Posted by
Kay B. Day on Sunday, June 15, 2008 3:19:42 PM
(Washington, DC)--If you’ve ever bought a house, chances are you looked at the points on your mortgage, but Sen. Kent Conrad (D-ND) said in a statement, “It appears Countrywide waived one point on my mortgage, Although I did not ask for or know that I was receiving a discount, and even though I was offered a competitive loan from another lender, I do not want to have received preferential treatment.'' I'd advise anyone buying a house to read the fine print, especially when it comes to points. Unless you've got money to burn. Or unless you're totally clueless when it comes to financial instruments.
Conrad also got a loan from Countrywide for an apartment unit in a category Countrywide normally doesn’t finance. He reportedly got the loans through a special program for “prominent people,” a program called “VIP.”
Conrad will make it all up, though. He’s writing a check to charity. So as it now stands, North Dakota constituents have a senator who doesn’t have a clue what points are charged on his mortgage? That’s reassuring. Sheds a lot of light on why some of that wacky legislation gets passed. Hope he looks at the financials our taxpayer dollars provide for the federal government.
Source: Bloomberg News