Monday, March 10, 2008

FBI And Justice Department Investigate Countrywide

Countrywide just can't seem to stay out of the news. Now the Wall Street Journal reports that the lending giant is being investigated for misrepresenting its financial position as well as the quality of its mortgage loans. In addition, Countrywide CEO Angelo Mozilo was one of three mortgage industry executives brought in front of a Congressional committee on Friday to answer questions regarding their exorbitant pay. The company continues to pile up heavy losses. $1.2 billion in the third quarter of 2007 and $422 million in the fourth quarter of 2007. The company's stock fell 80% between February and December of 2007.

Hmm. Do you think Bank Of America might be feeling a little buyer's remorse right about now?

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