Senator Christopher Dodd, Chairman of the Senate Banking Committee, has finally announced that he is going to refinance his sweetheart loans that have been the source of much controversy over the past year. Dodd, has blamed Countrywide for some of the nation's lending problems, yet he got a special rate and loan from Countrywide through its secret "Friends of Angelo" program.

Why is this news? Well, for one, Chairman Dodd has been under fire for months to produce documentation about this loans which essentially were better deals than the average American could get because of his oversight role in the banking industry. But the other interesting fact is that he waited until now to refinance. While everyone is paying attention to the bailout and the stimulus, mortgage rates are super low right now, allowing Chris Dodd to trade in one sweetheart deal for another. Of course if Chairman Dodd had been doing his job in oversight, many Americans might not be losing their houses or facing economic hardship right now, but at least he got his low-rate loan.

Didn't get a sweetheart loan? That's ok, the rates now are lower than Dodd's original sweetheart deal anyway. So feel like a Washington power player and refinance now to a lower rate, 30-year fixed mortgage. Don't let Washington enjoy all the savings, you can get in on these low mortgage rates too.