Numerous of those in Washington DC are concerned about the ethics of VIP cash loans their staff has. These “VIP” or “sweetheart” loans were all made by Countrywide, which was lately purchased by Bank of The US. Senators might have legal troubles because of the VIP cash advances being given out.
Countrywide – a company to give out VIP loans
In documents lately released by Bank of America, it was revealed that Countrywide wrote a huge number of “sweetheart” loans. No credit check was done when giving out the low interest rate loans, and they were targeted towards Senate staff. Issa, who is a Republican senator, saying a “high concentration” of loans were given to DC staffers and explained it was unethical. Many believe that Countrywide was trying to get what they want out of Senators by writing these loans. The loans were made mostly in 2002 and 2003.
Ethics complaints over loans
Senator Issa decided to make it a duty to file complaints about ethics on these senators. . These two senators were told to “be more careful to stay away from the appearance of favoritism from Countrywide.” The scolding was all they got before being cleared. One of the most recent ethics complaint being made blames Senator Robert Bennett. Out of these 30 “VIP loans”, twelve went to his staff rather than being more spread out.
Loan recipients names
The Senate appointed a committee on Oversight and Government Reform to check out the new investigation that is being done on VIP cheap loans. Bank of The United States has to give the government all documents involving VIP loans that they have integrated anything that has “US Senate” written down as their employer. 37,000 documents were provided by Bank of America already that talk about Countrywide and anything that was received from them. Numerous could have problems with the November election if names are actually given out and reported.
Response from Senator Burnett
In detail, Republican Senator Burnett, retiring, spoke about the ethics complaint filed against him. Senator Burnett informed every person that he doesn’t pay any attention to where his employers put their money or take their money from. Mortgages and unsecured loans they received are none of his business so he never made it his business.
