A key former aide to the North Carolina Democrat threatening popular legislation to audit the Fed once received a sweetheart Countrywide loan designed to influence predatory lending legislation introduced by the Representative. From a July 2009 CBS piece on the “Friends of Angelo,” (powerful recipients of sweetheart deals from the mortgage lender, named for Countrywide’s CEO, Angelo Mozilo):
Joyce Brayboy, the Chief of Staff for Rep. Melvin Watt was funneled into Countrywide’s VIP program. Countrywide’s lobbyist urged the loan officer to “carefully” handle the loan saying Brayboy “reports directly to Congressman Mel Watt who introduced predatory lending legislation to address unscrupulous lending practices, and they do view Countryside as a trusted advisor.” Watt serves on the House Financial Services Committee.
As I’ve previously noted, Brayboy was Watt’s longtime chief of staff (until 2007) and has lobbied for the American Bankers Association since leaving Capitol Hill.
Democrats are currently blocking an investigation of the Countrywide scandal.
Inquiries into the company’s special treatment of Senators Dodd and Conrad have concluded that they did not know they were receiving favorable terms.