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Chris Wysocki
Caldwell, NJ
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Friday, 28 December 2012
Congress clears itself of ethics charges related to the Countrywide VIP loan program
You'll be relieved to learn that soliciting a "Friends of Angelo" below-market-rate mortgage from Countrywide Financial is not against Congressional ethics rules. The House Ethics Committee said so yesterday, and it must be true because we all know how utterly above reproach they truly are.
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.
But even if the statute of limitations had not run out, the committee said, inclusion in the VIP program was not by itself a violation of House rules or laws. The panel said it found that Countrywide's "discounts" applied to standard loan rates that were commercially available elsewhere.
Ah, the old Statute Of Limitations play. I'm sure the investigation took so
long because they wanted to be thorough, and the stonewalling effect
is merely a pleasant bonus. The important thing to remember though is that
our congressmen are ethical. Completely. You can take that to the
bank.
Posted at 14:03 by Chris Wysocki
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