Countrywide's political donations examined

Not long ago, Chief Executive Angelo Mozilo and his Countrywide Finance Corp. were riding high and friends of many politicians. That was before serious problems in the nation's home mortgage industry and the new investigation by securities regulators into the timing of Mozilo’s sale of $145 million in Countrywide stock in the months before those shares went into a nosedive.

Before all this unpleasantness, Mozilo and his company were good for almost $2 million in federal and California campaign donations dating back to 2000, according to research by Dan Morain, The Times' resident expert in campaign finances.

Countrywide’s biggest spending has not been countrywide; it's been concentrated in California, where contribution caps are much less strict: they spent $450,000 for a failed measure to create open primaries and $250,000 on efforts to limit shareholder lawsuits; and gave $150,000 to the California Republican Party and $83,000 to Gov. Arnold Schwarzenegger.

But Mozilo has also played nationally. In the presidential race, Mozilo and a handful of Countrywide executives gave $13,950 to Republican presidential front-runner Rudolph Giuliani, and just to be safe $6,600 to one of his main foes, Mitt Romney.

On the Democratic side, Mozilo himself gave $2,300 to New Mexico Gov. Bill Richardson. Countrywide’s political action committee gave $10,000 to Sen. Christopher Dodd’s campaign. Now, why Dodd, you may ask? He's from far away in that cute little place called Connecticut.

Ah, well, when he’s not running for president and thanks to the new Democratic majorities in Congress, Dodd is chairman of the Senate Banking, Housing and Urban Affairs Committee, which has regulatory authority over home lenders such as, well, will you look at that, companies like Countrywide.

--Andrew Malcolm

Comments

[Karen]

Hmm ....we have congressional committe hearings over baseball player's steroid use, but we probably won't hear a word on mainstream news about this at worst, illegal and at the very least unethical activity, let alone any hearings on this. I don't understand why people keep voting for these crooks.?? Are they uninformed or just don't care?

[Phil Doherty]

Senator Chris Dodd learned nothing by the censure of his father, Senator Thomas Dodd. Some may remember that Sen Tom Dodd was censured by the senate for misuse of campaign funds,ie,, diverting them to his pocket. He retired and son, Senator Chris Dodd picked up the family attitude. Again some may remember his complicty to kiting checks from the legislatures "on campus" bank. It is no surprise that he gains personaly from his position on the Senate Banking Committee and that he should be removed since for unethical conduct.
Further reason for term limits. Put it up for a vote by the American electorate.