California Real Estate Fraud Report

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California Attorney General Settles with Former Countrywide Execs

The Office of the California Attorney General should be ashamed of itself: after taking a leading role in driving the California and national economies into recession, AG Kamala D. Harris has announced a paltry $6.5 million settlement against Angelo Mozilo and David Sambol, former officers of Countrywide Financial Corporation, for predatory lending.

According to the California Attorney General’s press release, Harris said the settlement money will be used to “establish an innovative statewide California Foreclosure Crisis Relief Fund to combat the effects of California’s high rates of foreclosure and mortgage delinquency.”

How is $6.5 million supposed to even make a scratch in the California housing market, especially now that rampant short sale fraud is keeping home prices down artificially?

Here’s a statistic from the same press release: “During the 18 months ending last September, 282,000 California homes went into foreclosure, and in the last three months of 2010, notices of default were filed on another 70,000 homes in the state.”

Read the press release from the Office of the California Attorney General. A second, shorter article appears in Bloomberg BusinessWeek.

© Copyright 2007-2018 Monique Bryher

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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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