Posted on 08/15/2012 6:43:52 PM PDT by Jahoohio
WASHINGTON —
A Democratic committee chairman overrode his own subpoena three years ago in an investigation of former subprime mortgage lender Countrywide Financial Corp. to exclude records showing that he, other House members and congressional aides got VIP discounted loans from the company, documents show.
The procedure to keep the names secret was devised by Rep. Edolphus Towns, D-N.Y. In 2003, the 15-term congressman had two loans processed by Countrywide's VIP section, which was established to give discounts to favored borrowers.
The effort at secrecy was reversed when Towns' Republican successor as chairman of the House Oversight and Government Reform Committee, California Rep. Darrell Issa, issued a second subpoena. It yielded Countrywide records identifying four current House members, a former member and five staff aides whose loans went through the VIP unit. Towns was on the list.
Issa, in a statement to The Associated Press on Wednesday, said, "It was a long fight to expose how Countrywide used its VIP program to advance its business and policy goals."
Most of the names had dribbled out to the media by the time Issa issued the committee's final report last month on Countrywide's use of loan discounts to buy influence with government officials. But there was no official confirmation until Issa made his report public.
Towns' effort to keep the loans secret was at odds with statements by Republicans and Democrats alike that full disclosure of lawmakers' financial dealings was the best means for keeping the public aware of congressional perks, unethical conduct and fundraising.
Countrywide had been the nation's largest home loan originator before the housing market collapse. Many of its borrowers were left unable to repay mortgages that, in many cases, required no proof of income or a down payment. The company was purchased in 2008 by Bank of America, which now holds the VIP loan files.
“the 15-term congressman”
Puke! Should not even be legal! 15 terms?
Would like a full list of Countrywide Loan politicians.
The corrupt bastard should be publicly vilified and expelled from the House and it should be done while we have the substantial majority we have now! If Boehner can’t accomplish that, he should be voted out of his leadership position and primaried next time around.
Mostly I agree. But, Boehner should be voted out regardless. He doesn’t have gravitas, and is no friend of the tea party.
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