Most Active Stories
- Why are teachers leaving Oakland?
- The first look inside San Francisco's radical attempt to end homelessness
- Is Oakland’s DIY music scene in serious trouble?
- Everybody disagrees on how to solve San Francisco’s affordable housing crisis
- Putting an earring in my ear: the centennial of the Armenian Genocide
Originally published on Thu July 5, 2012 7:25 pm
LINDA WERTHEIMER, HOST:
NPR's business news starts with the back story on VIP loans.
(SOUNDBITE OF MUSIC)
WERTHEIMER: A former mortgage company, Countrywide, used a VIP loan program to buy influence with members of Congress, staffers and other officials, including a number at Fannie Mae, the government backed mortgage giant central to Countrywide's business. That the bottom line of a new report out today from the House Oversight and Government Reform Committee.
STEVE INSKEEP, HOST:
The report says until the housing market crashed, Countrywide's effort to build good will on Capital Hill worked. It said the failed company became a trusted adviser in Congress and was consulted with Congress considered reform of Fannie Mae and Freddie Mac and also considered unfair lending practices. Transcript provided by NPR, Copyright National Public Radio.