California Real Estate Fraud Report

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23
Jul

Fannie Mae employees received sweetheart deals from Countrywide VIP Loan Unit

The Countrywide VIP Loan Unit, notorious for spreading its largesse to U.S. Senators such as Senator Christopher Dodd (D-CT) and  Senator Kent Conrad. (D-ND), apparently also extended its low-interest loan favors to employees of Fannie Mae, according to an article published online in CBS News that is based on documents released by the House Committee on Oversight.

Information in the documents shows that the number of low-interest loans from Countrywide’s VIP program to Fannie Mae employees spiked on two occasions: first in 1998 as Countrywide was attempting to negotiate a volume discount with Fannie Mae, and then in 2002-2003 as Countrywide was expanding its VIP Loan Unit.

In 1999 Fannie Mae did indeed write an exclusive agreement with Countrywide in which it sold Fannie Mae billions of dollars in mortgages at a volume discount. Coincidentally (or not), Countrywide CEO Angelo Mozilo extended Fannie Mae CEO Jim Johnson favorable terms on more than $10 million in personal loans.

Republican House Oversight Report on Countrywide’s “Friends of Angelo” Program

Republican House Oversight Report on the Housing Crisis

Read the full article in CBS News, which includes the names and job titles of the many, many Fannie Mae employees whose names have been turned over to investigators as a result of their having received special consideration from the Countrywide VIP Loan Unit.

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