Sunday, March 29, 2009
Countrywide Used Mortgage Deals to Buy Influence, Block Reforms
I've actually been reading the full report.
It's very enlightening as to how money and favors are offered in exchange for "something".
It's probably not anything we aren't aware of; however, the scope and clarity of purpose is a clear indictment of the political world.
It's not pretty; and, certainly not ethical...
It's very enlightening as to how money and favors are offered in exchange for "something".
It's probably not anything we aren't aware of; however, the scope and clarity of purpose is a clear indictment of the political world.
It's not pretty; and, certainly not ethical...
This is from U.S. Rep. Darrell Issa's report on Countrywide Mortgage:
“This investigation finds that Countrywide embarked in a determined and calculated effort to buy influence – employees openly weighed the political influence of targeted officials when deciding what perks to offer,” said Issa. “Countrywide VIPs in positions of key responsibility didn’t innocently stumble into loans with reduced rates and waived fees – they were recruited into the program personally by high-ranking company officials including former CEO Angelo Mozilo.”
“VIPs weren’t just offered good service. Company policies were thrown in the trash in a rush to offer preferential treatment to VIPs such as Senator Kent Conrad and Senator Chris Dodd. Those who were supposed to oversee the lending practices and relationship between Countrywide and Fannie Mae were actually in bed with them.”
