Countrywide's little black book

This month, a member of Congress asked Bank of America to provide some information about Countrywide's VIP lending program, which ostensibly provided mortgages to influential people at very favorable terms. These people were called FOAs, Friends of Angelo's--as in Angelo Mozilo, the embattled then-CEO of Countrywide. Bank of America declined to make information available but now comes news from CNBC that it will provide the information if it is subpoenaed.

This could get very interesting, as the whole point of the program seems to have been to extend favors to influential people. If names are revealed, it will likely embarrass more than a few. Among those benefitting from the VIP program were four former Cabinet members, Democratic and Republicans, and two former CEO's of Fannie Mae and at least one senator. Bank of America dismantled the program quickly after it bought Countrywide. The Justice Department has been looking into it. 

For more:
- here's the article

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