Oregon Joins Lawsuit Against Countrywide Financial

Posted by Orb Staff on July 15, 2010 No Comments
Categories : Residential Mortgage

has joined an ongoing national class-action lawsuit against Countrywide Financial Corp., claiming the mortgage lender mislead the state into purchasing problematic mortgage-backed securities. According to a report in [link=http://www.statesmanjournal.com/article/20100715/STATE/7150336/1042]The Oregonian[/link], the Oregon Public Employees Retirement System lost $29 million after its fund managers invested $200 million in Countrywide mortgages. The Oregon lawsuit, which was filed in federal court in California by the state' treasurer and attorney general, accuses Countrywide of luring investors with false and misleading statements. ‘Oregon is taking a stand against predatory lenders and the financial wreckage they caused for families and for investors, including Oregonians,’ State Treasurer Ted Wheeler said in a statement. ‘With this lawsuit, we are attempting to recover losses from lenders that took advantage of innocent families, whose only fault was wanting to participate in the American dream and own a home.’ Bank of America, which acquired Countrywide in 2008, did not issue a public comment on the lawsuit. SOURCE: The Or

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