Courtesy of Bloomberg, a very in-depth take on the AG investigations at Countrywide Financial.
It’s a headline from last week at this point, which means most probably have heard of this by now — but the interesting part here is that Illinois AG Lisa Madigan goes on camera and discusses her office’s investigation into the lender, saying that she’s focusing on pay-option ARMs in particular.
Which leads to the million dollar question: is it actionable to have qualified a borrower based upon a teaser rate that was in effect only for one month?
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