Rebutting GOP Smears of Dodd on Countrywide

David Fiderer of the Huffington Post again provides a thoughtful and comprehensive rebuttal of the last round of bogus smears being hurled at Chris Dodd by Republicans who choose to ignore that Dodd was already exonerated of any wrongdoing related to Countrywide mortgages. Congressional investigation showed that Countrywide was not offering bargain rates for VIPs:

Overall it appears that the VIPs were often offered quicker, or more efficient loan processing and some discounts. However, it also appears that all VIP loans, including all [Friends of Angelo] loans, were required to meet the same underwriting standards and conditions for resale on the secondary market and non-VIP loans.  Furthermore, there is evidence on the record that the discounts offered to VIPs and FOAs were not the best deals available at Countrywide or in the marketplace at large. In sum, participation in the VIP or FOA programs did not necessarily mean that borrowers received the best financial deal available either from Countrywide or from other lenders.

Fiderer’s whole piece is worth a read. It’s clear that this vacuous crap is the most that Rob Simmons and other GOP challengers (or the particularly gullible and lax Michael Moore) are throwing at Dodd.

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