NYC sues Countrywide officers, underwriters

[Xipe Totec]

Source: Reuters

NEW YORK (Reuters) - New York City Comptroller William Thompson on Friday expanded a class-action law suit filed against Countrywide Financial Corp (CFC.N), naming additional company officers and directors, 26 underwriters and two accounting firms.

Thompson, in a statement, said executives of Countrywide Financial, one the biggest U.S. mortgage lenders, "cashed out to the tune of almost $700 million" while borrowers lost homes and the value of investors' shares fell sharply.

"We will pursue every avenue to ensure that those who defrauded investors are held accountable for their actions," said Thompson, who helps run the city's pensions.



Read more: http://news.yahoo.com/s/nm/20080125/bs_nm/newyorkcity_comptroller_dc_1

[DCKit]

1. The NY state legal watchdogs are a progressive model.

Hopefully the next incarnation of the USDOJ will strive to emulate their example.

[fasttense]

2. Good luck with that.

The dancing Supremes have made it clear that they will not allow investors to see justice. Only corporations have rights in the eye of the Supremes.

[CountAllVotes]

3. I got a letter from Countrywide yesterday

offering me a 40 year home loan. Luckily, I do not need a home loan. When do these people ever stop?!

:kick: