DOJ Targets Countrywide, New Century, IndyMac

Law360, New York (July 24, 2008, 12:00 AM EDT) -- A federal grand jury is reportedly targeting Countrywide Financial Corp., New Century Financial Corp. and IndyMac Federal Bank to investigate whether the three fallen giants of the U.S. subprime mortgage market made fraudulent loans.

A grand jury convened by the U.S. attorney for the Central District of California has subpoenaed e-mails, bank statements and other documents from the three defunct California-based companies, the Los Angeles Times reported Thursday.

Countrywide, which is in the process of being bought out by Bank of America Corp. for $4.1 billion,...
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