Today Oregon Treasurer Ted Wheeler and Attorney General John Kroger have announced that they are suing Countrywide Financial Corp. of Delaware and its underwriters for misleading investors into buying risky mortgage-backed securities.
The Oregon Public Employee Retirement Fund invested $200 million into home loans originated by Countrywide, and lost $29 million as a result of misrepresentations by Countrywide and its financial underwriters, according to a press release from the Office of the State Treasurer.
Oregon State Treasurer Ted Wheeler stated, quote: “With this lawsuit, we are attempting to recover losses from lenders that took advantage of innocent families, whose only fault was wanting to participate in the American dream and own a home.” close quote.
Attorney General John Kroger added , quote: “Oregon is currently No. 3 nationwide in foreclosures,” “This lawsuit will help hold the responsible companies accountable.”
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