Conrad says he never wanted special treatment on resort home mortgage

Washington (AP) North Dakota Senator Kent Conrad says he personally asked the chief executive of the Countrywide home mortgage company for a loan on his Delaware vacation home.

Conrad says he borrowed one-point-one-six (M) million dollars from Countrywide in 2002 for the home in Bethany Beach, Delaware.

It was refinanced twice.

Conrad says he didn't ask for special treatment from Angelo Mozilo and didn't know he was getting any.

But Mozilo said in e-mails that Conrad got interest rate breaks for loans on his resort house because he's a senator. Conrad is chairman of the Senate Budget Committee.

A Conde Nast Portfolio magazine story about Conrad's mortgages says Mozilo told a Countrywide employee to knock one percent off Conrad's interest rate when he refinanced his mortgage in 2004.

The new mortgage was for one-point-oh-seven (M) million dollars, and the move saved Conrad ten-thousand dollars a year in interest payments.

Countrywide also lent Conrad 96-thousand dollars in 2004 so he could buy out his two brothers on a Bismarck apartment building.

The three men had owned the building jointly.

Countrywide normally didn't make loans on apartment buildings that have more than four units, but an exception was made for Conrad.

Conrad says he thought the exception was because he was a good customer, but the Portfolio report says the exception was made because Conrad is a senator.

(Copyright 2008 by The Associated Press. All Rights Reserved.) APNP 06-13-08 1605CDT | save this article / add to your favorites list