Countrywide Loan Probe Ended by House Panel With No Action Taken
This article is for subscribers only.
A U.S. House panel ended a probe of alleged preferential lending by Countrywide Financial Corp. to lawmakers and aides without taking action, saying the “serious matters” submitted for review fall outside its jurisdiction.
Allegations surrounding mortgage loans to House members and staffers through Countrywide Chief Executive Officer Angelo Mozilo’s “Friends of Angelo” initiative or other so-called VIP programs are either too old or involve people no longer employed in the House, the Ethics Committee’s Republican chairman and ranking Democrat said in a statement yesterday.