Most Active Stories
- Janisse Ray’s ‘The Seed Underground’ Explains Startling Loss of Seed Diversity
- Velo Coffee Turns to Kickstarter to Fund New Roaster
- States That Raised Minimum Wage See Faster Job Growth, Report Says
- Supernatural Suspense for Young Shapeshifters in 'Island of Fog' Series
- VW Chattanooga Not Only Gets New SUV; Also Gets New Research Center
Originally published on Thu July 5, 2012 10:25 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.