SEC Launches Formal Probe Of Countrywide

Law360, New York (August 8, 2008, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission is formally investigating beleaguered mortgage lender Countrywide Financial Corp., according to a financial filing by Bank of America, which bought the company last month.

In a filing with the SEC Thursday, Bank of America said that it had responded to subpoenas received from the SEC, which advised the lender that it is conducting a formal probe.

The SEC filing doesn't detail what the regulator is investigating. However, a Los Angeles Times report citing unnamed sources said that the commission is...
To view the full article, register now.