However damning, the revelations were no more embarrassing than the knowledge that Countrywide Financial provided mortgages on favorable terms to “friends of Angelo” (powerful figures close to Countrywide’s then-chairman and CEO, Angelo Mozilo) like former Fannie Mae CEO Franklin Raines and former Senate Banking Committee member Christopher Dodd. Another popular argument for the success of 1930’s reform is that Congress had already agreed on a diagnosis of the problem and could build on its own earlier efforts to treat it.