Friends of Angelo are No Friends of Issa

| Wed Jun. 24, 2009 2:55 PM EDT

If things get a bit uncomfortable for members of Congress and Obama administration officials, they'll have Darrell Issa to blame for that. Since news broke last June that federal lawmakers and other VIPs had received sweetheart loans through what Countrywide CEO Angelo Mozilo dubbed his "Friends of Angelo" program, the California Republican and ranking member of the House oversight committee has been leading the charge to investigate the matter. He says his investigation has "uncovered evidence that only a fraction of those who participated in Countrywide’s VIP program have come to light," and Issa has every intention of flipping on the floodlights of accountability.

But there's a hitch. While Bank of America, which acquired Countrywide in 2008, has agreed to provide Issa with documents that he's requested, it will only do so under subpoena. Obtaining that subpoena will require a full committee vote and the cooperation of oversight committee chariman Edolphus Towns, who has been seemingly reluctant to open this can of worms. In fact, Towns declined to sign his name to the letter [PDF] Issa sent to BofA CEO Ken Lewis in early June requesting the "Friends of Angelo"-related documents. Why? According to the Wall Street Journal:

A spokeswoman for Mr. Towns said the Friends of Angelo program wasn't on the chairman's priority list, which includes oversight of the nation's financial crisis, the financial bailout of banks and the giant federal financial stimulus package.

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