California Real Estate Fraud Report

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Judge OKs Probe of Countrywide

An article in the Los Angeles Times Business section reports that a federal bankruptcy judge has given the green light for Countrywide Financial Corp. executives to be questioned under oath in order to determine whether Countrywide misled borrowers and has abused the bankruptcy process. Judge Thomas Agresti ruled that the U.S. Justice Department’s Office of the U.S. Trustee, which monitors bankruptcy proceedings, “has made a showing of a common thread of potential wrongdoing” by Countrywide.

The ruling came out of almost 300 cases filed by borrowers against Countrywide in Pittsburgh, alleging that Countrywide threatened them with foreclosure, even after Bankruptcy Court-approved payment plans that the borrowers were honoring. The Trustee’s office is pursuing other claims of abuse by Countrywide in lawsuits filed in Florida, Ohio and Georgia.

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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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