Geoffrey Broderick, Esq., the senior partner of The Resolution Law Group, says “it is no surprise that homeowners cannot rely on Congress to police those members who received favors from Countrywide.” The pending litigation aims to provide substantial relief for homeowners.
The United States Congress performed some year- end housecleaning, and The House Ethic Committee just announced that NO ETHICS BREACHES were found among House members and its investigation involving the scandal surrounding Countrywide “VIP Loans” and the “Friends of Angelo.”
Back in July, 2012, another House Committee, for Oversight and Government Reform, found that “Countrywide used its VIP Program to aid its lobbying efforts as well as to strengthen its relationship with taxpayer backed Fannie Mae.” Despite that finding, Congress isn’t going to do anything about the rampant conflicts of interest.
Specifically, the Oversight and Government Reform Committee found that: “Countrywide lobbyists and CEO Angelo Mozillo used discounted loans as a tool to ingratiate itself with policymakers in an effort to benefit the company’s business interests.” VIPs included Members and employees of Congress, the White House, Fannie Mae, Freddie Mac, federal agencies, and other governmental entities.
Actually, the House Ethic Committee found that it was improper for at least six current and former Members of Congress to ask for and receive discounted loans from Countrywide, but that this occurred more than six years prior to the current Congress, so the Committee lacked jurisdiction to impose any discipline or further investigate possible wrongdoing.
Despite this latest “news,” Mr. Broderick says that this is “business as usual for Congress” and that “only through litigation can any meaningful relief be obtained for injured borrowers.”
The Resolution Law Group is currently enrolling clients into the pending lawsuit. For further information, prospective clients are invited to call the law firm or visit its website at www.TheResolutionLawGroup.com
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