Countrywide Under FBI Investigation

by Florida's #1 Mortgage Planner on March 8, 2008

As if Countrywide, and his leader weren’t in the spotlight enough for their troubles, the FBI is apparently investigating Countrywide for fraudulent lending practices and financial reporting.  The mortgage company is suspected of widespread fraud, which may have contributed to the subprime mortgage crisis that has rocked the U.S. economy.

The investigation will examine underwriting and mortgage origination practices, and if the company misrepresented losses related to subprime loans.  Of course, Bank of America is in denial over any knowledge of the FBI investigation, and no evidence has developed that B of A will break off from their buyout plans.

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