Darrell Issa Takes on Countrywide Financial’s Crony Capitalism

By Peter Roff – Most people don’t talk about it anymore, but the current economic crisis is rooted in the corruption of the mortgage market, particularly in instruments known as “sub-prime loans” and in the Democrats stonewalling of Republican efforts to force reform on the lending giants Freddie Mac and Fannie Mae.

Hopefully that may change now that the House Oversight and Government Reform Committee released a new report (pdf) following the committee’s three year investigation into the activities of Countrywide Financial Corporation—which was acquired by Bank of America in 2008. It’s a frightening account, documenting the company’s use of what the committee called “discounted mortgages to influential Washington policy figures” to win friends and influence people. more> http://tinyurl.com/bmh7zxm


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