Countrywide VIP Loan Unit Benefited Many Fannie Mae Execs

Dan Riehl
Riehl World View

Not only is this at the heart of the current economic problems, the new financial regulation bill does nothing to address the abuses of Fannie Mae and Freddie Mac. Why would it, I believe Rahm Emmanuel did some time there, as well. Say hellp to the corrupt so called ruling class. Why didn’t Obama and the Democrats do ANYTHING about this mess when they had the chance?

New documents released by the House Committee on Oversight shed shocking new light on the cozy partnership between Countrywide Financial Corporation and Fannie Mae — which left taxpayers holding the bag for billions in subprime loans.

The documents show that dozens of Fannie Mae employees accepted VIP loans and VIP treatment from Countrywide.

According to investigators, Countrywide’s VIP treatment could range from special handling of customer phone calls to discounted loan rates worth thousands of dollars on a loan.

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