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Dodd Knew He Was Countrywide VIP Since 2003

By Jennifer Yachnin
Posted June 17, 2008 at 2:49pm

Senate Banking, Housing and Urban Affairs Chairman Chris Dodd (D-Conn.) said Tuesday that he has known since 2003 that his mortgage with Countrywide Financial was designated a “VIP” account, but continued to deny allegations he received any discounts when he refinanced two loans.

“There was no red flag to me [that] we were getting special treatment,” Dodd told reporters at a news conference.

The Connecticut Senator said he never asked what VIP status meant, but said he assumed it was bestowed on him because he held an existing mortgage with Countrywide.

Dodd said he has no plans to refinance the loans elsewhere. Countrywide is to be acquired by Bank of America.

“We don’t believe we did anything wrong. We negotiated a mortgage,” Dodd contended.

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