Tension Mounts Over Countrywide Investigation
The Democrat in charge of the Committee, Edolphus Towns of New York (left), has himself received loans from Countrywide and has for months refused Republican requests to subpoena records in the case. Today, as Committee Republicans — led by Rep. Darrell Issa — were poised to force an open vote on the subpoenas at a Committee business meeting, the meeting was abruptly cancelled. Only Republicans showed up and Democratic chairs remained empty.
Rep. Darrell Issa (R-Calif.) During The Committee Meeting
Republicans voiced suspicion that Chairman Towns cancelled the meeting to avoid the subpoena vote. Democrats countered by saying the meeting was cancelled due to "disagreement among Democratic members (on) whether to subpoena records on the mortgage industries' political contributions to Republicans."
A Republican staffer captured video of Democrats leaving their own separate meeting during the time the Committee business meeting was supposed to be convened.
Watch: Video Caught On Tape By Republican Staffer
Countrywide, now owned by Bank of America, allegedly gave VIP loans and treatment to important officials—both Democrats and Republicans— who stood to influence policy that affected the mortgage lender. Committee Republicans say Bank of America has agreed to cooperate and turn over records on Countrywide's VIP program, but only in response to a subpoena.
In a related development, Bank of America recently reported to Rep. Issa that internal recordings of Countrywide VIP loan phone conversations with clients "no longer exist." Rep. Issa has asked the Bank to explain how and why they were destroyed.
Read CBS News' August 1st Report On Countrywide>
Read CBS News' August 7th Report On Countrywide>
Click here to read Bank of America's response to Rep. Issa
Click here to read Rep. Issa's June 2 request to Bank of America