Countrywide Financial Corp. gave discount loans to former and current members of the U.S. Congress and executives at Fannie Mae (FNMA) 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.
The report, which caps a three-year inquiry by the panel, concluded that between 1996 and 2008, Countrywide executives used a special VIP loan program to try to stop legislation that would have restrained the company’s business with Fannie Mae, a government-sponsored mortgage company. Countrywide had an exclusive agreement to sell billions of dollars in mortgages to Fannie Mae at a discounted rate, according to the report.
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This sucks, and is why the nation sucks more every day. And we have the nerve to call other countries corrupt at the top.
ReplyDeleteIts because the majority in control is corrupt!
ReplyDelete