Monday, August 11, 2008
SEC Begins Formal Countrywide Probe
LOS ANGELES -- The Securities and Exchange Commission escalated its scrutiny of Countrywide Financial Corp. into a formal investigation, according to a regulatory filing by Bank of America Corp.
The document didn't specify what aspect of the lender the SEC's probe is focused on, although regulators launched an informal inquiry into Countrywide Chairman and CEO Angelo Mozilo's stock trades last fall.
Representatives for Charlotte, N.C.-based Bank of America and Countrywide declined to comment beyond the filing Friday.
Bank of America, which finalized its acquisition of Countrywide last month, said in the filing that Countrywide has responded to subpoenas from the SEC.
Countrywide is also among the companies being investigated by the Federal Bureau of Investigation as part of the agency's probe into the financial-services industry in the wake of the mortgage meltdown.
Copyright © 2008 Associated Press
4 comments:
The security exchange commission is responsible for market activity,it is included in its responsibility,so whenever a crash situation occur every person first focus his eyes on security exchange commission,but when we invest in real estate its not related to sec, the Natal property is best place for investment as compare to stock market.
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There are so beautiful informations about bank of America.I think there are so beautiful real estate waiting for you and you can search to Property in Natal.
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I think there are so many problems for them on the way and the biggest problem for them is mortgage.There are so information about mortgage for anyone in Property Brazil.
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I think there are so many problems in real estate for example mortgage rates.I think it is really a big problem in the real estate market. Because there are so difference in mortgage rates.But you can search about more informations of mortgage to south American Property
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