Bank of America and the Loan VIP Tapes

Rep. Issa is asking for tapes related to Countrywide’s VIP loan program, according to this report.

The Wall Street Journal reported on the existence of the taping mechanism (the “NICE System”) on Sunday, prompting Issa to ask for any recordings, despite indications that the y may have been destroyed.

“The obvious investigative value of the taped material catalogued by the NICE system required Bank of America to preserve it when it acquired Countrywide,” Issa wrote to BofA CEO Ken Lewis. “The fact that recordings once existed but are not within the Bank’s possession and the Bank’s refusal to fully explain why this is the case raises important questions.”

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