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Wednesday, March 11, 2009

And Yet the Sale of Countrywide is Going to Happen


The sale of Countrywide Mortgage to Bank of America absorbed another blow this week as three states took legal action against the lender.
The attorneys general of California and Illinois and the Washington State department that regulates financial institutions all filed lawsuits against Countrywide on Tuesday alleging variations on the theme of mortgage fraud.
According to an article in the Wall Street Journal, California's attorney general Edmund G. Brown, Jr. charged that Countrywide used "misleading marketing practices" to steer home buyers into inappropriate loans and that Countrywide was driven by a desire to boost market share and fill demand from investment bankers for loans that could be packaged into securities. California's filing also names controversial Countrywide Chairman Angelo Mozilo and Countrywide president David Sambol.
All three states are seeking restitution for borrowers. The Journal quotes Kurt Eggert, a law professor at Chapman University as saying that, if the courts do grant restitution it "could be a staggering blow against Countrywide." The company "could be required to give back its profit on all those loans and conceivably give back houses on which it has foreclosed."
If you would like to read this entire story, please visit: http://www.paradigmshiftpr.com/media/placements/saleofcountrywide.htm

Posted by Paradigm Communications at 10:38 AM

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