Rejecting the arguments of Countrywide executives and directors that they were unaware of lax loan operations that led to ballooning defaults, Judge Mariana R. Pfaelzer of Federal District Court in Los Angeles ruled Tuesday that she found confidential witness accounts in the shareholder complaint to be credible and that they suggested “a widespread company culture that encouraged employees to push mortgages through without regard to underwriting standards.”
Judge Says Countrywide Officers Must Face Suit by Shareholders [NYT]
A back story to this one is about the guy named “Angel” who is buying small homes up for foreclosure in San Diego on the cheap. It’s on Bloomberg now.
Not true, the real back story to this one is how his malignant melanoma condition is traveling further up his spine, near the nape of his neck. He will soon look like a manilla folder littered with spilled coffee stains.
Pushing mortgages without regard to underwriting standards…you don’t say. I hope this doesn’t shock anyone.
test