Too bad the government only started investigating Countrywide's crimes after the damage had been done. Where were they in 2003? 2004? 2005? 2006? The mortgage fraud at Countrywide (and others) was just so OBVIOUS. They called them f*cking liar's loans for a reason.
I hope they don't just investigate Countrywide. I hope they open criminal investigations of Mozilo and all of his co-conspirators, and the mortgage fraudsters themselves.
Frog marches! HP'ers want frog marches!
Attorneys general in California and Illinois are investigating the lending practices of Countrywide Financial Corp., the nation's largest mortgage lender, officials said Thursday.
The Illinois attorney general launched a probe into the lender's business practices and may expand the investigation to examine how homeowners were approved for mortgages with payments they were unable to afford.
"We're looking at why people who appear to us to not be able to afford the loans they're in are in these loans and how Countrywide contributed to that," said Deborah Hagan, chief of the attorney general's consumer protection division.