An $8.7 Billion Settlement With Countrywide
An $8.7 Billion Settlement With Countrywide From Suntimes.com: Illinois Attorney General Lisa Madigan’s office helped resolve a lawsuit that alleged Countrywide put people into loans, mostly subprime loans, that the would-be homeowners could not afford. HERE’S WHY: Wall Street figured out it could lap up cash flow from securities backed by subprime mortgage loans. And subprime loans, though risky, produce higher returns than conventional loans. Countrywide wanted in on the action, so
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