Opinion

Countrywide redux?

Looks like Countrywide Financial may not have been the only bank with a most-favored-borrower policy for members of Congress.

As The Post’s Carl Campanile reported yesterday, Rep. Steve Israel (D-L.I.) had $93,000 worth of mortgage debt wiped out, courtesy of JPMorgan Chase.

That’s because the mortgage on his two-bedroom Dix Hills house is higher than the home’s current value.

Under a program that has become increasingly popular as home values have dropped, Israel and his wife (who are now divorcing) were able to negotiate a “short sale” of their home.

That allowed the home, which they bought in 2004 for $580,000 and on which they owe $553,000, to be sold for $460,000 — with the remaining debt forgiven.

Problem is, not everyone qualifies for the program; the rejected rate is about one in four.

And though Israel — who chairs the Democratic Congressional Campaign Committee — has substantial debts, he also has other fiscal assets, including a Washington apartment.

Yes, short sales work to everyone’s advantage, including the mortgage holder.

But not everyone agrees that the congressman was a prime candidate for the bailout.

Not surprisingly, that includes Republicans, who have asked the House Ethics Committee to investigate.

But beyond the obvious partisan blast during election season, it’s a reasonable request: The deal raises many questions.

Fact is, the Countrywide scandal — in which scores of top legislators and other federal officials got ultra-favorable mortgage deals — suggests that politicians have an inside track that isn’t available to the general public.

That may be the case here, and it might not. But an investigation would certainly clear the air.