Report: Countrywide Facing Criminal Probe

sabra

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Mon Apr-19-10 09:41 AM
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Report: Countrywide Facing Criminal Probe

Source: CBS News/AP

Charges May Emerge in Investigation of Mortgage Giant's Role in Economic Meltdown

(AP) A newspaper is reporting that federal authorities are picking up the pace in a criminal investigation of former mortgage giant Countrywide Financial Corp. and its role in the meltdown in 2007 and 2008 of the U.S. housing and finance industries.

The Wall Street Journal cited anonymous sources in reporting Sunday that one of several federal investigations now under way is a criminal probe of Countrywide. The paper didn't offer details on what charges could emerge.

The paper said a grand jury began hearing testimony about Countrywide last year.

No criminal charges have been filed against corporate leaders in the larger federal probe.

Read more: http://www.cbsnews.com/stories/2010/04/19/business/main6410349.shtml?tag=cbsnewsTwoColLowerPromoArea;morenews

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jpak

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Mon Apr-19-10 09:44 AM
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1. Attention greedy GOP-enabled creeps - the Executive Crowbar Hotel is taking reservations!

act now or it's SuperMax for U!

:D

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HughMoran

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Mon Apr-19-10 09:58 AM
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2. I benefitted from mortgage writer criminal activity

Edited on Mon Apr-19-10 09:59 AM by HughMoran

Heh, when I was upside-down in my mortgage and couldn't refinance due to my home was worth less than my mortgage (yes, I was 40% under on my loan/home value and paying 11%+ interest back in the early 90's and NOBODY GAVE A SHIT!!), WAMU and Countrywide would buy loans originated by a local broker who paid-off the appraisers to get me a home value exactly where it needed to be to get me out from under private mortgage insurance and allow me to refinance.

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defendandprotect

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Mon Apr-19-10 10:34 AM
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3. kr

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dixiegrrrrl

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Mon Apr-19-10 11:21 AM
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4. Unknowlingly, we benefitted from Countrywide also.

We moved back South in 05, having sold out, quit our jobs.
Had a good enough nest egg to put 30% down on a house here, but no jobs.
I had no clue at the time about the mortgage scams, so was very pleased to get a
no doc (Jumbo) 30 yr. fixed rate mortgage from the local ( now gone) Countrywide
broker.
NO job needed, no income verification, etc.
We had super great credit scores tho.
Today, no way could we pull that off, even tho we have a decent monthly income now.
( major downside is that BOA now "has"/collects the mortgage).

so suing Countrywide is an interesting issue, since it no longer exists.

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madrchsod

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Mon Apr-19-10 11:23 AM
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5. at least a third of the foreclosures in the adjacent county are countrywide

the amount of foreclosures in that county is heartbreaking. biggest offenders-countrywide,deutsch bank,and wells fargo.

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