Sunday, March 22, 2009

Improper mortgage deals from Countrywide benefited congressmembers


Christopher Dodd, U.S. Senator.US Senator Chris Dodd. Image via Wikipedia

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From:
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Source: U.S. House of Representatives, Committee on Oversight and Government Reform (GOP)


An Oversight and Government Reform Committee Republican report Countrywide Financial Corporation’s infamous VIP and Friends of Angelo Program offers new insight into the inner workings of Countrywide’s efforts to buy friends in critical government and industry positions affecting the company’s business interests.

“This investigation finds that Countrywide embarked in a determined and calculated effort to buy influence – employees openly weighed the political influence of targeted officials when deciding what perks to offer,” said Issa. “Countrywide VIPs in positions of key responsibility didn’t innocently stumble into loans with reduced rates and waived fees – they were recruited into the program personally by high-ranking company officials including former CEO Angelo Mozilo.”

“VIPs weren’t just offered good service. Company policies were thrown in the trash in a rush to offer preferential treatment to VIPs such as Senator Kent Conrad and Senator Chris Dodd. Those who were supposed to oversee the lending practices and relationship between Countrywide and Fannie Mae were actually in bed with them.”

“I have asked Oversight and Government Reform Committee Chairman Edolphus Towns to join me in requesting all Countrywide VIP and lobbying documents from Bank of America so that the full extent of this influence buying operation program can be investigated. Despite our work, questions remain about the ‘Friends of Angelo’ program and the identities of others who likely received improper benefits.”

+ Full Report (PDF; 1 MB)


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