Apparently, the economy and foreclosures are no longer the only thing Countrywide executives have to worry about now.
Countrywide Financial Corp (CFC.N) shares dropped 14 percent to a 13-year low on Monday following reports the largest U.S. mortgage lender was being investigated by the FBI for possible securities fraud.
…
Countrywide is being investigated over whether it misrepresented its financial condition and the quality of its loans in securities filings, according to reports in the Wall Street Journal and the New York Times over the weekend. The papers cited people with knowledge of the case.
I can’t imagine any reason why people might think that the powers that be at Countrywide would not be telling the truth when it came to their financial condition. Duh. They were allowing people with virtually no income buy houses worth three times as much as mine, eventually someone was going to notice something.
If they’re guilty, I hope they all get what’s coming to them for what they have done.
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