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Thursday, June 19, 2008

Countrywide preferential mortgage scandal investigated

June 19 2008
Republicans are not letting Countrywide’s elite VIP program scandal quietly die. The program allowed some members of Congress to receive preferential treatment on multiple mortgage loans. Conservatives already opposed the housing bill now on the Senate floor as a bailout for irresponsible lenders and borrowers. Now they oppose it because it would possibly send billions of dollars to Countrywide. Nine GOP senators want to offer an amendment that would send the bill back to committee with instructions to investigate just how much Countrywide would gain from the legislation. Republicans sent a letter to House Speaker Nancy Pelosi demanding an investigation with open hearings into allegations that certain Members of Congress received preferential treatment in acquiring and renegotiating the terms of existing home mortgage loans with the nation’s largest mortgage lender. Congress is currently considering a $300 billion bill that would bailout many large mortgage lenders from some of their own bad financial decisions.

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