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2 Attorneys General Probe Countrywide (nation's largest mortgage lender)

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Omaha Steve Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-14-07 05:57 AM
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2 Attorneys General Probe Countrywide (nation's largest mortgage lender)
Source: AP

LOS ANGELES (AP) Attorneys general in California and Illinois are investigating the lending practices of Countrywide Financial Corp., the nation's largest mortgage lender, officials said Thursday.

The Illinois attorney general launched a probe into the lender's business practices and may expand the investigation to examine how homeowners were approved for mortgages with payments they were unable to afford.

"We're looking at why people who appear to us to not be able to afford the loans they're in are in these loans and how Countrywide contributed to that," said Deborah Hagan, chief of the attorney general's consumer protection division.

A California probe is also under way, a state official familiar with the attorney general's investigation into mortgage lending practices said late Thursday on condition of anonymity, citing the confidential nature of the investigation.

Read more: http://money.excite.com/jsp/nw/nwdt_rt_top.jsp?news_id=...



AFSCME and the AFL-CIO (have pension funds invested) have been attacking Countrywide on several issues. We transferred our rental properties loans to a local bank.
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Highway61 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-14-07 08:10 AM
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1. They can start at the top
The CEO of Countrywide Financial, Angelo Mozilo, is #10 of the U.S. TOP 10 list of highest paid CEO's. He comes in at $68.95 MILLION per year......that's at total of $160.14 MILLION (with perks)in FIVE YEARS!
Pig...people are loosing their homes and he's laughing all the way to the bank.

http://www.forbes.com/lists/2006/12/Company_6.html
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flashl Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-14-07 09:52 AM
Response to Original message
2. An individual stealing a dingo to eat seem to generate more outrage
than Countrywide's crime wave.
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donkeyotay Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-14-07 12:42 PM
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3. The Republican Revolution unleashed a crime tsunami
Whether you're looking at defense/homieland security/intell, computer databases and spying, telecom, medicare or "banking" - everywhere you look the people who said they were going to get government off our backs have engaged in a looting orgy. But they didn't raise yer taxes! Wahoo! They just left a black hole were our nation's wealth used to be.

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donkeyotay Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-14-07 12:45 PM
Response to Original message
4. Now we have to wonder if these are actual AGs or GOP wink, wink AGs
Gonzales has destroyed my faith in the law.
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