Sen. Conrad: I got a break

He admits lender made concessions

WASHINGTON -- Sen. Kent Conrad said Saturday that after reviewing e-mail from Countrywide Financial Corp., he learned that company officials had given him preferential treatment: a discount on one loan and a waiver of a company lending rule for another.

Although the favors were unsolicited, Conrad, a Democrat from North Dakota, said he would donate $10,500 to charity to compensate for unsolicited benefits he received.

Conde Nast Portfolio magazine reported last week that Conrad and Sen. Christopher Dodd, D-Conn., were part of a special VIP program at Countrywide that provided special terms and discounts to Hollywood luminaries, national politicians and friends of Countrywide executives.

Dodd heads the Senate Banking Committee, and Conrad sits on the Senate Finance Committee. Both panels consider matters of concern to Countrywide lobbyists.

Both senators said Friday they were not aware that they received special favors or that they were part of the "Friend of Angelo" program at Countrywide. The name refers to Angelo Mozilo, the company's CEO.

The Countrywide loans are proving awkward because of a federal investigation of the mortgage lender, whose activities are at the center of the current problems in the housing market. Dodd, one of four Senate Democrats who pursued his party's 2008 presidential nomination, has been preparing for a Senate vote on legislation he wrote that would create a $300 billion mortgage insurance fund to save an estimated 500,000 borrowers from foreclosure.

Lobbying disclosure reports show that in recent years Countrywide has been concerned about several pieces of legislation, mostly before the Banking Committee, but also some before the Finance Committee, on which Conrad sits.

Dodd issued a two-paragraph statement last week saying he never asked for or expected special treatment when he and his wife refinanced their loans in 2003. He has not provided more information. Conrad, on the other hand, sat for long interviews with reporters and provided documents related to his loans.