© 2020 WFAE
90.7 Charlotte 93.7 Southern Pines 90.3 Hickory 106.1 Laurinburg
Play Live Radio
Next Up:
0:00
0:00
Available On Air Stations

Countrywide VIP Loans Focus Of House Committee Subpoena

A congressional committee chairman has subpoenaed Bank of America for records on a VIP loan program run by Countrywide Financial. The subpoena demands BofA produce records, including e-mails, on loans received by government officials. This includes members of Congress, CNNMoney reports. "Countrywide orchestrated a deliberate and calculated effort to use relationships with people in high places in order to manipulate public policy," said Congresman Darrell Issa, R-California. He's chairman of the Oversight and Government Reform Committee. A BofA spokesman says the VIP loan program was immediately discontinued after the bank purchased Countrywide in 2008. Read the rest of the CNNMoney story here.