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Securities

Jun. 6, 2009

SEC Says Countrywide Lied About Risky Loans

The Securities and Exchange Commission filed civil fraud charges Thursday against the former CEO of Countrywide Financial Corp. and two of his top deputies for secretly pushing the company into the "frontier" of high-risk lending, even as they publicly maintained their lending practices were sound.

By Gabe Friedman
Daily Journal Staff Writer

LOS ANGELES - The Securities and Exchange Commission filed civil fraud charges Thursday against the former CEO of Countrywide Financial Corp. and two of his top deputies for secretly pushing the company into the "frontier" of high-risk lending, even as they publicly maintained their lending practices were sound.

As reported by the Daily Journal Wednesday, the 53-page complaint names founder and former ch...

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