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Wednesday
Feb162011

Issa Subpoenas Bank of America over 'Sweetheart' Mortgages

Photo Courtesy - Bank of America(WASHINGTON) - Rep. Darrell Issa, R-Calif., Wednesday issued his first subpoena as chairman of the House Committee on Oversight and Government Reform to Bank of America in an effort to obtain all documents and records related to Countrywide’s VIP program.

The move is Issa’s latest effort to obtain names of current and former federal, state and local policymakers – including members of Congress – who potentially received sweetheart mortgage deals from the former Countrywide Financial Corp., which Bank of America obtained in 2008.

“Countrywide orchestrated a deliberate and calculated effort to use relationships with people in high places in order to manipulate public policy and further their bottom line to the detriment of the American taxpayers even at the expense of its own lending standards,” Issa said in a statement.  “This subpoena will allow us to obtain the information needed to answer the outstanding public interest questions regarding the full size and scope of the VIP program."

According to the committee, the subpoena compels Bank of America to produce certain documents by noon on March 7, 2011. Among those documents are all those related to covered borrowers serviced by Countrywide Financial through the Branch 850, VIP, or Friends of Angelo programs.

The term "covered borrowers" means that at the time of the loan, the borrower or their spouse were a current or former officer or employee of a federal agency, the U.S. Congress, a government-sponsored enterprise or of a state or local government.

Copyright 2011 ABC News Radio

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