From the NY Times:
As chairman of the House Committee on Oversight and Government Reform, Representative Edolphus Towns has not been shy about criticizing the excesses of the financial services industry, from executive bonuses to Wall Street profits, as well as the spotty track record of some bond-rating agencies.
But his refusal to subpoena records involving Countrywide Financial, a company blamed for lending practices that contributed to the subprime mortgage crisis, has made Mr. Towns himself the target of criticism.
For months, Mr. Towns, a Brooklyn Democrat, has rebuffed Republican efforts to subpoena documents concerning Countrywide’s V.I.P. program, which gave special treatment to high-profile customers, including federal mortgage regulators and at least two United States senators. The standoff took on a more personal tone last month, when a published report said that two loans issued through the program were given to Mr. Towns.