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Want a low low rate on your mortgage? Keep your credit rating good... or just be a Senator

With the housing crisis leading our economy into a swoon, it has been an ugly year for U.S. homeowners and an unfortunate introduction into the practices of mortgage lenders like Countrywide Financial, the poster child for pushing "subprime" loans that have ultimately put over a million homes at risk of foreclosure.

We documented how the mortgage lending industry appeared to buy off Congress with $210 million in lobbying and campaign contributions, leading to inaction on the subprime lending situation until it became a crisis too big to ignore.

Things appear even sleazier today after Portfolio.com investigated Countrywide and found that at least two U.S. Senators received favorable loan deals, worth several thousand dollars if not tens of thousands, as yet another example of how the industry curried favor with leaders in Congress.

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Tags: subprime, mortgage, countrywide insurance, money in politics, chris dodd (all tags)


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