Countrywide Used Loan Discounts To Buy Congress, Fannie Mae Execs, Other Government Officials: Report

by Larry Margasak, HuffPost
Friday, July 6th, 2012

The former Countrywide Financial Corp., whose subprime loans helped start the nation's foreclosure crisis, made hundreds of discount loans to buy influence with members of Congress, congressional staff, top government officials and executives of troubled mortgage giant Fannie Mae, according to a House report.

The report, obtained by The Associated Press, said that the discounts – from January 1996 to June 2008, were not only aimed at gaining influence for the company but to help mortgage giant Fannie Mae. Countrywide's business depended largely on Fannie, which at the time was trying to fend off more government regulation but eventually had to come under government control.

http://www.huffingtonpost.com/2012/07/05/countrywide-loan-discounts_n_16...