California Real Estate Fraud Report

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New York Sues Countrywide Underwriters for Fraud

Three New York agencies, including pension funds, have filed suit against Goldman Sachs Group Inc., Citigroup Inc., JPMorgan Chase & Co. and 23 more underwriters of Countrywide Financial Corp. The new defendants were added by New York’s city and state comptrollers and their pension funds as part of a federal securities-fraud lawsuit filed in August 2007.

According to New York State Comptroller Thomas DiNapoli,

“The underwriters and accountants enabled Countrywide to release false statements. Investors lost millions and New Yorkers lost their homes.” “We need to recover the pension fund’s losses and find a way to help all those families.”

What is most ironic about the rise and fall of Countrywide is that CEO Angelo Mozilo – who stands to cash in well over $100 million while the stock of his company plunged 85% in the past year, stated as recently as March 2007 that the housing crisis would

“be great for Countrywide” and that “at the end of the day, all of the irrational competitors will be gone,” according to the lawsuit.

[From The F Word’s viewpoint, the housing crisis was “great” for Angelo Mozilo]

Countrywide fell 9 cents to $6.02 in New York Stock Exchange composite trading.

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© 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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