The House Oversight and Government Reform Committee has launched a wide-ranging investigation into the role of mortgage lenders in the global financial meltdown and economic crisis.
The Committee will demand information from mortgage giant Countrywide, Bank of America (which now owns Countrywide), Wells Fargo, JP Morgan Chase (including Chase Manhattan Bank), Citigroup, Residential Capital (GMAC), and U.S. Bank Home Mortgage. The panel also plans to issue subpoenas for records on Countrywide's VIP program, including information on details of any mortgages held by members of Congress, as early as Friday, according to an internal e-mail obtained by The Hill.
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