Report: Countrywide Facing Criminal Probe

(AP)  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.

[carlos1274]

At the end of 2005 I was defrauded of my home by a Real Estate Firm from Whittier CA. (Real Estate Solutions). I filed a Civil case against them at the LA Superior Court and my cased was heard in 2007. After obtaining a favorable Judgement in which my home was awarded back to me and having $90,000 in monetary towards me, the unthinkable happen.....Days after notifying Countrywide of my Judgement, I Eviction Notice was placed on my door from DEUTSCHED BANK/MORGAN STANLEY informing me of their intentions. We called Atty. Brooks from Countrywide (who asked me to give them $3,000 as a good faith agreement, in order not to FORECLOSE the property and to work out our differences after the trial) Mr. Brooks ignored all our calls, pleads and messages. We responded to the Eviction Notice filed at LANCASTER SUPERIOR COURT and told the Judge of my LA SUPERIOR COURT ruling. I was told by the Judge to come back with my Atty. on a later date. My Atty. also began ignoring my calls and the day before the Court date I finally got in tough with my Atty. I told him of the coming Court day set for the next day and his response was to ask the Judge for an extention. The Judge refused to even listen to me and my explanation of why my Atty. was not present. He ruled against me and allowed Deutsched Bank full possetion of the property. I had to hire another Atty. and the Judge again ruled against me. He said, He had alrealdy ruled on the Case. I have experienced every kind of injustice by the Mortage Co., Banks and Justice System. I have manage to keep my sanity and have absolutely NO FAITH IN THE JUSTICE SYSTEM. The people who first took the property from me took out Loans against the Property, Cashed out a Note in my name and what is even worse that the DA, STATE ATTY. AND FBI had been notified by me of what these criminals had stolen from me. They have not acted upon anything and the answer that I have gotten from them is that they don't have the resources to pursue the. Since then, I found out that the $90,000 award was part of a BANKRUPCY and the only thing that I have left if a JUDGEMENT FROM A SUPERIOR COURT JUDGE that did nothing for me. I have try to contact the media re: my case with no answers from them. I guess that you have to know someone to be heard or better yet, you have to have deep pockets!

[affirmationcounselingser]

I have copies of the inflated appraisal that Countrywide had their appraiser complete; one was inflated by $600,000.00 and the other by $1,000,000.00. Each were done within 15 months of the first. Then the loans were approved through the "fast and easy program" which was passed so that the people doing the lending would not be 'responsible' for making 'bad' loans; then sold to the subprime market; then because the excutivies at Countrywide knew which loans were bad, they could buy the 'bets' and made most of their money there. Thirty nine states have settled out of court and without prejudice for 11.4 billion within 2 years and the federal court has not prosecuted any countrywide excutives. Countrywide's own 'Clue' computer program idenitified 120 red flags that were given excemptions and the loans were approved anyway. The 'Clue' program was designed so that Countrywide could market the 'safety' of their loans to the companies they did business with but the excemptions were given in their office in texas.

[KeithDrippingSprings]

They can call me to testify. I was unfortunate enough to borrow money from them. Lucky for me I figured it out before my interest changed and got refinanced. I didn't have a house I couldn't afford, but it would have been when the interest reset.

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.

[tsigili]

Promises.....promises. We will believe it, when we see it.

[msimamaji]

Once again, Wall Street acting badly. And guess what?? The Republicans are going to filibuster the financial reform bill, so that Wall Street can defraud more Americans and give them campaign contributions. The GOP are an assortment of racketeers.

[KeithDrippingSprings]

Your Democrats take just as much payola from the financial sector as the Republicans.

[ClownsOnLeft_Jokers2Right]

-Anyone- who got paid large sums of money, to give people loans who couldn't afford them, needs to go to jail.

[ianlou]

I can still see that ugly putz on Countrywide's TV commercials smirking in a self-satisfying way saying "No down payment, no closing costs, no mortgage fees, interest only loans, variable rate loans, don't be left behind, you too can afford the home you and your family deserve..."

The other one I don't miss is David Hall from Rock Financial, talking like his nose was perpetually plugged: "Hi, I'm David Hall from Rock Financial, we offer No down payment, no closing cost, no mortgage fee, interest only loans, variable rate loans, don't be left behind, you too can afford the home you deserve, call today..."
He fell off the TV early-on in the melt-down, fired for getting his hand caught in the cookie jar; bad enough that they renamed the company to Quicken Loan.

The only positive aspect of this meltdown is nitwits like these are off my TV and out of my living room. For now.