A June 18 editorial ("Senator needs more than clear conscience") paints a completely inaccurate picture of my mortgages with Countrywide Financial. I never once asked for, expected or was aware of any special favors from Countrywide.
Here are the facts: In 2002 I was looking for a mortgage. I called my friend of 38 years, a retired Fannie Mae chief, for advice on a new mortgage. He happened to be with a gentleman by the name of Angelo Mozilo at the time -- and handed the phone to him. I spoke with Mozilo for about 30 seconds, and he referred me to a junior loan officer.
Because I did not know if Countrywide would grant me a loan or on what terms, I also consulted a mortgage broker in Washington. He offered me the identical rate as Countrywide. He is quoted in my hometown newspaper confirming that fact.
In 2004, I refinanced to a 15-year mortgage, again at prevailing rates. Internal Countrywide e-mails show they waived a one-point fee worth $10,700 on this loan without my knowledge. Bankers tell me it was commonplace to waive points to keep and attract good loans at that time. In fact, I just got a spam e-mail from Countrywide last week offering up to one-point off the discount points on a refinance.
In 2004, I also financed an eight-unit apartment building in Bismarck, N.D. It is true Countrywide did not typically finance buildings with more than four units. But they have told me they did make exceptions when they could sell the loans on the secondary market, which is what they did with my loan. Research indicates I paid a premium rate on that loan.
In terms of questions about this matter, I immediately disclosed my personal financial records to the media, answered every reporter's question and sought out guidance from the Senate Ethics Committee.
I have done nothing wrong. The truth and the evidence will show I never asked for, expected or was aware of any special pricing of my loans by Countrywide.
SEN. KENT CONRAD, D-NORTH DAKOTA
