WASHINGTON — The House Ethics Committee said Thursday it found no violations among House members whose mortgage loans went through the VIP section of the former Countrywide Financial Corp., the company whose subprime loans helped cause the foreclosure crisis.
The committee said nearly all the allegations of favored treatment involved loans that were granted so long ago that they fell outside the panel’s jurisdiction. The committee added, however, that participation in the VIP program did not necessarily mean borrowers received the best loan deal available – and most lawmakers were not even aware they were placed in a VIP unit.
Read More…
More on Foreclosure Crisis