Skip to comments.CBS, AP: Dem chair of House Oversight covered up ties to Countrywide for himself, colleagues,
Posted on 08/17/2012 7:14:11 AM PDT by Hojczyk
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 Countrywides VIP section, which was established to give discounts to favored borrowers.
Issa exposed Towns coverup by issuing a second subpoena, which disgorged all of the records:
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.
Most of the names had dribbled out to the media by the time Issa issued the committees final report last month on Countrywides 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.
Towns, who got away with it as long as Democrats remained in charge of Congress and the White House, which has been mighty incurious on the whole issue since running on populist outrage over the housing-bubble collapse.
Towns announced his retirement in April. He should be expelled, and his pension benefits stripped for this coverup.
(Excerpt) Read more at hotair.com ...
Chris Dodd skated away free and clear also.
There is no evidence that any of the sweetheart Country Wide loans was ever repaid. They were laundered graft.
The politicos were given second homes by Country Wide
“Countrywide is on your side!”
The Democrat corruption is so widespread, and so blatant, that a lot of it is getting lost in the din.
There is just so much Democrat corruption and cronyism, that there isn’t enough ink in the barrels to report all of it.
why not prosecute
wonder if they’ll have the balls to look deeper and find investigate Andrew Cuomo’s part in this farce...
Like most in Washington Edolphus Towns should be in breaking rocks instead of living lavishly at taxpayer expense.
However Rep. Edolphus Towns, D-N.Y. is just one of the 90% of our public servants” in Washington that are there to enrich themselves in both power and riches. There might be maybe 10% of our elected and appointed officials that really want to serve the nation. On second thought, 10% might be pretty damn generous.
Would it be up to the "justice department" to prosecute? Edolphus is a democrat, you know. I don't know for sure, don't remember seeing a picture of him, but "Edolphus" is the kind of name that a black democrat might have.
eric holder is still the head of the "justice department," right? I know he's black, and I know he's a democrat.
Things aren't looking good here for a prosecution in the near term. Maybe next year. Maybe. Unless Romney doesn't want to stir up any "bad feelings." You remember all those keyboards with the "W" pried off? Thousands and thousands of dollars of damaged not pursued by a "justice department" that just wanted to start afresh.
In the words of that great 20th Century social commentator, Wolf Man Jack, (in a deep, gravely voice) "Right on! Right on!"
Along with the congresscritters, find Countrywide’s owner, Anthony Mozzilo who walks free, uncharged.
Flat out, Countrywide, WaMu and others CLEARLY coached borrowers how to fill out fraudulent documents, such that they met requirements for the loans to join others in pools, sold all around, each time with fees, and finally landing on the American taxpayer.
These congresscritters knew full well what went on, participated themselves, and got away with it.