Home Loans | BofA Subpoenaed Over Countrywide VIP Home Loans
The head of the U.S. House of Representatives oversight committee issued a subpoena on Wednesday to Bank of America ( BAC ) for information about mortgage lender Countrywide’s home loans program for so-called VIPs.
The subpoena is the latest in a two-year probe by U.S. Representative Daniel Issa, chairman of the committee, into Countrywide Financial Corp’s mortgage program that allegedly gave better loan terms and preferential treatment to allies of former Chief Executive Angelo Mozilo .
The program was known informally as the “Friends of Angelo” inside the mortgage lender.
Bank of America ( BAC ) has until March 7 to produce documents related to Countrywide’s VIP and Friends of Angelo mortgage programs.
“This subpoena will allow us to obtain the
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