Countrywide Gave Discount Loans To Lawmakers, Report Says

Law360, New York (July 5, 2012, 4:25 PM EDT) -- Subprime lender Countrywide Financial Corp., a major contributor to the foreclosures crisis, bought influence on Capitol Hill by giving hundreds of discounted loans to current and former lawmakers, their staff members and executive branch officials, according to a congressional report released Thursday.

The report, issued by the Republican-led House Committee on Oversight and Government reform, shows Countrywide gave preferential treatment through its VIP loan program to members of Congress and government officials on both sides of the aisle between January 1996 and June 2008. On occasion,...
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