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Home » Store » GSEs » Report: Countrywide Downgraded Underwriting Standards To Offer Discount Loans to ‘Friends of Angelo’ for Influence

Report: Countrywide Downgraded Underwriting Standards To Offer Discount Loans to ‘Friends of Angelo’ for Influence

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For more than a decade, Countrywide Financial’s “VIP Program” approved nearly 18,000 sweet-heart mortgages to congressmen, policymakers and officials at the government-sponsored enterprises in an effort to curry favor in Washington and strengthen its business relationship with Fannie Mae, ac-cording to a newly released congressional inquiry. Last week’s 136-page report from House Oversight and Government Reform Committee Chair-man Darrell Issa, R-CA, completed a three-year investigation by the committee of Countrywide’s “Friends of Angelo” program, which ran from January ...
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