Do politicians get special treatment in the form of low mortgage rates? How about approving a loan that doesn't meet the bank's criteria? A recent hubbub focuses on whether or not politicians get a better deal than the man in the street. Countrywide is in the spotlight for a "VIP" program that allows bent rules for big names.
In response to criticism, Senator Kent Conrad announced that he'll donate $10,500 (the amount of his alleged benefit) to charity.
This goes to show that it's not what you know - or even what your credit score is - but who you know. So what can you do to get a good deal, besides running for office? Use the same techniques these politicians used: ask your friends, family, and colleagues who you should talk to about a mortgage. Getting the name of a trusted provider should always be part of your strategy, along with browsing advertisements you see with ultra-low rates.
Further reading:
- NY Times on Favorable Loans for Politicians
- NY Times Followup, with Senator Conrad's response
- Getting a Mortgage 101
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