Wednesday, Jun 25, 2008
Today Countrywide, tomorrow "attractive takeover targets" UK Banks
bloomberg: Countrywide Sued by California Over Mortgage Loans
Countrywide Financial Corp., the mortgage lender that lost $2.5 billion amid rising defaults and foreclosures, misled borrowers into taking risky loans they couldn't afford, California Attorney General Jerry Brown said.
``Defendants turned a blind eye to the ongoing deceptive practices engaged in by Countrywide's loan officers,'' according to the complaint. ``Defendants cared only about selling increasing numbers of loans at any cost in order to maximize Countrywide's profits on the secondary market.''
Posted by mken @ 06:32 PM (221 views) Add Comment
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