"Countrywide orchestrated a deliberate and calculated effort to use relationships with people in high places in order to manipulate public policy and further their bottom line to the detriment of the American taxpayers even at the expense of its own lending standards," said Issa.
"This subpoena will allow us to obtain the information needed to answer the outstanding public interest questions regarding the full size and scope of the VIP program," he said. "The American people have a right to know the totality of who participated in the Countrywide's VIP program and what they did in return for access to it."
New subpoena seeks records on sweetheart loans
Government employees and influential private citizens received better deals than most of the company's borrowers. Those perceived as having the most influence were designated "Friends of Angelo" - those favored by Countrywide chief executive Angelo Mozilo.
The Securities and Exchange Commission last October settled a lawsuit against Mozilo. He agreed to pay a $22.5 million penalty to settle charges that he and two other former Countrywide executives misled investors as the subprime mortgage crisis emerged.
Among those who received discounted Countrywide mortgages were former Sen. Christopher Dodd, D-Conn., and Sen. Kent Conrad, D-N.D. Both senators have said they didn't know they were getting unique deals.
"This subpoena will allow us to obtain the information needed to answer the outstanding public interest questions regarding the full size and scope of the VIP program," he said. "The American people have a right to know the totality of who participated in the Countrywide's VIP program and what they did in return for access to it."
New subpoena seeks records on sweetheart loans
Government employees and influential private citizens received better deals than most of the company's borrowers. Those perceived as having the most influence were designated "Friends of Angelo" - those favored by Countrywide chief executive Angelo Mozilo.
The Securities and Exchange Commission last October settled a lawsuit against Mozilo. He agreed to pay a $22.5 million penalty to settle charges that he and two other former Countrywide executives misled investors as the subprime mortgage crisis emerged.
Among those who received discounted Countrywide mortgages were former Sen. Christopher Dodd, D-Conn., and Sen. Kent Conrad, D-N.D. Both senators have said they didn't know they were getting unique deals.