Countrywide Loans Sought Favor With Fannie Mae, Report Says
...Jim Johnson, chief executive officer of Fannie Mae from 1991 to 1998, earned $100 million during his time at the company. Nonetheless, Countrywide employees expressed concern about giving him a loan because he didn’t pay his bills regularly and had a low credit score, according to e-mails published in Issa’s report.

Because of Johnson’s credit report, “I’m concerned about signing on these loans,” Countrywide underwriter Gene Soda said in a 2005 e-mail to another Countrywide employee, according to the report.

Countrywide’s chief executive officer, Angelo Mozilo, who had a close relationship with Johnson, wrote back, instructing his employees to give Johnson a loan “1/2 below prime.”

“Don’t worry about” the credit score, Mozilo wrote. “He is constantly on the road and therefore pays his bills on an irregular basis but he ultimately pays them.” In another e-mail, Mozilo wrote, “Jim Johnson continues to be a source of many loans for our company and this is just a small token of appreciation for the business that he sends to us.”...