Rep. Darrell Issa Breaks Franklin Raines Countrywide VIP Mortgage Testimony Inconsistencies

Issa Probes Conflict Between Countrywide VIP Program Documents, Sworn Testimony of Former Fannie Mae CEO March 4, 2009 WASHINGTON. DC House Committee on Oversight and Government Reform Ranking Member Darrell Issa (R-CA) today, released a letter to the attorney of former Fannie Mae CEO Franklin Raines advising him to revise statements in his testimony indicating that he did not receive preferential treatment as a Friend of Angelo and member of the Countrywide VIP program. The involvement of Countrywides VIP unit in the refinancing of Mr. Raines mortgage and the rate reduction and waiver of junk fees that are reflected in the documents produced to the Committee indicate Mr. Raines was aware he was receiving special treatment, including a reduced interest rate and waived fees, says the letter from Issa to Raines attorney. Information obtained by the Committee, therefore, calls into question the truthfulness of Mr. Raines testimony. During the question and answer period of the December 9, 2008, Oversight and Government Reform Committee hearing on the role of Fannie Mae and Freddie Mac in the Housing Meltdown, Rep. Dan Burton asked Mr. Raines about his Countrywide VIP loan (watch the exchange here): Mr. Burton: Have you ever had a home loan from Countrywide? Mr. Raines: Yes. Mr. Burton: Was this given to you through the term, Friend of Angelo? Mr. Raines: No. Mr. Burton: So you didnt get any preferential treatment? Mr. Raines: No, I did not, in terms of the terms of my ...



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