Countrywide's Woes Continue????
Sunday, May 18, 2008
Subprime lender Countrywide Financial Corp., learned this week that a federal lawsuit filed against the company by shareholders who allege they were hurt by the lender's management and risky mortgage origination practices will proceed in court, according to a news report from MarketWatch.
The mortgage lender—which is expected to be acquired by Bank of America later this year—faced more bad news when U.S. Sen. Chuck Schumer (D-NY) sent a letter to the Federal Trade Commission (FTC) requesting an investigation of the lending giant in relation to allegations that the company mischarged and financially abused debtors as they were going through the bankruptcy and foreclosure process, MarketWatch reports.
The mortgage lender—which is expected to be acquired by Bank of America later this year—faced more bad news when U.S. Sen. Chuck Schumer (D-NY) sent a letter to the Federal Trade Commission (FTC) requesting an investigation of the lending giant in relation to allegations that the company mischarged and financially abused debtors as they were going through the bankruptcy and foreclosure process, MarketWatch reports.
