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How Countrywide Used Its VIP Loan Program to Influence Washington Policymakers: Congressional Report
Darrell Issa (ed)
In 1999, Countrywide Financial reached an exclusive agreement to sell Fannie Mae billions of dollars in mortgages at a discounted rate, which led to a period of codependence and mutual growth. Countrywide gave preferential treatment to Fannie Mae executives and employees. Loans being financed for Fannie Mae employees through an Employee Assistance Program were often transferred to Countrywideńˇ╗s VIP unit for processing. Between Jan. 1996 and June 2008, Countrywideńˇ╗s VIP loan unit made hundreds of loans to current and former Members of Congress, congressional staff, high-ranking government officials, and executives and employees of Fannie Mae. This is the report of a Congressional Committeeńˇ╗s three year investigation into Countrywideńˇ╗s ńˇýFriends of AngelońˇŁ and ńˇýVIP ProgramńˇŁ that issued discounted mortgages to influential Washington policy figures. The report finds that Countrywide used its VIP Program to aid its lobbying efforts as well as to strengthen its relationship with taxpayer-backed Fannie Mae. Countrywide partnered with Fannie Mae in a strategic business alliance that also included joint lobbying efforts. Figures. This is a print on demand report.
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