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New York

House ethics probe finds no violations in Countrywide loan case

The House Ethics Committee has found no violations in the Countrywide VIP loan program probe, saying that charges of preferential treatment fell outside of its jurisdiction, the Los Angeles Times reported. The focus of the case was centered on lawmakers and staffers who were charged with reaching out to lobbyists or government affairs officials from Countrywide to get assistance with their own mortgages.

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Allegations included special treatment on loans, such as receiving discounted loans and more efficient processing on their loans.

Countrywide was acquired by Bank of America in 2008. As previously reported, BoA’s whopping stockpile of mortgages that are over 60 days delinquent primarily comes from Countrywide. [LAT] —Zachary Kussin