Was one of the country’s biggest mortgage lenders giving sweetheart deals to members of Congress for their support as the housing market was falling apart? A new government report suggests it was.
FOX News Radio’s Steve Taylor reports from Washington:
The Countrywide Financial Corporation collapsed during the 2008 mortgage crisis. Now, a House committee says Countrywide had made hundreds of discounted loans to members of Congress, Congressional aides, Cabinet officials and executives at the giant mortgage lender Fannie Mae.
The apparent aim was to avoid tighter government regulations while Countrywide was selling billions of dollars in subprime mortgages. When those high-risk mortgages collapsed for millions of homeowners, it started a wave of foreclosures that continues today.
In Washington, Steve Taylor, FOX News Radio.