Countrywide Under Investigation for Possible Fraudulent Lending
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? More videos available on the HW Video Channel.