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share save 120 16 CA 25: Was Rep. Buck McKeons Sweet Deal With Countrywide Financial a Bribe?
Last Friday at the California Republican Party’s spring convention in Burlingame, CA, Republic Report caught up with Congressman Darrell Issa (R-CA), who has been leading the investigation into the massive Countrywide bribery scandal.

You remember the Flap and Rep. Darrel Issa’s involvement.

A leak to the media that identified three Republicans who are being investigated by the House Ethics Committee has lawmakers and staffers wondering who the source is, and his or her motive.

There are many theories on who, over a four-day period, forked over the names of GOP Reps. Pete Sessions (Texas), Buck McKeon (Calif.) and Elton Gallegly (Calif.) to media outlets in reference to an ongoing investigation into VIP loans given to lawmakers by Countrywide.

The leaks stunned the three legislators, who have all denied accepting special rates on the loans in exchange for political favors.

Some are pointing the finger at House Oversight and Government Reform Chairman Darrell Issa (R-Calif.) for releasing the publicly sensitive information, though his office is pushing back at that notion.

And, you remember the details of the sweetheart deal Rep. Buck McKeon received which I covered here.

Four years after Countrywide Financial became a symbol of the mortgage meltdown, the company and its questionable dealings have become a potent political issue in the Santa Clarita congressional district held by Republican Howard “Buck” McKeon.

Congressional investigators allege that McKeon and Rep. Elton Gallegly, a Republican colleague whose neighboring district includes much of Ventura County, got cut-rate home loans under a Countrywide VIP program known as “Friends of Angelo,” named for the now-defunct Calabasas lender’s former chief executive, Angelo Mozilo.

McKeon received a $315,000 mortgage refinance in 1998 as his family-owned business, Howard & Phil’s Western Wear, was going through a Chapter 11 bankruptcy, according to documents reviewed by The Times. McKeon was no longer involved in the daily operation of the business after his 1992 election to Congress, but he had retained a stake in it. He saw his income plummet in the years before refinancing his Stevenson Ranch home, financial disclosures and bankruptcy filings show.

In spite of that, McKeon received a favorable rate and wasn’t required to produce documentation proving he could repay the mortgage — terms ordered by Mozilo himself, according to documents subpoenaed for a House inquiry.

The McKeons bought the Stevenson Ranch property, a foreclosed home, in August 1997 for $261,000, putting down 10% and getting a loan of $234,900, property records show. In January 1998, they took out a home equity loan of $31,500 through Valencia National Bank, where McKeon had previously sat on the board.

That October, Countrywide approved the $315,000 refinance loan. The loan paid off McKeon’s original mortgage loan and the home equity loan and gave him $46,894 in cash.

Five months later, the couple took out another home equity loan through Valencia, in the amount of $30,000.

Clearly, there was an attempt by Countrywide Financial to influence Rep Buck McKeon and the others. But, why is Rep. Issa refusing to call it a bribe?

Why, because, silly, they are Republicans and they were caught with their hand in the cookie jar.

As I pointed out yesterday, this involvement of Rep Buck McKeon and his California Assembly candidate wife, Patricia McKeon in the Friends of Angelo Mozilo, Countrywide Financial scandal will be used in both McKeon’s upcoming campaigns.

share save 120 16 CA 25: Was Rep. Buck McKeons Sweet Deal With Countrywide Financial a Bribe?

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share save 120 16 Day By Day August 23, 2011   These Are The Times
day by day 082311 Day By Day August 23, 2011   These Are The Times

Day By Day by Chris Muir

The American public have lost faith in the “Lamestream” media because of the crap that goes on at the New York Times. Look at the Rep. Darrel Issa story.
New York Times reporter Eric Lichtblau opened his Monday front page story on the overlap between Rep. Darrell Issa’s business and governmental work with a compelling scene:

“Here on the third floor of a gleaming office building overlooking a golf course in the rugged foothills north of San Diego, Darrell Issa, the entrepreneur, oversees the hub of a growing financial empire worth hundreds of millions of dollars.”

But here’s the problem: Lichtblau, a Pulitzer Prize winner, says he never saw that exact view of Shadowridge Country Club — though he did visit the third floor of the building. And Issa’s office says the course cannot be seen from anywhere in the building.

That’s only a minor point in a story that Issa, the chair of the House Oversight and Government Reform committee, is saying is riddled with inaccuracies. In the days since the story ran, Issa has been on a crusade against the story, which put Issa’s business and political life under a tough spotlight.

Issa claims that The Times asserted a building he bought went up in value, when it did not and the story said Issa went easy on Toyota during congressional inquiries because a company he founded was a supplier to them, when in fact Issa says his Directed Electronics corporation does not have a relationship with Toyota. Issa’s camp also says the Times’ assertion that his charitable foundation reaped a windfall from a financial holding is false, as he actually lost money on the investment.

The credibility of the New York Times is like the rest of the MSM.

Take it with a grain of salt – trust but verify.

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share save 120 16 Day By Day August 23, 2011   These Are The Times

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