And so why should we find it even remotely alarming that Rep. Edolphus Towns (D-NY) would be a member of the VIP lending program at Countrywide? (If, in fact, he is). He seems to be:
A powerful House Democrat who has turned down a Republican's call to subpoena records of a mortgage program at Countrywide Financial Corp. received two home loans from the lender.
Some information in the lawmaker's mortgage documents raises the possibility they were made through the program, which provided loans to public figures and other favored borrowers often at lower interest rates or with lower origination fees than were available to the general public.
Why all the fuss? After all, given the importance of the American Dream Of Home Ownership, why would we forbid any medium of exchange at all if it were to permit just one family more the roof of a McMansion over their heads? That a buyer may lack the funds is a matter of no import whatsoever. That a buyer may possess funds in abundance is, equally, a matter of no import whatsoever. How many trips to Vegas, how many long Florida weekends, how many championship sporting events, how many state of the art home entertainment systems must the buyer give up to enjoy the Dream? Will we not permit a humble public servant to trade the assets of access and committee votes to give his family The Dream?
Of course we will.
But just in case, if not, we think Bill Duke would make a great Rep. Towns in the movie rendition:
Key Lawmaker Received Countrywide Loans [The Wall Street Journal]