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Countrywide Under Investigation For Fraudulent Lending
CNN reports that the Wall Street Journal is confirming that the “troubled” home lender Countrywide is now under FBI investigation for its lending practices:
The mortgage company is suspected of widespread fraud, the paper said, which may have contributed to the subprime mortgage crisis that has rocked the U.S. economy.
The probe will examine underwriting and mortgage origination practices, and whether the company misrepresented losses related to subprime loans.
Bank of America which agreed to buy Countrywide earlier this year claimed it didn’t know about any FBI investigation.
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Thanks, it is about time for some investigation and probe into these companies misrepresention and taking comsumers under faudulent lending practices. Not only county wide but other Mortgage Companies.