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Getting Burned At Countrywide

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Hoofy and Boo take a look at mortgage lender's notorious chief executive

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Countrywide Financial (CFC) and chief executive Angelo Mozilo are being sued by the Illinois attorney general for defrauding borrowers by selling them unfairly expensive, flawed loans that quickly foreclosed.

Beyond requesting monetary compensation, the lawsuit seeks to require the troubled mortgage lender to withdraw or restructure the loans in question dating back to 2004.

Once the nation's top mortgage lender, Countrywide has reported $2.5 billion in losses in the last three quarters.

For more on Countrywide's notorious chief executive, check out Hoofy & Boo's always astute report.

No positions in stocks mentioned.

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