Countrywide Financial Corp.'s controversial "VIP" mortgage program made 153 loans to employees of Fannie Mae, the giant federally backed financial institution that helped fuel Countrywide's growth, according to a letter released Tuesday by Rep. Darrell Issa.
Another 20 such VIP loans, which often provided mortgages on terms more favorable than those available to the general public, went to employees of Freddie Mac, another big government-backed buyer of mortgage loans, the Issa letter said.
While it has been reported that VIP loans went to some top Fannie Mae officials, the latest information indicates that the activity was more widespread.
Wednesday, July 21, 2010
The latest in government conflict-of-interest perks
John Emshwiller reports: