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.
Countrywide VIP Loans Focus Of House Committee Subpoena
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