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Friday, Apr 19, 2024

Countrywide said probed for fraud

Federal authorities are investigating Countrywide Financial Corp. for securities fraud, according to newspaper reports. The FBI is in the early stages of an inquiry into whether executives with the Calabasas-based company misrepresented its financial position and the quality of its mortgage loans, the Wall Street Journal first reported Saturday, citing law enforcement officials and finance executives with knowledge of the development. The Justice Department is also involved in the investigation into the nation’s largest mortgage lender, according to the New York Times, which also cited anonymous sources who said they were not authorized to discuss ongoing criminal matters. Read the full story at http://www.latimes.com/business/la-fi-countrywide10mar10,1,2689468.story?ctrack=8 & cset;=true

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