Congress Issues Subpoena For Info On Countrywide's VIP Mortgage Program

Let’s look back to the summer of 2008, when it was revealed that Angelo Mozilo, the curiously orange former CEO of Countrywide, had the company offer below-market “VIP” mortgages to certain politicians and other influence peddlers. Fast forward to the present, where Congressman Darrell Issa, chairman of the House Committee on Oversight and Government Reform, has issued a subpoena to Bank of America, looking for related documents, e-mails and names.

Here’s a quote from Issa:

Countrywide orchestrated a deliberate and calculated effort to use relationships with people in high places in order to manipulate public policy and further their bottom line to the detriment of the American taxpayers even at the expense of its own lending standards…

This subpoena will allow us to obtain the information needed to answer the outstanding public interest questions regarding the full size and scope of the VIP program.

Bank of America, surely kicking itself every day for acquiring Countrywide, said it will comply with the subpoena and wants everyone to know that “Upon acquiring Countrywide in July 2008, Bank of America immediately discontinued Countrywide’s ‘VIP Loan Program.’ ”

The Issa subpoena is much farther-reaching than any previous request made during Congress’ investigation into the Countrywide debacle. Among the people whose mortgages he’s requesting records on are current and former members of the House and Senate as well as current and former employees of federal, state or local governments.

Issa’s first subpoena targets Countrywide VIP mortgage program [Washington Post]

Thanks to Max for the tip!

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14 Reasons Why Countrywide Is In The Worst Company Hall Of Fame
Countrywide CEO Gave Below Market Rate Loans To Senators From A Special “VIP Desk”