Senator Dodd is Refinancing; What Rate Will HE Get?
Posted on | February 3, 2009 | 1 Comment
On Monday, February 2nd, Senator Christopher Dodd said he will refinance two Countrywide mortgages that he took out in 2003. Dodd is refinancing his Washington townhouse and Connecticut home and will end his financial relationship with Countrywide. Dodd made the statement that he and his wife “acted properly in our mortgage refinancing negotiations. We did not seek or expect any special rates or terms on our loans and we never received any.” Here are the terms of his initial Countrywide refinancing loans in 2003:
Dodd’s Washington townhouse was refinanced for $506,000 in a 30-year adjustable mortgage with the first five years at a fixed rate of 4.25%. At the time of the refinancing, the home was appraised for $792,000.
Dodd’s Connecticut home was refinanced for $275,042 in a 30-year adjustable mortgage with the first ten years at a fixed rate of 4.5%. The Connecticut home was appraised at $500,000. No points were charged for either loan in 2003.
Dodd said he will hire a third-party to negogiate the terms of his new loan. It will be VERY interesting to see what rates he gets this time around!
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February 4th, 2009 @ 5:21 pm
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