The revealing facts always come out late. AP: “The former Countrywide Financial Corp., whose subprime loans helped start the nation’s foreclosure crisis, made hundreds of discount loans to buy influence with members of Congress, congressional staff, top government officials and executives of troubled mortgage giant Fannie Mae, according to a House report.The report, obtained by The Associated Press, said the discounts – from January 1996 to June 2008 – were not only aimed at gaining influence for the company but to help Fannie Mae. Countrywide’s business depended largely on Fannie, which at the time was trying to fend off more government regulation but eventually had to come under government control.”
House Oversight Committee report read: “Documents and testimony obtained by the committee show the VIP loan program was a tool used by Countrywide to build goodwill with lawmakers and other individuals positioned to benefit the company. In the years that led up to the 2007 housing market decline, Countrywide VIPs were positioned to affect dozens of pieces of legislation that would have reformed Fannie.”
As we knew, Countrywide literally bought influence with their deals.
Issa said: “The Committee’s investigation found Countrywide lobbyists and CEO Angelo Mozilo used discounted loans as a tool to ingratiate itself with policymakers in an effort to benefit the company’s business interests.”
Federal bribery statutes were ignored for both parties, country wide.
.
.
Follow
.
Posted on July 5, 2012
0