Why has Rep. Edolphus Towns, D-N.Y., resisted an investigation of Countrywide Financial’s sweetheart loans to members of Congress?
The Wall Street Journal provides one possible clue:
A powerful House Democrat who has turned down a Republican’s call to subpoena records of a mortgage program at Countrywide Financial Corp. received two home loans from the lender…
The loans were made to Rep. Edolphus Towns of New York, who heads the House Oversight and Government Reform committee. The panel’s ranking Republican, California Rep. Darrell Issa, has been pushing to have the committee subpoena mortgage records showing who received loans through Countrywide’s VIP program — operated under former Chief Executive Angelo Mozilo and known within the company as “Friends of Angelo.”
The mortgage documents on the loans to Mr. Towns contain a Countrywide address and branch number that correspond to the VIP program.
Issa has long been calling for a full investigation by the committee of Countrywide Loans under the “Friends of Angelo” program made to Sens. Chris Dodd, D-Conn., and Kent Conrad, D-N.D.
