Issa Reveals Payoffs to Congress via Loan Program - John Ransom - Townhall Finance

Issa Reveals Payoffs to Congress via Loan Program - John Ransom - Townhall Finance
Issa Reveals Payoffs to Congress via Loan Program
John Ransom


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Rep Darrell Issa (R-CA) alerted members of the House Oversight Committee that four members of the House received VIP loans from sub-prime mortgage powerhouse Countrywide, according to the Wall Street Journal.

The loans contained artificially low interest rates along with other artificial sweeteners for the members. These loans were not available to the general public.

In a letter issued to members by Issa, who is chairman of the committee, he referred to the loans as possible ethics violations and "possible wrongdoing by Members of Congress."

Issa issued a subpoena to Bank of America, which the government forced to take over Countrywide during the TARP bailouts. Bank of America, which has been harassed and threatened by the Obama administration, likely gleefully turned over the documents to Issa about Countrywide’s VIP program.

Already the VIP loan program, run by Countrywide as an attempt to secure favor with top public officials, has killed the career of at least one member of Congress.

Senator Christopher Dodd, widely know for his misguided attempt at reforming the financial services laws- called Dodd-Frank- received loans from Countrywide for two houses that Dodd claimed as a primary residence.

And if you can figure out how you can divide two houses into one primary residence and get a whole number, then congratulations! You’re a Democrat.

They’ll probably ask you to write the next budget for the country or come up with a loan guarantee program for the DOE or count Democrat votes in Cook County, IL or file Geithner’s tax returns.

From the Los Angeles Times:

The oversight committee received about 100,000 pages of documents related to the VIP loan program after issuing a subpoena in February to Bank of America, which now owns Countrywide…. The VIP program also was known as "Friends of Angelo," a reference to Countrywide's former Chief Executive Angelo R. Mozilo.

The LA Times reports that Countrywide made 173 loans to employees of Fannie Mae and Freddie Mac, “which purchased many of the company's loans.”

Additionally about 30 Senate employees were given loans under the VIP program according to the Wall Street Journal.

"Countrywide orchestrated a deliberate and calculated effort to use relationships with people in high places in order to manipulate public policy and further their bottom line to the detriment of the American taxpayers even at the expense of its own lending standards,” said Issa as reported by The Hill at the time of the subpoena in February, 2011. "The American people have a right to know the totality of who participated in the Countrywide’s VIP program and what they did in return for access to it.”

This is probably more than just a fishing expedition for Issa, too. The man, who more than anyone else, has brought Eric Holder to heel, can likely make a big name for himself as chairman of the oversight committee in the age of the socialist payoff to business and investors; even if Issa is, you know, a raaaaaacist.

And here’s why:

The Senate investigated the VIP loan program and gave the participants clean bills of health. However, the Senate ethics committee was and is controlled by Democrats.

We know that Democrats can’t do math correctly, but we know that they can at least spell the word “cover-up.” They have made it an art form. That worked great as long as they controlled the executive branch and the legislative branch.

Issa however has taken away the punch bowl.

Look for the House Oversight Committee to press the case under a Republican majority as the GOP makes a pitch for taking over the House and the Senate in 2012.

Issa likely suspects that Americans, once informed, will think the cover-up has been as bad as the crime.

John Ransom | Create Your Badge

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John Ransom
John Ransom is the Finance Editor for Townhall Finance. You can follow him on twitter @bamransom and on Facebook: bamransom.

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Richard Wrote: 42 minutes ago (1:04 PM)
Those who govern us are a reflection of our society as a whole, and this society has plummeted because of the crap seen in movies and TV and online. The music culture brings us cheeseballs like lady GaGa. Where is the inspiration in our lives? Lady GaGa couldn't inspire me if there was a gun to my head. Our culture looks like a constant decline. Those of us who maintain our faith in God and love of family have hope because we are with God. But the culture and the country we live in need a miracle.
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Donald Wrote: 1 hour ago (12:42 PM)
It is all up to us the voters. We have learned the hard way that Politicians talk out of both sides of their mouths. So the only solution is RECALL. Ok !! you voted for congress Joe Smuck, he campaigned with promises that he does not keep. Score-board him-- his every vote, not doing what he said he would start a RECALL IMMEDIATELY--- LIKE YESTERDAY. If we the voters raise enough doubt about them other voters will join us.

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Seawolf Wrote: 1 hour ago (12:39 PM)
Issa is one of the very few up there with any integrity at all, another is Tom Coburn, I'd be hard pressed to find 5 others...that swamp really needs to be drained and filled in with honest people, some are worthy of a firing squad for their treasonous activities.
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Krazeehors Wrote: 28 minutes ago (1:17 PM)
can we start with harry reid, chuckie schumer and litte dickie durbinjQuery152049648736749075356_1324404963144? Then add Charlie Rangel, Nancy Pelosi, Steny Hoyer, James Clyburn, and that idiot van Holland??
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Krazeehors Wrote: 28 minutes ago (1:18 PM)
can we start with harry reid, chuckie schumer and litte dickie durbinjQuery152049648736749075356_1324404963145? Then add Charlie Rangel, Nancy Pelosi, Steny Hoyer, James Clyburn, and that idiot van Holland??
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James Wrote: 1 hour ago (12:38 PM)
Congress shall not be exempt from any law it imposes on the American people. And should not be exempt from criminal or civil charges. So say we the people.
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Lav66 Wrote: 1 hour ago (12:20 PM)
This is one of the best examples of why there should be term limits
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John Wrote: 2 hours ago (11:28 AM)
Every day I read and discover just how corrupt our legislaters are. these recent disclosures are an example of how bad. There are ways to stop this. First Term Limits (Maximin two terms for Congress and four for the House) next no retirement but SS amd Medicare like regular citizens, as the legislature are supposed to be. No gratuities from lobbists. Any legislator shuld be forbiden from a post legislature career as a lobyists. As far as that goes why should a person that serves as President be given a lifetime pension and taxpayer funds for a library? Give them the respect for having served in the office but don't reward them for doing their duty as a citizen.
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Pamela Wrote: 2 hours ago (11:44 AM)
No, Only one term in the Senate, two terms in the House, Serving in one or the other counts and you cant do 6 years as a Senator and 4 years as a Congressman or vice versa. No fancy retirement program, SS at age 65 only, nothing but Medicare for medical needs while serving, NO special breaks or cutting to the head of the line. I agree barred from serving as a lobbist,and cut the "President" off from his big pension and other unearned benefits.
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el Dudley Wrote: 1 hour ago (11:55 AM)
Pamela and John: The only fly in the onitment is that for those wonderful Congress-reforming ideas we have....Congress is the only entity on this earth that gets to vote for the change(s).

And that aint'a gonna happen......EVER! Sure, complain about it. But once anyone get's into government office, ALL of them follow rule #1. Rule #1 says "pad your own nest first", "then worry about the dumb schmucks that voted for you."
Then proceed to Rule #2. Rule #2 is "do some more of Rule #1".
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Teresa Wrote: 2 hours ago (11:24 AM)
Now that Rep. Issa and the Oversight Committee have uncovered this fact, what are they going to do about it?
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MickeyG RVN 66-68 from CO Wrote: 2 hours ago (11:29 AM)
What do you think Teresa?

Most likely little or nothing...the corrupt-o-crats take care of their own !
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Krazeehors Wrote: 23 minutes ago (1:22 PM)
Even the hearings that were held regarding Congress people enriching themselves with insider trading, which I knew about MONTHS ago before 60 minutes EVER reported on it, were attended by THREE PEOPLE!!! Both parties should be ashamed of themselves.

But, maybe, if we eliminated the word "party" from the title of an official's particular political leanings, they just MIGHT get the idea that they are up there to WORK, NOT party and take advantage of their constituents.
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MickeyG RVN 66-68 from CO Wrote: 2 hours ago (11:20 AM)
"It has been said that all Government is an evil. It would be more proper to say that the necessity of any Government is a misfortune. This necessity however exists; and the problem to be solved is, not what form of Government is perfect, but which of the forms is least imperfect." --James Madison, 1833


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anonymous Wrote: 2 hours ago (11:11 AM)
I have to admit, I am leaning towards tar and feathers rather than waiting another year to throw the bums out.
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Pamela Wrote: 2 hours ago (11:44 AM)
Plus 100 on THAT.
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Krazeehors Wrote: 22 minutes ago (1:23 PM)
200
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Adrian Wrote: 2 hours ago (10:58 AM)
Washington, DC is totally corrupt. We should vote them all out ever election and then we the people will be in charge. When they come we should give them a parade or a rope depending on performance.

The Two Minute Conservative at http://adrianvance.blogspot.com for political analysis, science and humor. Daily on Kindle.
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Krazeehors Wrote: 20 minutes ago (1:26 PM)
I actually think that the very FIRST political appropriations in January should be the construction of a dormitory for ALL congress members and ALL senators!! Two to a room, dining hall, common areas that they are responsible for cleaning, etc. TAKE AWAY ALL OF THEIR PRIVILEGES, TO INCLUDE THE PRIVILEGE OF HAVING A LAVISH OFFICE. THEN REDESIGNATE ALL OF THOSE FANCY OFFICE BUILDINGS FOR OTHER PURPOSES!!!

Maybe that would give them the idea that we are serious about this!
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Krazeehors Wrote: 19 minutes ago (1:27 PM)
Only the top leaders should get a private room -- PRIVATE, NOT LAVISH OR FANCY!!
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Pat Wrote: 3 hours ago (10:26 AM)
ABSOLUTE CORRUPTION!
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el Dudley Wrote: 3 hours ago (10:22 AM)
For the record, I don't consider myself a racist. I had a black employee. I have worked for countless black homeowners (I was a contractor). My best 'bud' in college was an African. Literally African!! He was on a school-visa to go to college in the US. He grew up in Uganda. Geesh, and you want to talk about a liberal!! That guy was as liberal as Nancy Peelosi. Aww, but he was fun to be around! We had good times.
I like people, or more specifically, good people. I like what MLK said once "content of their character, rather than the color of their skin". I agree, MLK, I agree.
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arpiem Wrote: 3 hours ago (10:37 AM)
Well, we're all very happy that you proclaim to not be a racist (wasn't Jackie Robinson wonderful?), but what does it have to do with this article?
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el Dudley Wrote: 2 hours ago (10:47 AM)
foxtrot uniform, arpiem, foxtrot uniform.
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Jim Wrote: 3 hours ago (10:09 AM)
"Democrat Math," "Cover Up." Now I know how democrats get elected. Crooked as a dog's hind leg, as it were!
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Fantasy Control Wrote: 3 hours ago (10:06 AM)
When we get a Republican Senate and White House, we need a full investigation of the events that led to the Collapse of '08. We need to find out more about Franklin Raines (the Obama campaign's Chief Economic Officer and Bundler who ran Fannie for several years before being escaping with $30 million in bonuses and whose name was dropped when Fannie et al toppled) and James Johnson, another big Dem bundler.

Make it public and make a splash.
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el Dudley Wrote: 3 hours ago (10:15 AM)
Fantasy; I agree!! F. Raines should be charged, convicted and all of his stolen money confiscated from him and returned to FNMA.
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Fantasy Control Wrote: 3 hours ago (10:36 AM)
I heard that the Government is trying to get it back, but that Fannie is actually paying for his lawyers, to the tune of ten or twenty million.
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Don't Tread On Me Wrote: 3 hours ago (10:05 AM)
Issa is one of those few Republicans who really stand up for principle over petty politics & the cult of "going along to get along" bogus "civility."
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Stephen - East Coast Wrote: 3 hours ago (10:04 AM)
When it comes to the subject of racism, I can't help but think of the "Reverend" Jeremiah Wright, and I know that there are more out there who "preach" just like him. Maybe Holder, like O'Trauma, attended a similar "church"?
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el Dudley Wrote: 4 hours ago (9:35 AM)
When Obama is flushed from office next year, and Eric Holder is also removed, I want Holder to sweat being prosecuted for his crimes, the exact same way he tried prosecuting the Bush lawyers for condoning water-boarding.

I want Holder to face trial for 'Fast & Furious', ignoring election poll blacks with clubs, ignoring voting fraud, and a host of other accusations. I hope he yells racism all the way up to when the cell door slams shut!
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Don't Tread On Me Wrote: 3 hours ago (9:48 AM)
Holder is absolute scum unfit for public office. Every day Obama fails to sack him is a new offense against the integrity of the US Government, the people, and any concept of lawfulness & decency. Not to mention, particularly, the nation of Mexico.
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calrepublican only 3 of us Wrote: 3 hours ago (9:48 AM)
I will third that! Why must we abide by the laws we disagree with if our government wont.
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Downs1 Wrote: 4 hours ago (9:29 AM)
Nice summary el Dudley! Folks who cry racism are often the hypocrits and bigger racists than the ones they are accusing. The only thing they succeed in doing is turning those who are not racists into racists and instead of winning support, they lose it. I do not like to be accused of being something I am not, nor do I like to be accused of doing something I did not do.The Lord said, "Let him who is without sin cast the first stone" (John 8:7). But then, the Bible iand its truth are passe in America today.
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el Dudley Wrote: 4 hours ago (9:17 AM)
Joe1CR; Thanks for the Founding Fathers quote. Man!! It always amazes me how privileged we need to be to have had such intelligent and inspiring forefathers.
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el Dudley Wrote: 4 hours ago (9:10 AM)
There's a few 'facts' no one disputes;

A) there is no such thing as a 'partial' black person. ANY African heritage qualifies you to be "black", even if you look whiter than Lady Gaga (see Jeremia Wright, Hally Berry, and Eric Holder for further details)
B) in a weird reverse racism, being black nowadays allows you to get away with murder (see OJ Simpson, & Jayson Williams for details
C) if you are black, and if you are accused of 'anything on earth', claim "racist!!!" In fact, let's scream racism as a "catch-all", in other words "when in doubt, always shout!"

I'm wondering if blacks have ever heard the story of the "boy" who cried wolf. I'm wondering if they took offense at the 'boy' reference. They may accuse me of being a racist.

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JOE1CR Wrote: 4 hours ago (9:19 AM)
Once liberals have accused their opponents of racism their cupboard is bare.
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Dubious Brother Wrote: 3 hours ago (9:58 AM)
When real racism occurs, it often goes unnoticed. The radical left wing press recently played out "To Kill A Mockingbird" perfectly. Not satisfied with just one Miss Mayella Ewell, they came up with several white female "victims" but all just as believeable as Miss Mayella. The role of Tom Robinson was of course Herman Cain. We all know that no black man can help a white woman and keep his hands off the woman. The jury and the judge was the leftie press making their decision despite the evidence. Unfortunately for Mr. Cain, the role of Atticus went unfilled - it should have been the Republican Party that came to his defense - but as we all learned from the book and the movie there really is no defense. In real life, the voters all lost.
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JOE1CR Wrote: 5 hours ago (8:45 AM)
The Founding Fathers defined treason in Article III, Section 3, Paragraph 1: "Treason against the United States, shall consist only in levying War against them, or in adhering to their Enemies, giving them Aid and Comfort."
Bribery was, and remains, well understood, then and now --- namely, the intention to corrupt or influence, particularly public policy, by offering, or a government official accepting, something such as money or favor, quid pro quo, his vote or support in a particular public policy matter.
And, in The Federalist Papers (No. 70), Hamilton further explained: "Men in public trust will much oftener act in such a manner as to render them unworthy of being any longer trusted, than in such a manner as to make them obnoxious...
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JOE1CR Wrote: 5 hours ago (8:45 AM)
obnoxious (subject) to legal punishment."
In short, one of the aims of the constitution was to ensure that virtuous men would become the nation's leaders, and impeachment was merely the remedy for those public servants whose misconduct resulted in betrayal of the public trust:
"Judgment in Cases of Impeachment shall not extend further than to removal from Office, and disqualification to hold and enjoy any Office of honor, Trust or Profit under the United States: but the Party convicted shall nevertheless be liable and subject to Indictment, Trial, Judgment, and Punishment, according to Law."

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JOE1CR Wrote: 4 hours ago (8:46 AM)
obnoxious (subject) to legal punishment."
In short, one of the aims of the constitution was to ensure that virtuous men would become the nation's leaders, and impeachment was merely the remedy for those public servants whose misconduct resulted in betrayal of the public trust:
"Judgment in Cases of Impeachment shall not extend further than to removal from Office, and disqualification to hold and enjoy any Office of honor, Trust or Profit under the United States: but the Party convicted shall nevertheless be liable and subject to Indictment, Trial, Judgment, and Punishment, according to Law."

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Robert Wrote: 5 hours ago (8:38 AM)
Can any of our elected officials even spell fiduciary? Their job is to do the peoples business, not monkey business, are there any that have ever been elected to congress that have not enriched themselves at the cost of the taxpayer. If there are, it must be a very short list. I thought the reason we gave them so much money in salary was to removed the temptations, boy was I ever wrong.
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MickeyG RVN 66-68 from CO Wrote: 5 hours ago (8:45 AM)
Robert you aren't the only one that was wrong, we're all guilty of letting them get away with it !
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Seawolf Wrote: 1 hour ago (12:35 PM)
Trouble is Mickey, there is no-one left to complain to. No-one you can trust..I once had a beef when I worked for the gov't, went to a women who ran the office that takes such complaints in confidence, big sign on the wall to that effect HAH!. By the time I returned to my office the female I made the complaint about had already heard every word I said. This gov't is corrupt all the way from the bottom to the top, the bureacrats have nothing on their minds except getting to their retirement date and will destroy you if you get in their way.

The pols are scared of riots if they go after this SOB..we are truly effed.
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Beachgoer Wrote: 5 hours ago (8:37 AM)
Really? I have NO faith in the public. You could put this on everyone's windshield, on their kitchen table and under the Christmas tree and people will still believe it is "Banks" fault and the GOP. The GOP is just having a witch hunt the way they did for eight years going after Clinton.

Were it not for double standards liberals wouldn't have any at all.
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JOE1CR Wrote: 4 hours ago (8:49 AM)
Bank of America will not be getting any more bail out money from the Dems.
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JOE1CR Wrote: 5 hours ago (8:33 AM)
Dark times for American Freedoms everywhere, as Obama, and his radical Cronies, Henchmen, Union Goons and thugs, and his propagandist media allies, have all but declared a state of war, against Freedom of Speech, Liberty, Equal Justice, and the very core of our American Republic , the American People, and the U.S. Constitution.!!! We have laws against political corruption which is the use of legislated powers by government officials for illegitimate private gain. Forms of corruption vary, but include bribery, extortion, cronyism, nepotism, patronage, graft, and embezzlement. We need a justice dept. that will quit turning a blind eye to the crooks who walk the hall's of congress and stop giving them a free pass to rob and gut America....
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JOE1CR Wrote: 5 hours ago (8:33 AM)
Don't forget about obummer, Dodd, Frank, Pelosi, Reid and a cast of literally tens of thousands in the District of Corruption. The rule of law must apply to all ,especially those who are elected, live in and work for we the people in our nation's capitol .
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MickeyG RVN 66-68 from CO Wrote: 5 hours ago (8:32 AM)
And so it goes...corruption in DC...not really news ...because nothing will really be done about !!
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