Were you a member of the VIP Loan Program? We doubt it.  But in case you were part of this elite crew, your lender Bank of America and Countrywide Financial are now in the midst of a federal investigation regarding fraudulent lending practices.

BoA was slapped with a subpoena Wednesday and ordered to produce all documents related to their VIP loan program. The mortgage program allegedly approved loans for influential people as part of a sweetheart deal, according to CNN.  Countrywide Financial was purchased by BoA in 2008. The company is stated to 

“Countrywide orchestrated a deliberate and calculated effort to use relationships with people in high places in order to manipulate public policy,” said Issa.

“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,” Darrell Issa (Republican from California) added.

Peep the video:

The program was immediately discontinued after the subpoena was ordered.  The courts are seeking $67.5 million to settle the fraud charges.

About The Author

Ms. Bels
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Ms. Bels is unlike any other female publisher in the game. A true go-getter that bridges her Westside ATL upbringing with corporate swag. The savviness of this only-child has afforded her a successful 15+ year career in business management, budget analysis and accounting; Stacks Entertainment LLC was her first entrepreneurial baby. Stacks Publishing Group LLC (SPG) is her second and, prayerfully, becomes the gateway to an extraordinary life. Always on-the-go, Bels finds time for a mixture of mischief and positivity. Traveling across the globe, shopping, writing, and giving back to the community are a few things she enjoy. Oh and she loves to laugh.