A well placed source writes:
Seems that the problem with Dodd was not that he got a few points shaved from his fees by Countrywide, but rather that he got a no-doc loan for his retirement house in Ireland. Seems it might be a wee illegal to do so, particularly if the loan was a Fannie and/or Freddie secured one, or how it was booked, or any millions of reasons why a federally insured loan shouldn’t be given to a home under foreign jurisdiction. I hear that the Senator bought the house through a front company, and disposed of it in the same manner when the Countrywide thing went down, indicating, at least as the cop shows say, bad intent.
The irony of course is that mortgage troubles got his Dad censured and disgraced by the Senate because – I think – he used campaign funds to pay mortgage(s). He used to have a life-sized painting of the old man over his Senate desk and talked endlessly of the “shame”.
Update: here’s an Irish blogger who estimates the value of Dodd’s Galway cottage as between $800 – $1,000,000, quite a bit more than the $100,000-$250,000 the senator shows in his senate financial disclosure form. Interesting.