Bank of America subpoenaed over Countrywide loans

[kpete]

Source: CNN

Bank of America subpoenaed over Countrywide loans
By Charles Riley, staff reporterFebruary 16, 2011: 7:03 PM ET


NEW YORK (CNNMoney) -- Bank of America was subpoenaed Wednesday over a loan program that may have given influential people sweetheart deals on their mortgages.

The subpoena was issued by House Committee on Oversight and Government Reform Chairman Darrell Issa, a Republican from California who has doggedly pursued the issue for several years.

The subpoena demands Bank of America turn over documents related to a VIP loan program that was administered by Countrywide Financial, which Bank of America purchased in early 2008.

Countrywide was once the nation's largest mortgage originator, but the company suffered heavy losses in its subprime loan business and had to find a buyer or collapse.

Read more: http://money.cnn.com/2011/02/16/news/companies/countrywide_subpoena/index.htm

[xchrom]

1. Recommend

[Joanne98]

2. YES!

[lob1]

3. Darrell Issa is a sleazeball. If he's involved in this,

somehow we'll end up being the ones screwed.

[Frisbee]

4. Maybe he is just pissed...

because he wanted a sweetheart deal too and didn't get one. In any case, I can't imagine him just doing something because it's the right thing to do. Sleazeball is right.

[AtheistCrusader]

5. How about subpoenae's for predatory lending?

[fittosurvive]

16. and predatory borrowing too...

Many people never even made the first payment on their mortgages. If it took a year to foreclose on them, they were able to live rent free for a year.

[HankyDubs]

6. nuke em till they glow

:nuke:

[bluecoat_fan]

7. Lucky thing Buffet dumped his BoA yesterday

http://www.bizjournals.com/sacramento/news/2011/02/15/warren-buffet-dumps-bank-of-america.html

[DCKit]

8. You kinda' make it sound like insider trading.

What did Warren Buffet know, and when did he know it?

[yelligilli]

13. He actually sold it in December when one of his stock pickers left.

http://www.businessinsider.com/warren-buffetts-stock-sales-our-favorite-holding-period-is-forever-2011-2

[DCKit]

14. Thanks. I figured he was a better man than that.

Kinda invalidates some points in the OP, though.

[Donnachaidh]

9. Wasn't it Chris Dodd who got a sweetheart deal?

Does anyone remember the details?

[QC]

10. He was one of many. Both Democratic and Republican piggies

had their snouts in that particular trough.

[24601]

12. There are plenty of miscreants, see below...

"Other participants in the V.I.P. program included former Secretary of Housing and Urban Development Alphonso Jackson, former Secretary of Health and Human Services Donna Shalala, and former U.N. ambassador and assistant Secretary of State Richard Holbrooke. Jackson was deputy H.U.D. secretary in the Bush administration when he received the loans in 2003. Shalala, who received two loans in 2002, had by then left the Clinton administration for her current position as president of the University of Miami. She is scheduled to receive a Presidential Medal of Freedom on June 19."

"Holbrooke, whose stint as U.N. ambassador ended in 2001, was also working in the private sector when he and his family received V.I.P. loans. He was an adviser to Hillary Clinton’s presidential campaign."

"James Johnson, who had been advising presidential candidate Barack Obama on the selection of a running mate, resigned from the Obama campaign Wednesday after the Wall Street Journal reported that he received Countrywide loans at below-market rates."


Source: http://www.portfolio.com/news-markets/top-5/2008/06/12/Countrywide-Loan-Scandal/

[defendandprotect]

11. k/r

[babydollhead]

15. kick

[sarcasmo]

17. Kick!