A just released report by the House Oversight and Government Reform Committee shows that the now defunct Countrywide Financial Corp., the mortgage underwriter that turned subprime lending into a ticking time bomb, created a “VIP loan unit” to provide “hundreds of loans to current and former Members of Congress, congressional staff, high ranking government officials and executives and employees of Fannie Mae … VIPs who worked at Fannie Mae enjoyed expedited loan processing and pricing discounts. Countrywide also waived company guidelines for Fannie Mae’s senior executives to a greater extent than it did for ‘regular’ VIPs,” said the congressional report..
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