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Ventura County Congressmen Cleared In Mortgage Investigation

Posted on Friday, December 28, 2012 1:08am

A congressional committee says its investigation shows that two local representatives who received so-called VIP mortgages from a troubled lender didn’t violate any laws.

The House Ethics Committee looked at allegations involving some congressional members, and staffers related to now defunct Countrywide Financial, one of the lenders blamed for opening the door to the nation’s financial crisis.

Among those named were Republican Congressman Elton Gallegly of Simi Valley, and Republican Congressman Buck McKeon of Santa Clarita, who both represent parts of Ventura County.

The panel said the loans happened so long ago that they didn’t fall under their jurisdiction, but even if they had, the VIP designation didn’t mean they got the best rates possible. It also noted the congressmen didn’t even know they had been designated for the VIP program.

The panel had harsher words for some staffers they say had sought preferential treatment. Committee members say the staffers also no longer came under their jurisdiction, but if they did, they could have faced sanctions.

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