Oversight on Countrywide 112th Report 7 3 12 1207 PM 1.pdf

Bank of America (the Bank) produced more than 120,000 pages of documents in
response to the subpoenas issued by Committee Chairmen Darrell Issa and Edolphus
Towns. The documents produced by the Bank shed additional light on the scope and
purpose of Countrywide’s VIP program, particularly as it related to the company’s
strategic partnership with Fannie Mae.
In 1999, Countrywide reached an exclusive agreement to sell Fannie Mae billions
of dollars in mortgages at a discounted rate. The agreement led to a period of
codependence and mutual growth. Countrywide gave preferential treatment to Fannie
Mae executives and employees. Loans being financed for Fannie Mae employees
through an Employee Assistance Program were often transferred to Countrywide’s VIP
unit for processing.