Report: Countrywide Facing Criminal Probe
A newspaper is reporting that federal authorities are picking up the pace in a criminal investigation of former mortgage giant Countrywide Financial Corp. and its role in the meltdown in 2007 and 2008 of the U.S. housing and finance industries.
The Wall Street Journal cited anonymous sources in reporting Sunday that one of several federal investigations now under way is a criminal probe of Countrywide. The paper didn't offer details on what charges could emerge.
The paper said a grand jury began hearing testimony about Countrywide last year.
No criminal charges have been filed against corporate leaders in the larger federal probe.
Three Countrywide executives face a civil lawsuit the Securities and Exchange Commission filed last year.
© 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Wall Street Journal cited anonymous sources in reporting Sunday that one of several federal investigations now under way is a criminal probe of Countrywide. The paper didn't offer details on what charges could emerge.
The paper said a grand jury began hearing testimony about Countrywide last year.
No criminal charges have been filed against corporate leaders in the larger federal probe.
Three Countrywide executives face a civil lawsuit the Securities and Exchange Commission filed last year.
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I am not stupid and it wasn't the first time I had dealt with financing and I missed the details and the mortgage broker lied to me. The companies are the crooks, it wasn't so much the poor people that are suffering now from the financial melt down. This recession doesn't have anything to do with people buying more house than they could afford.
Start with Countrywide and go all the way to Wells Fargo, they did it too.