WASHINGTON — Franklin Raines, the former chief executive of Fannie Mae, used a special program at mortgage lender Countrywide Financial to receive a below-market rate on a home loan, contrary to sworn testimony he made to Congress in December, according to the top Republican on the House Committee on Oversight and Government.
U.S. Rep. Darrell Issa of California released documents Wednesday that he said show Raines got discounts and waivers of fees on a June 2003 home-loan refinance through the “Friends of Angelo” program, named for Countrywide’s then-CEO, Angelo Mozilo.
In response to questioning at a December hearing, Raines denied receiving a home loan through the program, which allegedly extended lower rates to prominent executives and politicians, or getting any preferential treatment on his mortgage.
Countrywide was acquired by Bank of America last year.
