California Real Estate Fraud Report

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10
Mar

US Opens Probe into Countrywide Financial

The US Department of Justice and the Federal Bureau of Investigation (FBI) have launched investigations into whether Countrywide Financial provided misleading information regarding the firm’s financial condition and loans in its security filings. This is in addition to the Securities and Exchange Commission, which has been conducting its own investigation. Countrywide is also the defendant in a class action suit by pension plans, which accuse the lender of securities fraud.

Countrywide recently reported losses of $422 million, more than twice the losses predicted by industry analysts. The Reuters news service reports that Countrywide shares fell 12.5% to $4.46 on news of the new investigation by the FBI.

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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