The Illinois attorney general launched a probe into the lender's business practices and may expand the investigation to examine how homeowners were approved for mortgages with payments they were unable to afford.Better late than never, I guess.
"We're looking at why people who appear to us to not be able to afford the loans they're in are in these loans and how Countrywide contributed to that," said Deborah Hagan, chief of the attorney general's consumer protection division, on Thursday.
A California probe is also under way, a state official familiar with the attorney general's investigation into mortgage lending practices said late Thursday on condition of anonymity, citing the confidential nature of the investigation.
12.14.2007
Investigating the sun's role in daylight
California and Illinois attorneys general are investigating Countrywide's role in mortgage fraud:
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