House Committee Subpoenas BofA Over Countrywide’s VIP Program

Posted by Orb Staff on October 26, 2009 No Comments
Categories : Residential Mortgage

The House Committee on Oversight and Government Reform has issued a subpoena to Bank of America for documents regarding Countrywide Financial's VIP program, under which several lawmakers reportedly received favorable mortgages.

The panel says the subpoena seeks to clarify unanswered questions about how the VIP program worked and whether it provided speecial benefits to government officials.

‘It is my goal to conduct a complete review of the role of mortgage companies in the current financial crisis,’ says the committee's chair, Rep. Edolphus Towns, D-N.Y., adding that he intends to work through the matter in a bipartisan fashion.

SOURCE: House Committee on Oversight and Government Reform

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