Countrywide Probe is Chance for Ethics Committee to do ‘Something Significant’

Edolphus Towns photoIt appears that four current members of the United States House of Representatives received loans via the VIP program of Countrywide Financial Corporation. Once again the motives of the former giant mortgage institution have been brought into question. Where they trying to peddle influence with these loans?

Congressman Darrell Issa (R-CA) is the Chairman of the House Oversight and Government Reform Committee and he has been investigating the VIP program for a number years. Issa reportedly learned about the four loans after issuing a subpoena to Bank of America. Countrywide was purchased by Bank of America in 2008 and was at the forefront of the financial crisis that came to a head that year. At one point Countrywide was the nation’s largest mortgage lender.

In 2009 the Security and Exchange Commission brought a fraud suit against a number of former executives of Countrywide including its former chief executive Angelo Mozilo. …