Kathianne
07-05-2012, 01:29 PM
Who says the system is done fleecing us?
http://www.bloomberg.com/news/2012-07-05/countrywide-used-loans-for-favor-with-fannie-mae-report-says.html
Countrywide Used Loans for Favor With Fannie Mae
<cite class="byline"> By Clea Benson and Roxana Tiron - Jul 5, 2012
</cite>Countrywide Financial Corp. gave discount loans to former and current members of the U.S. Congress (http://topics.bloomberg.com/u.s.-congress/) and executives at government-sponsored Fannie Mae (FNMA) (http://www.bloomberg.com/quote/FNMA:US) as it lobbied to scuttle legislation that would have diminished its sale of sub-prime mortgages, according to a report by a Republican-led House oversight panel.
The report released today caps a three-year probe and many of the findings have been disclosed as the U.S. House Oversight and Government Reform Committee conducted its investigation.
The report concluded that Countrywide executives used a special VIP loan program to try to stop legislation that would have restrained the company’s business with Fannie Mae (http://topics.bloomberg.com/fannie-mae/). Countrywide had an exclusive agreement to sell billions of dollars in mortgages to Fannie Mae at a discounted rate, according to the report issued by committee chairman Darrell Issa (http://topics.bloomberg.com/darrell-issa/), a California (http://topics.bloomberg.com/california/) Republican.
“This report sheds new light on Countrywide’s relationship with Fannie Mae and how Countrywide used its VIP program to cement its ties to its taxpayer backed business partner,” Issa said in a statement. “Other than Countrywide, no other entity’s employees received more VIP loans than Fannie Mae.”
The report contained new details about the lengths to which Countrywide executives were willing to go to accommodate Fannie Mae leaders who were looking for good deals on mortgages. Countywide was based in Calabasas, California, and was acquired by Bank of America Corp. (BAC) (http://www.bloomberg.com/quote/BAC:US) in 2008...
For the details, go to:
http://www.amazon.com/Reckless-Endangerment-Outsized-Corruption-Armageddon/dp/1455851620
http://www.bloomberg.com/news/2012-07-05/countrywide-used-loans-for-favor-with-fannie-mae-report-says.html
Countrywide Used Loans for Favor With Fannie Mae
<cite class="byline"> By Clea Benson and Roxana Tiron - Jul 5, 2012
</cite>Countrywide Financial Corp. gave discount loans to former and current members of the U.S. Congress (http://topics.bloomberg.com/u.s.-congress/) and executives at government-sponsored Fannie Mae (FNMA) (http://www.bloomberg.com/quote/FNMA:US) as it lobbied to scuttle legislation that would have diminished its sale of sub-prime mortgages, according to a report by a Republican-led House oversight panel.
The report released today caps a three-year probe and many of the findings have been disclosed as the U.S. House Oversight and Government Reform Committee conducted its investigation.
The report concluded that Countrywide executives used a special VIP loan program to try to stop legislation that would have restrained the company’s business with Fannie Mae (http://topics.bloomberg.com/fannie-mae/). Countrywide had an exclusive agreement to sell billions of dollars in mortgages to Fannie Mae at a discounted rate, according to the report issued by committee chairman Darrell Issa (http://topics.bloomberg.com/darrell-issa/), a California (http://topics.bloomberg.com/california/) Republican.
“This report sheds new light on Countrywide’s relationship with Fannie Mae and how Countrywide used its VIP program to cement its ties to its taxpayer backed business partner,” Issa said in a statement. “Other than Countrywide, no other entity’s employees received more VIP loans than Fannie Mae.”
The report contained new details about the lengths to which Countrywide executives were willing to go to accommodate Fannie Mae leaders who were looking for good deals on mortgages. Countywide was based in Calabasas, California, and was acquired by Bank of America Corp. (BAC) (http://www.bloomberg.com/quote/BAC:US) in 2008...
For the details, go to:
http://www.amazon.com/Reckless-Endangerment-Outsized-Corruption-Armageddon/dp/1455851620