But also for the excuses Countrywide executives made for favored borrowers, like these two snippets from a House Oversight Committee report on the lender's V.I.P. program released today:

About then-Fannie Mae Chairman Jim Johnson: “Charge him ½ under prime," Mr. Mozilo wrote in an email. "Don’t worry about [the credit score]. He is constantly on the road and therefore pays his bills on an irregular basis but he ultimately pays them.”

And about Congressman Edolphus Towns, a New York Democrat, whose credit score had raised flags: "[Account executive Americo] Salazar explained that the 'Anthrax ordeal in the Capital' prevented Towns from paying bills mailed to his Washington office on time."

How understanding.