Friday, December 28, 2012

No ethics breaches found in Countrywide VIP loans

WASHINGTON (AP) ? The House Ethics Committee says it found no violations by House members whose mortgage loans went through the VIP section of the former Countrywide Financial Corp.

The committee said nearly all the allegations involved loans that were granted so long ago that they fell outside the panel's jurisdiction. The committee added that participation in the VIP program did not necessarily mean borrowers received the best financial deal available.

The committee said that it was concerned with the actions of House staff members who may have reached out to Countrywide lobbyists for assistance with their personal loans.

The report said that if these staff loans had been more recent, there may have been disciplinary action.

Countrywide was taken over by Bank of America in 2008.


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