As we all know, because Barack Obama and others tell us every day, it was Bush’s fault. Except when it wasn’t:
The report concluded that Countrywide executives used a special VIP loan program to try to stop legislation that would have restrained the company’s business with Fannie Mae. Countrywide had an exclusive agreement to sell billions of dollars in mortgages to Fannie Mae at a discounted rate, according to the report issued by committee chairman Darrell Issa, a California Republican.
“This report sheds new light on Countrywide’s relationship with Fannie Mae and how Countrywide used its VIP program to cement its ties to its taxpayer backed business partner,” Issa said in a statement. “Other than Countrywide, no other entity’s employees received more VIP loans than Fannie Mae.”
Well, if you don’t consider Chris Dodd’s. What political party were Jim Johnson and Franklin Raines, again?