Will Countrywide 'VIP Program' details ever be revealed?

Lita Epstein

If Republican Representative Darrell Issa gets his way, the Committee on Oversight and Government Reform will issue a subpoena to get the records of Countrywide's "VIP Program," also known as the "Friends of Angelo" program. While Bank of America (BAC) said it's ready to release those records as soon as it gets a subpoena, some key lawmakers on the committee don't appear ready for that themselves.

Potential embarrassment of Congressional leaders most likely is behind their reluctance to investigate the program, which has given some people home loans on attractive terms. Two Democratic Senators, Christopher Dodd and Kent Conrad are known to be among them. The Wall Street Journal reports that "Both men, subjects of a Senate Ethics Committee investigation, have denied wrongdoing and said they didn't do any favors to Countrywide." Sen. Dodd has said his mortgage was at a market rate and he was not aware of any special treatment.