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Countrywide has a VIP program. The debunked, Countrywide, who has since been purchased by Bank of America makes available to certain individuals a reduced interest rate. The individual must be a congressman, and was known inside Countrywide as the “Friends of Angelo”. The program was named this due to Chief Executive Angelo Mozilo alleged involved in the loan processing. The program was in operation in 2003 and offered to congressmen 4.5% to 4.625% loans when loans to average Americans were 4.7% to 5.3%.

The individuals in Congress who took advantage of this loan claim not to know anything about their favorable treatment in accruing the loan.

I find it highly unlikely that the congressmen did not know when some of them took out more than one loan from Countrywide during this period of time.

The overall impact to Countrywide success or failure is unknown, but the realization that the company was doing unscrupulous practices is clear.

The investigation of the allegation against Countrywide is now the troubles of Bank of America who declined to comment.

It will be interesting to see how these new allegations will play out to Bank of America receipt of future bailout monies.

Originally posted 2009-08-19 15:07:35. Republished by Blog Post Promoter

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