Countrywide Financial Corp.’s controversial “VIP” mortgage program made 153 loans to employees of Fannie Mae, the giant, federally backed financial institution that helped fuel Countrywide’s growth, according to a letter released Tuesday by Rep. Darrell Issa.
Another 20 such VIP loans, which often provided mortgages on terms more favorable than those available to the general public, went to Freddie Mac employees, another big government-backed buyer of loans, the Issa letter said.
While it has been reported that VIP loans had gone to some officials at these enterprises, the latest information indicates the number of VIP loans to Fannie Mae and Freddie Mac officials was greater than previously known.
• Read the full Wall Street Journal story.
