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U.S. markets recover from steep losses
WASHINGTON, March 8 (UPI) -- Federal authorities are investigating subprime mortgage lender Countrywide Financial Corp. for possible securities fraud, sources say.
The Wall Street Journal reported Saturday that the Federal Bureau of Investigation is probing whether company executives made misrepresentations about the company's financial position and the quality of its mortgage loans in securities filings.
"We are not aware of an investigation being conducted by the FBI," Countrywide spokeswoman Jumana Bauwens said in an e-mail to the newspaper.
In addition to Calabasas, Calif.-based Countrywide, 15 other subprime mortgage lenders also are under investigation, the newspaper reported.
Countrywide reportedly issued more than $100 billion in mortgage-backed securities between 2004 and 2007 with the help of Wall Street firms that could also be drawn into the FBI probe.
Countrywide is in the process of being acquired by Bank Of America Corp. for $4 billion.
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