Translate blog

Friday, August 7, 2009

Another leading House Democrat gets VIP treatment on morgage loans

A leading Democrat in the House of Representatives who has rebuffed Republican efforts to subpoena records of a mortgage program for favored borrowers at Countrywide Financial Corp got home loans from that lender, the Wall Street Journal reported on Friday.
Representative Edolphus Towns, chairman of the House Oversight and Government Reform Committee, obtained two loans from Countrywide, which was bought last year by Bank of America, the newspaper said, citing information from the lawmaker's mortgage documents.
Towns has turned down calls from the committee's ranking Republican, Darrell Issa, for the panel to subpoena mortgage records showing who received loans through Countrywide's VIP program, the journal said.
The program offered loans to politically influential figures and other favored borrowers at more attractive terms than were available to the general public. In February, Senate Banking Committee Chairman Chris Dodd, a Democrat, said he would refinance two mortgages that he took out in 2003 under Countrywide's VIP program. (CONTINUES HERE AT REUTERS)

No comments: