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December 14, 2007
IL Probing Countrywide Option ARM, B&C Loans
Investigators for the state of Illinois have issued what one official calls "extensive" subpoenas to Countrywide Financial Corp. as part of a far-reaching probe into its origination of subprime and payment-option ARMs. Debra Hagan, chief of the state's consumer protection division, told MortgageWire that investigators are scrutinizing subprime and payment-option adjustable-rate mortgages that Countrywide funded on a retail basis and through loan brokers.
Posted by S. Germain at December 14, 2007 08:39 AM