Bloomberg Market

Raines Was Offered 4.1% Countrywide Loan in 2003
Bloomberg Markets

Former Fannie Mae Chief Executive Officer Franklin Raines was offered a 4.125 percent mortgage from Countrywide Financial Corp. in 2003, more than a percentage point less than the national average at the time, according to documents provided by a congressional committee.

‘Friends of Angelo’

Raines, Senate Banking Chairman Christopher Dodd and Senate Budget Chairman Kent Conrad were among prominent Americans accused of receiving favorable treatment on loans from Countrywide CEO Angelo Mozilo.

Dodd, a Connecticut Democrat, said Feb. 2 that he is refinancing two mortgages he received in 2003 under Countrywide’s “VIP” program. On both loans, someone at Countrywide scrawled “FOA” on documents. FOA refers to “Friends of Angelo.” Conrad, a North Dakota Democrat, in June said he was given preferential treatment on a mortgage from Countrywide. Raines told lawmakers in December that he was “unaware of any preferential treatment” he received from Countrywide.

On 8 March 2008, the FBI began a probe of Countrywide for possible fraudulent lending practices, securities fraud.