrywide Issue
June 13, 2008
Washington – Senator Kent Conrad made the following statement today after a Web site published an article questioning the lending practices of Countrywide Financial.
“I am very disappointed in this article. It badly misrepresents my experience in getting these loans. I never asked for, expected or was aware of any special treatment. And I certainly did not know — until this article — that I was placed in any program that gave preferential rates or waived fees. To leave the impression that I did is a complete lie.
“Like millions of Americans, I did get financing from Countrywide. However I have no way of knowing how Countrywide categorized my loans.
“But this is what I do know: When we applied for the loans with Countrywide we had spotless credit; we put 20 percent down; we were mortgage free, having paid off our residence in Washington, DC; and we had more than 60 percent equity in our Bismarck apartment building, which is also my home.
“From what we have been able to determine, it appears that we were given competitive rates. In fact, I was offered financing on basically the same terms from another lender. Contrary to the article, I also paid thousands of dollars in mortgage fees.
“I never met Angelo Mozilo. And in my role as a United States Senator, I have never done anything for Countrywide.
“This article seeks to leave the impression that I somehow have done something wrong with respect to these loans. That is totally and completely false. I have done nothing wrong with regards to these loans.
“I never expect to be treated better than anyone else because I am a U.S. senator. That is not in my nature. That is not who I am. But I do expect to be treated fairly. And this article certainly does not do that.”
View Senator Conrad's mortgage history by clicking here.
June 14, 2008
Washington – Senator Kent Conrad issued the following statement today:
“After reviewing the email traffic at Countrywide provided to me by reporters, it appears Countrywide waived one point on my mortgage. Although I did not ask for or know that I was receiving a discount, and even though I was offered a competitive loan from another lender, I do not want to have received preferential treatment. Therefore I am writing a check today to Habitat for Humanity for $10,500.
“Our initial research indicates I did pay a prevailing rate for that loan. But we are continuing to seek objective information on that point, and I will take further action if it is warranted by the facts.
“Further, because it is clear from other email traffic at Countrywide just provided to me that they made an exception in providing a loan on my eight-unit apartment building in Bismarck, N.D., because they typically only made loans on properties with four units or less, I have decided to seek refinancing on that property from another lender.
“I believe the evidence showed that I paid more than full market rates on that loan. But I don’t want to leave any impression that I have received preferential treatment in my personal business dealings.”
