VIP loans

VIP loans searched by Senate Ethics committee

Numerous of those in Washington DC are concerned about the ethics of VIP cash loans their staff has. Countrywide decided they would make all of these "Sweetheart" or "VIP" loans and then they sold them to Bank of America. These VIP cash advances may end up causing ethical or legal issues for a few senators.

Countrywide's VIP loans

In documents most recently released by Bank of The United States, it was revealed that Countrywide wrote a huge number of "sweetheart" loans. No credit check was done when giving out the low rate of interest loans, and they were targeted towards Senate staff. Issa, Republican senator, feels like these loans might cause some kind of ethical problem considering a "high concentration" of them were given to staff of those in DC. Many feel these loans were written because Countrywide wanted some influence within the white house with some senators. Of course, we have not caught this till now when the loans were made years ago in 2002 and 2003.

Loans being complained as bad ethics

Senator Issa decided to make it a duty to file complaints about ethics on these senators. These reports that were filed caused Senator Dodd and Senator Conrad to be "scolded" by the Ethics committee, although that's the extent of it. These two senators were told to "be more careful to stay away from the appearance of favoritism from Countrywide." The scolding was all they got before being cleared. Probably the most recent ethics complaint being made blames Senator Robert Bennett. Twelve of the 30 named "VIP loans" went to members of his staff.

Naming the loan recipients

The Senate appointed a committee on Oversight and Government Reform to look at the new investigation that is being done on VIP cheap loans. Bank of The US has to give the government all documents involving VIP loans that they have incorporated anything that has "US Senate" written down as their employer. 37,000 documents were provided by Bank of The US already that talk about Countrywide and anything that was received from them. Many will have troubles with the November election if names are actually given out and reported.

Senator Burnett gives statement

The ethics complaint filed against Republican Senator Burnett was responded to by him as it doesn't matter since he isn't really running for re-election. In short, Senator Burnett said that he doesn't make it a point to discover out where his staffers do their banking. Mortgages and unsecured loans, he said, are personal matters that he did not specifically ask his employees about.

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