Press Releases
Congressman Hodes Pushes for Investigation into Countrywide VIP Mortgage Deals
October 22, 2009
Washington, DC--- Today, Congressman Paul Hodes wrote to the Chairman and Ranking Member of the House Oversight and Government Reform Committee, urging them to open an investigation into the Countrywide VIP mortgage program. Congressman Mike Quigley (D-IL) co-signed the letter.
They wrote, "The American people deserve to know the truth about these lending practices, and if they had undue influence on federal housing or financial policy based on awarding ‘VIP’ loans to federal officials. We look forward to working with you to undertake a thorough investigation of this program and provide transparency and answers for our constituents."
The full text of the letter is below:
Dear Chairman Towns and Ranking Member Issa,
As members of the Oversight and Government Reform Committee, we are committed to investigating and addressing cases of waste, fraud, and abuse within the federal government and in all areas of national concern. With this responsibility in mind, we write to you today to request that the Committee initiate an investigation into Countrywide Financial’s "Friends of Angelo" program, and if it was used to gain influence over federal officials.
We believe that to properly conduct this investigation, the Committee needs to gain access to all documents related to the program that Countrywide used to provide preferred status to certain customers. These documents should include:
All documents related to the participation in Countrywide Financial's "Friends of Angelo" program by any federal government officials, including information on loans taken by federal employees as a part of the program
Any correspondence with federal employees involved with the program, informing them of their membership or explaining the benefits of the program.
Any and all records of internal correspondence among Countrywide employees relating to the eligibility or potential for inclusion of any federal employee in the "Friends of Angelo" Program.
Information relating to Members of Congress should be referred to the appropriate investigative bodies, as investigating Members of Congress is not within our Committee’s jurisdiction. However, Members of Congress must ultimately be subject to the same level of scrutiny as all other government officials.
We hope that this initial inquiry can lead to a broader investigation by the Committee on whether or not any other mortgage lenders carried out similar programs with the goal of influencing public officials.
The American people deserve to know the truth about these lending practices, and if they had undue influence on federal housing or financial policy based on awarding "VIP" loans to federal officials. We look forward to working with you to undertake a thorough investigation of this program and provide transparency and answers for our constituents. Thank you for your consideration of this request.
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