“„There is nothing illegal about a mortgage firm treating some borrowers better than others. But if Fannie Mae officials received special treatment, that could cause a political problem for the government-sponsored, shareholder-owned company.
“„Its code of conduct, a spokesman said, "requires the disclosure of potential conflicts of interest and prohibits acceptance of substantial gifts, including loans with preferential terms, from an organization seeking to do business with the company without prior review and approval by the company." The spokesman said the code has been in effect since the early 1990s.
“„As for Countrywide, "I think it is potentially an accountability and internal controls issue," securities lawyer John Olson of Gibson, Dunn & Crutcher said. A comparison of the Fannie Mae officers’ terms with interest rates prevailing when they got their loans raises the possibility Countrywide gave them preferential terms. But it’s impossible to tell for sure from public documents. An array of other factors also can account for lower-than-average rates, including a borrower’s income, total assets and credit score; how big the loan is compared with the home’s value; and how many "points" a borrower may have paid upfront in order to get a lower rate.
“„"Barack Obama routinely rails against lobbyists and corporate insiders, yet his campaign is stocked with both. Now it turns out that the man leading his vice presidential selection team is receiving highly questionable loans. With millions of Americans struggling to pay their mortgages, it raises serious questions about Obama’s judgment when we learn members of his campaign leadership are receiving favors that the average American would never get. With Obama discussing the economy today, he needs to stand up and address the mortgage scandals within his campaign."