They probably didn't need political favors to carry out their expansion and merger plans. ;)
Countrywide in particular was no victim in this - they were more than happy to push the envelope to grow their business. The article is engaging in a bit of revisionist history.
I also find it hard to believe that banks are really taking a hit here. Even when issuing these bad loans, I can't imagine the banks would be stupid enough to not have some sort of safety net so that they don't completely go under.
And Countrywide wasn’t a bank.