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Members of Congress Received “VIP” Loans from Countrywide
July 10, 2012
Before it nearly imploded and was bought out by Bank of America during the 2008 financial crisis, Countrywide Financial used a VIP program to loan money to members of Congress as a way to influence their decision-making.
At least seven current and former lawmakers accepted loans from the mortgage company, according to a report from the House Committee on Oversight and Government Reform.
Senators accepting the loans were Kent Conrad (D-North Dakota), chairman of the Senate Budget Committee, and Christopher Dodd (D-Connecticut), who is now out of office.
House members were Buck McKeon (R-California), chairman of the House Armed Services Committee, Edolphus Towns (D-New York), Pete Sessions (R-Texas), Elton Gallegly (R-California) and Tom Campbell (R-California), who has since left Congress.
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