What was the Countrywide VIP loan program?. refinanced at least one mortgage through Countrywide’s VIP program in 2004, according to internal e-mails between Bob Feinberg and Angelo Mozilo..
Two more congressmen have been identified as receiving loans through a Countrywide Financial Corp. program that has prompted a House investigation into whether the fallen mortgage giant approved loans.
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This organization is also used to help expand the secondary market for mortgages. freddie mac works by purchasing mortgages on the secondary market and then selling them as an MBS to investors within the open market.Strong housing market helps reduce lingering foreclosure inventory countrywide vip mortgage program investigation goes dark.
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· ”The Committee’s investigation found Countrywide lobbyists and CEO Angelo Mozilo used discounted loans as a tool to ingratiate itself with policymakers in an effort to benefit the company’s business interests,” said Rep. Issa in announcing the report, which documented 29 VIP loans to 12 members of Congress and congressional staff.. The program at issue was known as.
· Darrell Issa’s House Oversight Committee Spills The Beans On Buck McKeon: Bribery From Corrupt Mortgage Giant >. How Countrywide Used its VIP Loan Program To Influence Washington Policymakers, Short version– McKeon was about to go bankrupt so he reached out to Mike Farrell, sleazy chief lobbyist and legislative strategist for the.
A long-brewing scandal surrounding special treatment given to elected officials and congressional staff by subprime mortgage lender countrywide. released its report investigating Countrywide’s VIP.
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· Bank of America Settles Predatory Lending Claims. over Towns’s failure to launch an investigation into Countrywide Mortgage’s reported sweetheart deals to VIPs.Countrywide, now owned by Bank of America, was reported to have given VIP loans and treatment to lawmakers and officials at the federal and local level who were in a position to.
proceed with the Committee’s investigation of Members of Congress who received mortgage loans from Countrywide Financial Corporation under its VIP loan program, also known as the "Friends of Angelo" program after the company’s CEO, Angelo Mozilo.1 Since your response, sent earlier today, did not address any of my questions about how
Issa’s investigation so far has identified four current. and some said they weren’t even aware their loans went through the VIP program. Countrywide was the nation’s largest mortgage lender, and.