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August 7, 2009

House Dem Received Loan from Firm He Refused to Probe
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Meanwhile, a leading congressional Democrat has been found to have
received loans from a mortgage company he refused to subpoena as chair
of a key House panel. The Wall Street Journal is reporting Edolphus
Towns, chair of the House Oversight and Government Reform Committee,
obtained a loan from Countrywide Financial, which played a major role in
the subprime crisis. Towns received the loans under Countrywide’s “VIP”
program, which gave select customers loans at better rates than the
general public. In June, Towns rejected calls to subpoena Countrywide to
disclose the recipients of its preferred loans.