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A Countrywide Double Whammy: Four House Members Received VIP Mortgages; Plus, Reports Of The Company's Toxic Culture

Rep. Darrell Issa (R-CA) sent a letter to the ethics committee last week saying that four members of the House of Representatives received VIP mortgages through Countrywide. None of the individuals were named in the letter, but Issa wrote: "Testimony and documents show that Countrywide used the VIP program to build relationships with government officials and others positioned to advance Countrywide's business interests."

In other Countrywide news, the local seekers of the truth at iWatch have a profile of the 'toxic' culture at the company based on interviews with managers who worked there. One example that jumps out is that the number of people who left within a year from the mortgage division was 45%. In the rest of the company it was around 30%. Click over for the gory details.

· Four House members received Countrywide VIP mortgages [HousingWire]
· Management gurus claim they were blindsided by toxic culture at Countrywide [iWatch]