I received this article through the Florida Association of Realtors(r) newsletter today. It will interesting to see how this plays out.
Investors allege massive fraud by Countrywide NEW YORK – Jan. 26, 2011 –A lawsuit alleges Countrywide Financial Corp. and two of its former executives misled institutional investors who were stuck with huge losses from mortgage-related investments that they say were portrayed as low-risk.
The lawsuit was filed Monday in New York State Supreme Court by investors who bought hundreds of millions of dollars in Countrywide’s mortgage-backed securities from 2005 to 2007, before the housing market went bust. The list of a dozen plaintiffs includes New York Life Insurance Co., TIAA-CREF Life Insurance Co. and Dexia Holdings Inc. READ THE REST OF THE ARTICLE
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