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UPDATE: McKeon releases loan documents to public

Provides additional information

Posted: July 16, 2012 4:35 p.m.
Updated: July 16, 2012 5:32 p.m.
 

 

Dogged for more than half a year about his controversial loan dealings with the now-defunct Countrywide Financial Corp., U.S. Rep. Howard P. “Buck” McKeon, R-Santa Clarita, has posted the details of that loan online.

Staffers at his Washington office said Monday the congressman has nothing to hide and wants his constituents to see for themselves.

In a posting his website, McKeon writes:

“As you may have heard, there have been some articles about my home loan refinance in 1998 with Countrywide Mortgage.

“Some have been critical because they allege that I received a favorable interest rate and other benefits by Countrywide,” the posting reads.

“I wanted to set the record straight by providing you with the facts and allowing the people I am honored to represent the chance to review my personal loan documentation.

“For purposes of transparency and full disclosure I am including a copy of the legal document that my wife, Patricia, and I signed at the time of closing escrow. It is shown in this webpage below.”

McKeon’s website posting notes the interest rate on his Countrywide loan was 6.77 percent, while the average interest rate in October 1998 was 6.49 percent. The posting invites website visitors to check out http://www.mortgage-x.com/x/ratesweekly.asp to see for themselves the going interest rates of the time.

In January, the House Oversight and Government Reform Committee revealed it had been investigating whether members of Congress received discounts from the Countrywide VIP Program. Some of the favored customers in the program were known as “Friends of Angelo Mozilo,” a reference to former Countrywide CEO Angelo Mozilo.

Three other congressmen, including U.S. Rep. Elton Gallegly, R-Simi Valley, were identified as being on the list.
McKeon has repeatedly said he has done nothing wrong.

Asked Monday why he would post the loan documents, now, McKeon spokeswoman Alyssa McCurley answered, “Obviously, he feels his constituents deserved to know all the answers, so he wanted to put it out there for all to see.”

McKeon closes his online explanation with a breakdown of the money involved in the loan.

“As you can see, the refinancing of my loan amount was $315,000 for my house in Stevenson Ranch in October of 1998,” he writes.

“The document lists many of the closing costs associated with a loan of this type including appraisal fee, title insurance charges, and other recording fees that are typically paid by the borrower.”

In January, when news of the loan came to light, McKeon released documents to the media on the controversial 1998 loan.

Now those documents can be seen online.

The posting can be seen in its entirety at http://buckmckeon.com/the-truth-about-buck-mckeons-countrywide-loan/ .


jholt@the-signal.com

661-287-5527

 

 

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