Countrywide used a special VIP loan program to influence lawmakers, report says

[justin84]

http://www.washingtonpost.com/busine...BQW_story.html

Countrywide Financial Corp. gave discount loans to former and current members of the U.S. Congress and executives at Fannie Mae as it lobbied to scuttle legislation that would have diminished its sale of sub-prime mortgages, according to a report released today by House Oversight and Government Reform Committee Chairman Darrell Issa.

But what suprised me the most was this:

Issa’s investigation found that Countrywide’s VIP unit processed loans for several lawmakers, including then-Senator Christopher Dodd, a Connecticut Democrat who led the committee with jurisdiction over banking; Senator Kent Conrad, a North Dakota Democrat who is chairman of the Senate Budget Committee; Republican Representatives Howard P. “Buck” McKeon and Elton Gallegly of California and Pete Sessions of Texas; and Democratic Representative Edolphus Towns of New York.

I bet your first assumption would be "i bet all dems got the special loans" that was my first assumption too. Turns out it was a bi-partisan shenanigans.


Just goes to show that anyone can be bought DEM or REPUB.

[Dominique]

Come on, a business showing preferential treatment to a politician in order to influence him, say it ain't so.

[IconOfEvi]

Issa is on a roll lately!

[C.Puffs]

Will any even get a slap on the wrist?

[Dominique]

Will any even get a slap on the wrist?

Of course not, as all of the politicians will claim they had no idea they were getting treated differently than Joe Citizen, or pretend that even though they got special treatment, it had no affect on their decision.

[Mu-Meson]

When buying and selling is controlled by legislation, the first thing to be bought and sold are the legislators - PJ O'Rourke.

[Mujo2000]

http://online.wsj.com/article/SB122360116724221681.html

Unfortunately, it's not new news.

[Roaming East]

remember everybody, Corporations are people too!

[IconOfEvi]

When buying and selling is controlled by legislation, the first thing to be bought and sold are the legislators - PJ O'Rourke.

An astute observer, that is for sure.