Rep. Pete Sessions (R-TX) has become the third House Republican discovered to have received a sweetheart loan as part of Countrywide’s “VIP” program. The program became notorious when conservatives jumped on the revelations that Democrats Chris Dodd and Kent Conrad received cheap loans through it. But it was always clear that influence peddling is a bipartisan sport in Washington, and it was inevitable that some Republicans would get found out.
Sessions’ spokeswoman, Torrie Miller, confirmed that the congressman was told that records show he received the discounts through Countrywide’s VIP program.
Sessions becomes the fourth House member — and third Republican — whose records were sent to the House Ethics Committee for further investigation. The ethics panel will likely investigate whether the lawmakers received improper gifts and whether they performed any favorable actions for the lender. The four were notified by the House Oversight Committee.
Two of the Republicans play prominent roles: Sessions, as the person responsible for Republican efforts to maintain their House majority in the November elections and Rep. Howard “Buck” McKeon of California, who has major influence over the defense budget as chairman of the Armed Services Committee.
Democrat Ed Towns’ name has also come up in the investigation as receiving special treatment on his loan.
House Oversight Committee ranking member Elijah Cummings is having some fun with this, by citing new documents showing that disgraced former Countrywide chairman Angelo Mozilo personally involved himself in the McKeon loan.
The letter from Rep. Elijah Cummings (D., Md.) said that Countrywide records obtained as part of a congressional investigation of its VIP loan program indicate that Mr. McKeon was given “a significant discount on his VIP loan as a direct result of personal intervention” by Mr. Mozilo, who ran the mortgage giant at the time [...]
The Cummings letter quoted an internal Countrywide e-mail regarding Mr. McKeon’s loan as saying: “Per Angelo—’take off 1 point, no garbage fees, approve the loan and make it a no doc.’ ” The e-mail appears to be referring to origination and other fees, as well as required supporting documentation, such as tax returns. Origination fees are normally cited in terms of points that are each equivalent to 1% of the loan amount.
The Cummings letter said company documents didn’t say whether Mr. McKeon knew about the supposedly preferential treatment. But the documents referred to at least three conversations Mr. McKeon had with company employees, according to the letter. Mr. Cummings quoted a Countrywide letter to Mr. McKeon thanking him “for allowing COUNTRYWIDE’S VIP TEAM to assist you with your financing needs.”
Everyone’s denying everything, of course. But this is just an example of how members of Congress play by different rules than you and me. If you scratch this itch, I don’t think there’s any question that you will find more sweetheart deals in both parties. And you’ll notice that Mozilo, incidentally, isn’t in jail right now for mortgage fraud.




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Yet another “if this involved Democrats it’d be leading the evening news” story. But since it involves Republcans, crickets.
ah yes, “no garbage fees” – our esteemed members of congress shall not be subject to those inflated/fake fees tacked onto the closing costs We The People pay…and pay…and pay.
the corruption of our financial & political times laid bare in 3 simple words.
Didn’t the CA redistricting just place McKeon and another long-serving Republican in the same, new, Congressional district?
And didn’t that long-serving Rep decide not to run against McKeon?
Maybe he ought to rethink that…
My Magic 8 ball sez: I see a sternly worded letter in the future of these 4
thieving bastardsCongressional Representatives.Aha! I thought so.
Still, some dots connectd would help in the quid/quo arena. That is, how does the list of Angelo’s friends stack up against votes on legislation of interest to Countrywide? A terse grid would suffice for each bill, just line ‘em up horizontally and vertically.
Also a non-partisan leak of such info would lend some credibility if there’s a trend there. Only then, simply parse it down to the party affiliation and proceed apace.
CountryWide is totally entangled with government. It wasn’t 48 hours after I called Unemployment for the first time that CW was hounding me. Literally. To make a long story short, they descended on me and I ended up threatening them with stalker charges. It was that bad. Talk about predatory lending, these SOBs were calling me every couple of days and letting the phone ring off the hook. Once they let the phone ring at least 200 times. Unemployed single mother….it was like waving red meat in front of a hungry lion.
It is common knowledge that banks are running Welfare and the Food Stamp program and doing intake through call banks in India. After I became CountryWide’s new best friend after contacting Unemployment, I knew that banks must be running it as well. Seriously, we know the banks have taken over Washington and are running a puppet government. They have taken their position running the US Government and have ALL OUR SENSITIVE DATA. Just what they need to know just where each and everyone of us is vulnerable, what we have, medical problems, the complete picture, and just where to target the death blow.
Even by accepting the next election as real, we are just playing along with the charade. None of us will be represented by either Obama or Romney. You might as well vote for Obombney. Our country has been taken over. period