Townhall.com's Amanda Carpenter rips into the Washington Post today over its editorial about Democratic Sens. Kent Conrad (N.D.) and Chris Dodd (Conn.) and their cozy arrangement for mortgage refinances with Countrywide.
For some background, check out my June 13 blog on ABCNews.com's treatment of the story.
I'll let Carpenter take it from here (emphasis mine):
When I read this I assumed the Washington Post editorial team was being snarky:
SEEKING TO refinance his Delaware beach house in 2004, Sen. Kent Conrad (D-N.D.) did what any ordinary property owner in his position would have done. On the advice of his friend James A. Johnson, who also happened to be the former chief executive officer of mortgage giant Fannie Mae, he called Angelo Mozilo, the CEO of Countrywide Financial. Soon Mr. Conrad had a $1.07 million loan -- at a discount, personally ordered for him by Mr. Mozilo, of $10,500 in fees.
I was wrong.
Apparently, the WaPo editorial staff thinks "ordinary property owners" own beach houses. And that "ordinary property owners" nonchalantly phone the CEO of the largest mortgage lender in the nation for loan advice.
And oh, yes, there's more. This is when I knew the Post wasn't joshing me. "It's worth figuring out exactly what is, and is not, wrong with this kind of help," the editorial said.
Yes, I'd say it's "worth figuring out." Especially because as Chair of the Senate Banking Committee who has jurisdiction over housing issues, Democratic Sen. Chris Dodd (Conn.), who received a $75,000 VIP Countrywide discount outside of the normal underwriting process on his home loans, is pushing a bill to require the government to buy up to $300 billion, yes, $300 BILLION, in bad loans---mostly from Countrywide!--at this very moment.
The WaPo doesn't make any mention of that little tidbit, though.
—Ken Shepherd is Managing Editor of NewsBusters
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Comments Policy
WOW!!! this is a huge,
June 17, 2008 - 11:49 ET by futbolisgreat1WOW!!! this is a huge, huge scandal!
Where is the media? Oh wait, there is no (R) after the Senator's name....oops. I forgot, after reading, watching and listening to the mass media, the culture of corruption only exists on the Republican side.
Sorry guys, I did not get the memo.
oops
June 17, 2008 - 13:08 ET by Prester Johndeleted
Democrat Conrad and
June 17, 2008 - 15:13 ET by kgDemocrat Conrad and Democrat Dodd should resign immediately. If they refuse then the should be forced to. Waxman should investigate them.
OOPS, Republicans only. Sorry Democrat Waxman.
"Forget change, I want improvement!"
The only other place I have
June 17, 2008 - 11:55 ET by Clear thinkerThe only other place I have heard about this story is Fox News.
ALL OTHERS.................................. shhhhhh!
"Abstain from McCain"
It Is Not Stopping Here
June 17, 2008 - 12:12 ET by JDWTraction
JDW
Will Ted Kennedy help write the universal health care bill?
Most annoying is also the
June 17, 2008 - 12:14 ET by gopsteveMost annoying is also the sounds of crickets chirping from the GOP camp!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Agreed
June 17, 2008 - 12:27 ET by IgnatzJFahrquarI've been waiting for the RNC to "kick it into gear" on MANY issues, but nadda ... nothing.
Shouldn't something like this and the lack of anything from the Dimocratic congress over the past almost 2 years be easy pickin's? You would think.
What are they waiting for?
"All generalizations are false, including this one.” Mark Twain
Wrong Senator
June 17, 2008 - 12:28 ET by Ralph Hansen Ph. D.Although North Dakota's two senators are virtually interchangeable since they consistently vote the liberal party line, it is Senator Conrad who is in the crosshairs of this favorable loan fiasco, not Senator Dorgan.
Thanks for pointing out my error
June 18, 2008 - 16:29 ET by Ken ShepherdAnd your comment is noted, they are virtually interchangeable in liberal voting patterns, etc.
Should have been a bit more careful about my tendency to confuse the two, my apologies.