FBI Launches Probe Of Countrywide

Law360, New York (March 10, 2008, 12:00 AM EDT) -- Beleaguered mortgage lender Countrywide Financial Corp. is reportedly facing a criminal probe into allegations of securities fraud.

The Federal Bureau of Investigation is looking into whether Countrywide made misrepresentations in securities filings about its financial position and the quality of its mortgage loans, law-enforcement officials and finance executives told the Wall Street Journal over the weekend.

The inquiry is in its very early stages, and it is yet unclear whether criminal charges are likely, the newspaper reported. The investigation is being handled in New York and...
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