- President Obama Holds Pop Up News ConferencePosted 6 hours ago
- Securing America: Video Shows al Qaeda Meeting [VIDEO]Posted 12 hours ago
- The Balance Of Power: Are Republicans “Animated By Racism”?Posted 16 hours ago
- FOX on Tech: Is Bitcoin Currency Or Property?Posted 17 hours ago
Did Countrywide Buy Congress With Cheap Mortgages?
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.