MORTGAGE LOAN COMPLIANCE®

Senate Banking Committee Chairman Chris Dodd (D-Conn.) is up for re-election in 2010 but could be in trouble. A poll taken this past March showed him with an approval rating of about 30%. Such a low percentage is thanks mostly to published reports that Sen. Dodd was in the 'Friends of Angelo' program and received a price break on his mortgage from Countrywide Home Loans.

Former Countrywide chairman and CEO Angelo Mozilo created the program which gave discounted points and fees to selected customers, including elected officials.

Sen. Dodd is actively considering a regulatory reform bill that would create a single federal regulator for financial institutions, stripping supervisory powers away from existing agencies, according to sources on Capitol Hill.

The bill remains a work in progress and could be derailed by several factors due to the fact that it would likely create an interagency systemic risk council rather than give such oversight to the Federal Reserve Board, as the Obama administration has advocated.

With the hope of passing a bill this year, Dodd's committee is working to finish a draft soon. But whether this version will survive hinges on whether Dodd decides to give up his Senate Banking chairmanship in order to run the Health, Education, Labor and Pensions Committee.

A new banking chairman would probably tweak the bill and could even take a new approach.

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