Four Current Members Of Congress Received VIP Loan Offers From Countrywide Financial
House Oversight and Government Reform Committee chairman Rep. Darrell Issa disclosed in a letter sent Friday that four current members of Congress received special VIP loans through new-defunct mortgage lender Countrywide Financial.
Issa wrote to Rep. Jo Bonner, chairman of the House Ethics Committee, and Rep. Linda Sanchez, a ranking member within the Committee, alerting them to the existence of these undisclosed, below-market mortgage loans:
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Documents reviewed by the Committee show that four current members of the U.S. House of Representatives received loans through this VIP program.
In accordance with this Committee’s policy to forward information relating to possible wrongdoing by Members of Congress to the appropriate ethics committee, I write to bring the existence of these loans to your attention.”\
Between January 1996 and June 2008, Countrywide’s VIP unit gave discounted loans to employees of the federal government including the U.S. Congress. [...] My staff is also aware of the possibility that loans with VIP-benefits were conferred to other Members, and serviced by a separate loan processing branch.
Issa added that Countrywide used this “VIP” outreach effort to “build relationships with government officials and others positioned to advance Countrywide’s business interests,” offering as many as 173 discounted loans to employees of Fannie Mae and Freddie Mac.
h/t Politico
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