How to Calculate the Best Mortgage Deal

"We find it reprehensible that senators and congressmen can sit on banking committees and are supposed to give oversight to mortgage bankers and homebuilders, but then take campaign donations and have these special arrangements with them," says Thomas Martin, president of America's Watchdog, a consumer advocacy organization. "There's no transparency in the U.S. mortgage markets for consumers, and kickbacks are a huge deal."

But while Countrywide's preferential treatment of the "Friends of Angelo" looks pretty unfair, it's not illegal. "It would be an issue if Countrywide was offering this program to only wealthy Caucasians," says San Francisco based real estate attorney Daniel Kramer. "Or if Countrywide didn't want to lend money to a certain neighborhood."

Still, if you aren't a U.S. senator, you may have a tougher time getting in contact with Angelo Mozilo at all, much less receiving a discount from him. In which case, that BankingMyWay calculator should be a link you remember. Happy house hunting!