FBI Opens Criminal Investigation of Countrywide

What took so long? The investigation centers around the representations that Countrywide made as part of their quarterly and annual securities filings about the stability of the company and the soundness of the mortgage loans originated, sold and held by the mortgage giant.  The FBI and the SEC are currently investigating 14 lenders for misrepresentation in areas such as accounting, loan securitizations, mortgage underwriting and subprime lending practices. Countrywide was apparently unaware of the investigation. From the New York Times on the FBI investigation of Countrywide: The Justice Department and the Federal Bureau of Investigation are looking at whether officials at Countrywide, the nation?s largest mortgage lender, misrepresented its financial condition and the soundness of i