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Countrywide reportedly agrees to $600 million class action settlement
Monday, April 26, 2010
Los Angeles Daily Journal: Attorneys for Countrywide Financial have reportedly agreed to a $600 million settlement of a federal class action suit filed by investors, including pension funds, who claim the company withheld information about the possible impact of a downturn in the housing market. Gabe Friedman reports the suit claims “Countrywide — once the largest mortgage lender in the nation — furtively shifted its loan portfolio away from traditional fixed-rate mortgages toward riskier loans that required less documentation.” Friedman’s story is behind a pay wall, but Bloomberg BusinessWeek has an item about the story here.
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Tags: class action lawsuits, Countrywide, Subprime lending;
Category: In The News;